s 266
In forceIssue of shares in substitution for redemption
Part 10Funds and property
Division 2Co‑operative capital units
266 Issue of shares in substitution for redemption
(1)
If a co‑operative has redeemed or is about to redeem CCUs held by an active member of the co‑operative, it may —
(a)
issue shares to the member up to the sum of the nominal value of the CCUs redeemed or to be redeemed, as if those CCUs had never been issued; or
(b)
pay up amounts unpaid on shares held by the member up to the sum of the nominal value of the CCUs redeemed or to be redeemed, as if those CCUs had never been issued.
(2)
This section applies only if the terms of issue of the CCUs provide for the conversion of CCUs held by an active member of the co‑operative into shares of the co‑operative.
Research tools for this sectionPro
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.