New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 149

149 Minimum paid up amount

(cf Vic Act s 151)

(1) No share is to be allotted unless at least 10% of the nominal value of the share has been paid.

(2) Any balance unpaid in respect of shares at the time of allotment is to be paid by periodic subscriptions or in such manner as may be specified in the rules or permitted by this Act.

(3) This section does not apply to a bonus share issued under section 151 (4) (a), 156 or 282.