347
CurrentFinancial accommodation provisions apply to issue of CCUs
Chapter 3Management and operation of co-operatives
Part 3.4Funds and property
Division 2Co-operative capital units (CCUs)
347 Financial accommodation provisions apply to issue of CCUs
(1)
The issuing of CCUs is to be considered to be the obtaining of financial accommodation and accordingly Division 1 applies to the issue of CCUs.
(2)
For the purpose of that Division, a CCU is to be considered to be a debenture.
This Act’s bill:Explanatory statement
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