83
CurrentBonus share issues
83 Bonus share issues
(1)
A distributing co-operative may issue bonus shares to members of the co-operative if the assets of the co-operative—
(a)
have been sold at a profit; or
(b)
have been revalued at a greater value than that disclosed before the revaluation in the books of the co-operative.
(2)
This section does not apply if the assets were acquired for resale at a profit.
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