New South Wales Consolidated Acts New South Wales Consolidated Acts(cf Vic Act s 153)
(1) A trading co-operative may issue shares at a premium.
(2) A premium may be in the form of cash or other valuable consideration.
(3) If a trading co-operative issues shares for which it receives a premium, a sum equal to the aggregate amount or value of the premiums on those shares must be transferred to a share premium account.
(4) The share premium account is to be regarded as paid up share capital of the trading co-operative and may be applied in any one or more of the following ways:(a) in paying up unissued shares to be issued to members of the co-operative as fully paid bonus shares,(b) in paying up in whole or in part the balance unpaid on shares previously issued to members of the co-operative,(c) in the payment of dividends, if those dividends are satisfied by the issue of shares to members of the co-operative,(d) in writing off the preliminary expenses of the co-operative,(e) in providing for the premium payable on redemption of shares, debentures or CCUs.