Co-operatives National Regulation (Queensland)
sch.5-sec.28Issue of CCUs (CNL ss345–354)
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sch.5-sec.28 Issue of CCUs (CNL ss345–354)
The board may confer an interest in the capital of the co-operative by issuing CCUs in accordance with the Law. Each holder of CCUs is entitled to one vote only at a meeting of the holders of CCUs. OR Each holder of a CCU is entitled to one vote per CCU held at a meeting of the holders of CCUs. (strike out whichever is not applicable.) The rights of the holders of CCUs may be varied only in the way and to the extent provided by their terms of issue and only with the consent of at least 75% of those holders of CCUs who, being entitled to do so, cast a formal vote to accept the variation at a meeting. The holder of a CCU has, in the person’s capacity as a holder of a CCU, none of the rights or entitlements of a member of the co-operative. The holder of a CCU is entitled to receive notice of all relevant meetings of the co-operative and all other documents in the same manner as the holder of a debenture of the co-operative. Debenture holders receive notice of meetings of debenture holders, not general meetings of the co-operative. (sch.5-sec.28-ssec.1) The board may confer an interest in the capital of the co-operative by issuing CCUs in accordance with the Law. (sch.5-sec.28-ssec.2) Each holder of CCUs is entitled to one vote only at a meeting of the holders of CCUs. OR (sch.5-sec.28-ssec.2-oc.2) Each holder of a CCU is entitled to one vote per CCU held at a meeting of the holders of CCUs. (strike out whichever is not applicable.) (sch.5-sec.28-ssec.3) The rights of the holders of CCUs may be varied only in the way and to the extent provided by their terms of issue and only with the consent of at least 75% of those holders of CCUs who, being entitled to do so, cast a formal vote to accept the variation at a meeting. (sch.5-sec.28-ssec.4) The holder of a CCU has, in the person’s capacity as a holder of a CCU, none of the rights or entitlements of a member of the co-operative. (sch.5-sec.28-ssec.5) The holder of a CCU is entitled to receive notice of all relevant meetings of the co-operative and all other documents in the same manner as the holder of a debenture of the co-operative.