Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) This section applies if a person's shares in a cooperative (the original cooperative ) are forfeited under this part and within 5 years after the day of the forfeiture—
(a) the original cooperative becomes a subsidiary of another cooperative (the new cooperative ); or
(b) another cooperative (the new cooperative ) is created because of a merger under division 12.1 involving the original cooperative; or
(c) the engagements of the original cooperative are transferred to another cooperative (the new cooperative ) under division 12.1.
(2) The person is, for the operation of section 138 (and the further operation of this section), taken to have held shares in the new cooperative and as having had the shares in the new cooperative forfeited under this part when the person's shares in the original cooperative were forfeited.
(3) The extent of the forfeited shareholding in the new cooperative must be decided as follows:
(a) if the entitlement of active members of the original cooperative is solely an entitlement to be allotted shares in the new cooperative—the forfeited shareholding in the new cooperative is the shareholding to which the person would have been entitled had the person's shares in the original cooperative not been forfeited;
(b) in any other case—the forfeited shareholding in the new cooperative is the shareholding that is the same in all respects as the forfeited shareholding in the original cooperative.
(4) A decision under subsection (3) (a) about the person's shareholding in the new cooperative must be made—
(a) solely on the basis of the person's shareholding in the original cooperative when the shares were forfeited or (in a further operation of this section in relation to the person) when the person was first taken to have a forfeited shareholding in the original cooperative; and
(b) without regard to any additional shareholding in the original cooperative to which the person would have become entitled had the shares not been forfeited (whether because of any bonus share issue or otherwise).