Co-operatives National Law (Queensland)
sec.80Issue of shares at a premium
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sec.80 Issue of shares at a premium
A distributing co-operative may issue shares at a premium. A premium may be in the form of cash or other valuable consideration. If a distributing co-operative issues shares for which it receives a premium, an amount equal to the total amount or value of the premiums on the shares must be transferred to a share premium account. The share premium account is to be treated as paid-up share capital of the distributing co-operative and may be applied in one or more of the following ways— in paying up unissued shares to be issued to members of the co-operative as fully paid bonus shares; in paying up, in whole or in part, the balance unpaid on shares previously issued to members of the co-operative; in the payment of dividends, if the dividends are satisfied by the issue of shares to members of the co-operative; in writing off the preliminary expenses of the co-operative; in providing for the premium payable on redemption of shares, debentures or CCUs. (sec.80-ssec.1) A distributing co-operative may issue shares at a premium. (sec.80-ssec.2) A premium may be in the form of cash or other valuable consideration. (sec.80-ssec.3) If a distributing co-operative issues shares for which it receives a premium, an amount equal to the total amount or value of the premiums on the shares must be transferred to a share premium account. (sec.80-ssec.4) The share premium account is to be treated as paid-up share capital of the distributing co-operative and may be applied in one or more of the following ways— in paying up unissued shares to be issued to members of the co-operative as fully paid bonus shares; in paying up, in whole or in part, the balance unpaid on shares previously issued to members of the co-operative; in the payment of dividends, if the dividends are satisfied by the issue of shares to members of the co-operative; in writing off the preliminary expenses of the co-operative; in providing for the premium payable on redemption of shares, debentures or CCUs.
- (a) in paying up unissued shares to be issued to members of the co-operative as fully paid bonus shares;
- (b) in paying up, in whole or in part, the balance unpaid on shares previously issued to members of the co-operative;
- (c) in the payment of dividends, if the dividends are satisfied by the issue of shares to members of the co-operative;
- (d) in writing off the preliminary expenses of the co-operative;
- (e) in providing for the premium payable on redemption of shares, debentures or CCUs.