Co-Operatives National Regulation (Queensland)

This regulation applies where the notice of the meeting or postal ballot at which a resolution is to be proposed as a special resolution to approve a bonus share issue under section 83 of the Law is to be accompanied by a certificate of the value of assets following a revaluation of assets.

For the purposes of section 85

of the Law, the prescribed qualifications for the person giving the certificate of value are as follows:

the person must be independent of the co-operative; and

the person must also have the necessary qualifications referred to in subregulation (3) or (4) as relevant.

To the extent the assets consist of real property, the person has the necessary qualifications if:

in any case—the person is licensed or otherwise authorised by the law of any jurisdiction to carry on the business of valuing assets consisting of or including assets of the kind that were revalued; or

without limiting paragraph (a)—where the law of the jurisdiction in which the real property is situated does not provide a system for licensing or otherwise authorising persons to value assets, the person carries on the business of valuing assets of that kind in that jurisdiction.

To the extent the assets consist of assets other than real property, the person has the necessary qualifications if the person carries on the business in any jurisdiction of valuing assets consisting of or including assets of the kind that were revalued.