Co-operatives National Law (Queensland)
sec.84Restrictions on bonus shares
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sec.84 Restrictions on bonus shares
Bonus shares may be issued under section 83 subject to the following restrictions— each issue must have been approved by a special resolution of the co-operative; they are to be issued as fully paid-up shares with no payment required to be made by a member of the co-operative to whom they are issued; they are to be issued only for shares of the same class of shares that are fully paid-up as at the date of issue of the bonus shares; the total nominal value of bonus shares issued by a co-operative in any period of 12 months must not be more than 20%, or another percentage prescribed under the National Regulations, of the nominal value of the issued share capital of the co-operative immediately before the date of issue of the bonus shares.
- (a) each issue must have been approved by a special resolution of the co-operative;
- (b) they are to be issued as fully paid-up shares with no payment required to be made by a member of the co-operative to whom they are issued;
- (c) they are to be issued only for shares of the same class of shares that are fully paid-up as at the date of issue of the bonus shares;
- (d) the total nominal value of bonus shares issued by a co-operative in any period of 12 months must not be more than 20%, or another percentage prescribed under the National Regulations, of the nominal value of the issued share capital of the co-operative immediately before the date of issue of the bonus shares.