Co-operatives National Law (Queensland)
sec.433Restrictions when excluded shares are more than 10%
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sec.433 Restrictions when excluded shares are more than 10%
If the nominal value of excluded shares is more than 10% of the total nominal value of all the shares (including excluded shares) to be transferred under the scheme or contract, section 432 does not apply unless— the transferee offers the same terms to all holders of the shares (other than excluded shares) to be transferred under the scheme or contract; and the holders who approve the scheme or contract together hold at least 90% in nominal value of the shares (other than excluded shares) to be transferred under the scheme or contract and are also at least 75% in number of the holders of the shares (with joint owners of shares being counted as one person).
- (a) the transferee offers the same terms to all holders of the shares (other than excluded shares) to be transferred under the scheme or contract; and
- (b) the holders who approve the scheme or contract together hold at least 90% in nominal value of the shares (other than excluded shares) to be transferred under the scheme or contract and are also at least 75% in number of the holders of the shares (with joint owners of shares being counted as one person).