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28(1)Eligible shares must be—U.K.
(a)fully paid up, and
(b)not redeemable.
(2)For the purposes of sub-paragraph (1)(a) shares are not to be regarded as fully paid up if there is an undertaking to pay cash at a future date to the company whose shares they are.
(3)For the purposes of sub-paragraph (1)(b) “redeemable” shares include shares that may become redeemable at a future date.
(4)Sub-paragraph (1)(b) does not apply to shares in [F1a registered co-operative society].
[F2(5)In sub-paragraph (4) “registered co-operative society” means—
(a)a society registered as a co-operative society under the Co-operative and Community Benefit Societies Act 2014,
(b)a pre-commencement society (within the meaning of that Act) that is a co-operative society within the meaning of section 2 of that Act,
(c)a society registered or deemed to be registered under the Industrial and Provident Societies Act (Northern Ireland) 1969 that is a co-operative society within the meaning of section 1 of that Act , or
(d) an SCE formed in accordance with Council Regulation (EC) No 1435/2003 on the Statute for a European Cooperative Society.]
Textual Amendments
F1Words in Sch. 2 para. 28(4) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 82(2) (with Sch. 5)
F2Sch. 2 para. 28(5) substituted (1.8.2014) by Co-operative and Community Benefit Societies Act 2014 (c. 14), s. 154, Sch. 4 para. 82(3) (with Sch. 5) (as amended by Finance Act 2014 (c. 26), Sch. 39 paras. 8, 15)
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