South Australian Consolidated Acts South Australian Consolidated Acts (1) The
statutory price is the amount payable to the holder of investment shares in a
registered housing co-operative when those shares are redeemed or cancelled
under this Act.
(2) Subject to the
regulations—
(a)
where investment shares have been issued in relation to a particular
residential property—the statutory price must be an amount that bears
the same relationship to the issue price of the shares as the capital value of
the property at the time of redemption or cancellation bears to the
capital value of the property at the time of issue; and
(b)
where investment shares have been issued in relation to the real property of
the co-operative generally—the statutory price must be an amount that
bears the same relationship to the issue price of the shares as the average
capital value of all real property of the co-operative at the time of
redemption or cancellation bears to the average capital value of all real
property of the co-operative at the time of issue.
(3) For the purposes
of this Act, the statutory price must be calculated in relation to whole
parcels of investment shares.