Part 9 — Security Certificates, Registers and Transfers Division 1 Interpretation and Application
166 Fractional shares
investment share or may instead issue a scrip certificate in bearer
form that entitles the holder to receive a certificate for a full
investment share in exchange for scrip certificates equalling a full
investment share.
(2) The directors may attach conditions to scrip certificates issued
by the cooperative, including conditions that
(a) the scrip certificates become null or void if not exchange d
for a full investment share before a specified date, and
(b) any investment shares for w hich the scrip certificates are
exchangeable may, despite any pre-emptive right, be issued
by the cooperative to any person and the proceeds
distributed rateably to the holders of the scrip certificates.
(3) A holder of a fractional investment share is not entitled to
exercise voting rights or to receive a dividend in respect of the
investment share unless
(a) the fractional share resu lts from a consolidation of
investment shares, or
(b) the articles of the cooperative provide otherwise.
(4) A holder of a scrip certificate is not entitled to exercise voting
rights or to receive a dividend in respect of the scrip certificate.