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CORPORATIONS ACT 2001 - SECT 258G Application of this Part to MCI mutual entities

CORPORATIONS ACT 2001 - SECT 258G

Application of this Part to MCI mutual entities

  (1)   For the purposes of applying this Part to an MCI mutual entity, a reference (other than in section   258B) to a shareholder of the entity is taken to include a non - shareholder mutual member of the entity.

  (2)   For the purposes of applying Division   1 to an MCI mutual entity:

  (a)   any reduction of the entity's share capital that relates to MCIs is taken to be a selective reduction; and

  (b)   the reference to all ordinary shareholders in paragraph   256C(2)(b) is taken to be a reference to all members of the entity.

  (3)   For the purposes of applying Division   2 to an MCI mutual entity:

  (a)   any scheme to buy back MCIs is taken not to be an equal access scheme; and

  (b)   subsections   257B(4) and (5) (the 10/12 limit) have effect in relation to MCIs issued by a mutual entity as if each MCI were a voting share with one vote attached to it; and

  (c)   the reference to all ordinary shareholders in paragraph   257D(1)(b) is taken to be a reference to all members of the entity.

  (4)   To avoid doubt, this section does not have the effect of treating a non - shareholder mutual member's membership of an MCI mutual entity as a share.

Note:   This Part applies to a CCIV with modifications: see sections   1231J and 1231K.

 

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