New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 170B

170B Restriction on total shareholding

(cf Vic Act s 174)
The board of a co-operative must not consent under section 170 or 170A to the sale or transfer of a share if as a result of the sale or transfer the nominal value of the shares held by the purchaser or transferee would exceed:

(a) 20% of the nominal value of the share capital of the co-operative, or

(b) if a lower percentage is specified in the rules of the co-operative, that lower percentage of the nominal value of the share capital of the co-operative.