Tasmanian Numbered Acts Tasmanian Numbered Acts149. Issue of shares at a premium
(1) A trading cooperative may issue shares at a premium.
(2) A premium may be in the form of cash or other valuable consideration.
(3) If a trading cooperative issues shares for which it receives a premium, a sum equal to the aggregate amount or value of the premiums on those shares must be transferred to a share premium account.
(4) The share premium account is to be regarded as paid-up share capital of the trading cooperative and may be applied in any one or more of the following ways:
(a) in paying up unissued shares to be issued to members of the cooperative as fully paid bonus shares;
(b) in paying up in whole or in part the balance unpaid on shares previously issued to members of the cooperative;
(c) in the payment of dividends, if those dividends are satisfied by the issue of shares to members of the cooperative;
(d) in writing off the preliminary expenses of the cooperative;
(e) in providing for the premium payable on redemption of shares or debentures.