South Australian Consolidated Acts

CO-OPERATIVES ACT 1997 - SECT 169

169—Restriction on total shareholding

The board of a co-operative must not consent under section 167 or 168 to the sale or transfer of a share if as a result of the sale or transfer the nominal value of the shares held by the purchaser or transferee would exceed—

            (a)         20 per cent of the nominal value of the share capital of the co-operative; or

            (b)         if a lower percentage is specified in the rules of the co-operative, that lower percentage of the nominal value of the share capital of the co-operative.