71Shares

71 Shares

71 Shares

(1) A co-operative housing body can have a share capital but does not have to have a share capital.

(2) The share capital of a co-operative housing body varies in amount according to the nominal value of shares from time to time subscribed.

(3) Shares are to be of a fixed amount, which is to be specified in the rules of the co-operative housing body.

(4) Shares are to be of one class all ranking equally.

(5) The rules of a co-operative housing society may not require a member to subscribe for more than one share and the nominal value of the share may not exceed $1.

(6) A share in a co-operative housing society cannot be sold or transferred.

(7) A share in a Starr-Bowkett society or association cannot be sold or transferred except in accordance with the rules of the society or association.

(8) The liability of a shareholder in a co-operative housing body in relation to a share is limited to the amount (if any) unpaid on the share.