Co-operatives National Law (Queensland)
sec.77Minimum number of shares to be subscribed for
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sec.77 Minimum number of shares to be subscribed for
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. 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. 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. This section does not affect section 82 . (sec.77-ssec.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. (sec.77-ssec.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. (sec.77-ssec.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. (sec.77-ssec.4) This section does not affect section 82 .