s 150D
In forceMinimum subscription condition must be fulfilled before issue or transfer
Part 7Shares
Division 4AProvisions applying to particular share subscriptions
150D Minimum subscription condition must be fulfilled before issue or transfer
(1)
If a disclosure statement for an offer of shares states that the shares will not be issued or transferred unless —
(a)
applications for a minimum number of the shares are received from members, or persons eligible to become members, of the co‑operative; or
(b)
a minimum amount is raised,
the person making the offer must not issue or transfer any of the shares until that condition is satisfied.
(2)
For the purpose of working out whether a condition referred to in subsection (1) has been satisfied, a person who has agreed to take securities as underwriter is taken to have applied for those shares.
[Section 150D inserted: No. 7 of 2016 s. 42.]
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