Corporations Regulations 2001

A share in the body corporate to which subregulation (2) or (3) applies is a member share.

This subregulation applies if the share:

is not an ED security; and

has a fixed value; and

is held by a single person, or 2 or more persons jointly; and

entitles the holder, or joint holders, to use services provided by the body corporate; and

is not transferable or transmissible, or is only transferable or transmissible to a person or body specified in the rules or constitution of the body corporate in circumstances stated in the rules or constitution.

This subregulation applies if:

the share is taken to have been issued under paragraph 12(1)(b), (c) or (d) of the transfer provisions; or

that Act applies to the share under clause 15 of Schedule 4 to that Act; or

the share is declared under regulation 12.8.04 to be a member share; or

the share is issued under regulation 12.8.11 or 12.8.12.