Co-operatives National Law (NSW)
77Minimum number of shares to be subscribed for
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77 Minimum number of shares to be subscribed for
77 Minimum number of shares to be subscribed for
(1) A member of a co-operative with share capital must subscribe for such minimum number of shares (if any) as may be required by the rules of the co-operative.
(2) The minimum number may be determined by reference to the use made by the member of the co-operative or in any other manner specified in the rules of the co-operative.
(3) An amendment of the rules of the co-operative as to the minimum number of shares to be subscribed for does not operate to require an existing member of the co-operative to subscribe for additional shares, but an existing member is not prevented from agreeing to subscribe for additional shares.
(4) This section does not affect section 82.