Part 43.

Part 4.3. (2) A person referred to in subsection (1) is, for the purposes of section 168 (and the further operation of this section), taken to have held shares in the new co-operative and as having had those shares in the new co-operative forfeited under this Part when the person's shares in the original co-operative were forfeited. (3) The extent of the forfeited shareholding in the new co-operative is decided as follows: (a) if the entitlement of active members of the original co-operative in the circumstances concerned is solely an entitlement to be allotted shares in the new co-operative – the forfeited shareholding in the new co-operative is the shareholding to which the person would have been entitled had the person's shares in the original co-operative not been forfeited; (b) in any other case – the forfeited shareholding in the new co-operative is the shareholding that is the same in all respects as the forfeited shareholding in the original

Co-operatives (National Uniform Legislation) Act 2015 110 (4) The decision under subsection (3)(a) of the person's shareholding in the new co-operative must be made: (a) solely on the basis of the person's shareholding in the original co-operative when the shares were forfeited or (in a further operation of this section to the person) when the person was first taken to have a forfeited shareholding in the original (b) without regard to any additional shareholding in the original co-operative to which the person would have become entitled had the shares not been forfeited (whether because of any bonus share issue or otherwise).