78
CurrentMinimum paid up amount
ScheduleCo-operatives National Law
Chapter 2Formation, powers and constitution of co‑operatives
Part 4Shares
Division 4Issue of shares
78 Minimum paid up amount
(1)
A share must not be allotted unless at least 10% of the nominal value of the share has been paid.
(2)
Any balance unpaid for shares at the time of allotment must be paid in a way specified in the rules of the co‑operative or permitted by this Law.
(3)
This section does not apply to a bonus share issued under section 83 or 357.
(4)
This section does not affect shares issued before the commencement of this section in this jurisdiction if the Co‑operatives National Law Act of this jurisdiction so provides.
This Act’s bill:Second reading speech
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