Page 40 - Annual Report 2018

Notes to the nancial statements (continued) For the year ended 30 June 2018
Note 15. Issued capital (continued) (c) Transfer
Generally, ordinary shares are freely transferable. However, the directors have a discretion to refuse to register a transfer of shares.
Subject to the foregoing, shareholders may transfer shares by a proper transfer effected in accordance with the company’s constitution and the Corporations Act 2001.
Prohibited shareholding interest
A person must not have a prohibited shareholding interest in the company.
In summary, a person has a prohibited shareholding interest if any of the following applies:
• •
•
They control or own 10% or more of the shares in the company (the “10% limit”).
In the opinion of the board they do not have a close connection to the community or communities in which the company predominantly carries on business (the “close connection test”).
Where the person is a shareholder, after the transfer of shares in the company to that person the number of shareholders in the company is (or would be) lower than the base number (the “base number test”). The base number is 206. As at the date of this report, the company had 440 shareholders.
As with voting rights, the purpose of this prohibited shareholding provision is to re ect the community-based nature of the company.
Heidelberg District Community Enterprise Limited Heidelberg District Community Enterprise Limited
Where a person has a prohibited shareholding interest, the voting and dividend rights attaching to the shares in which the
Notes to the Financial Statements
Notes to the Financial Statements
person (and his or her associates) have a prohibited shareholding interest, are suspended.
he board has the power to request information from a person who has (or is suspected by the board of having) a legal or beneficial
The board has the power to request information from a person who has (or is suspected by the board of having) a legal or beneficial
nterest in any shares in the company or any voting power in the company, for the purpose of determining whether a person has a
interest in any shares in the company or any voting power in the company, for the purpose of determining whether a person has a
The board has the power to request information from a person who has (or is suspected by the board of having) a legal or
ororhitbhitedyseharrephreonhldidbinietgedinst3eh0raerseJthu.oInfldtehine2gb0ino1taer8rdebste.cIofmthesbaowaardrebtehcaotmaemseamwabreerthaastapmroehmibieterdhashsarephrohldibinitgedinstehraerseth,oitldminugstinsterrvesta,itmustservea for the year ended 30 June 2018
bene cial interest in any shares in the company or any voting power in the company, for the purpose of determining whether a
otice requiring the member (or the member's associate) to dispose of the number of shares the board considers necessary to remedy
notice requiring the member (or the member's associate) to dispose of the number of shares the board considers necessary to remedy
person has a prohibited shareholding interest. If the board becomes aware that a member has a prohibited shareholding
he breach. If a person fails to comply with such a notice within a specified period (that must be between three and six months), the itnhterbesret,aicthm.uIfsat sperrvseoannfaoitliscetorecqoumirpinlygwthiethmseumchbearn(ortitcheewmitehminbaers’speacsisfoiecdiapte)rtiodi(stphoastemoufstthbeenubmetbweereonf sthraeresatnhdesix months), the
oard is authorbisoeadrdtocosnesllidtheerssnpeceifsiseadryshtoaresmoendybethealbfroefactha. tIfpaeprseorsno.nThfaeilhsotoldceormwpillybweitehnstuitclhedatnoothicecwointhsiindearsaptieocni ferdompetrhioeds(athleatof
board is authorised to sell the specified shares on behalf of that person. The holder will be entitled to the consideration from the sale of
he shares, lessmaunsytebxepbeentsweeseinctuhreredabnyd tshixembonarthdsi)n, tsheellibnogaordr iostahuetrhwoirsiesedetaolisnegllwthitehstpheocsie esdhasrheasr.es on behalf of that person. The the shares, less any expenses incurred by the board in selling or otherwise dealing with those shares.
holder will be entitled to the consideration from the sale of the shares, less any expenses incurred by the board in selling or otherwise dealing with those shares.
he National Stock Exchange (NSX) has advised that in its view the prohibited shareholding provisions are appropriate and equitable but
The National Stock Exchange (NSX) has advised that in its view the prohibited shareholding provisions are appropriate and equitable but
The National Stock Exchange (NSX) has advised that in its view the prohibited shareholding provisions are appropriate and
he 'base number test' is not, as a result the base number clause does not operate whilst the company remains listed on the NSX.
the 'base number test' is not, as a result the base number clause does not operate whilst the company remains listed on the NSX.
equitable but the ‘base number test’ is not, as a result the base number clause does not operate whilst the company remains listed on the NSX.
n the constitution, members acknowledge and recognise that the exercise of the powers given to the board may cause considerable IInttheeccoonnssttitiututitoion,nm, memembebresrascakcnkonwolwedlegdegaenadnrdecroegcnoigsneistheatthtahtetehxeeercxiesrecoisfethoef tphoewperoswgeivresngitvoetnhetobtohaerdbmoarydcmauasyecause considerable
isadvantagetocoindsidviedruaablemdeismabdevarsn,tbaguettohaintdsiuvcidhualrmeseumltbmerasy,buetntehcaetssuacrhyatoresnuflotrmceaythbepnreocheisbsiatiroynt.oenforcetheprohibition. disadvantage to individual members, but that such a result may be necessary to enforce the prohibition.
2018 20210817 2017 $$$$
Note 16. Reserves
ote 16. Reserves Reserves Note 16.
alance at the beginning of the financial year
Balance at the beginning of the financial year
ain on property revaluation
Gain on property revaluation
eferred income tax attributable to revaluation increment
Deferred income tax attributable to revaluation increment
sset revaluation reserve
Asset revaluation reserve
72,060 335,250
(112,009) 295,301
72,060 72,060
- 335,250
- (112,009)
72,060 295,301
72,060 -
- 72,060
The freehold land and buildings were independently valued at 15 June 2018 by Miles Real Estate, a member of the Real Estate
he freehold land and buildings were independently valued at 15 June 2018 by Miles Real Estate, a member of the
The freehold land and buildings were independently valued at 15 June 2018 by Miles Real Estate, a member of the
2018 2017 2018 Annua2l0R18eport
Institute of Victoria (REIV). Members of REIV are governed by a code of conduct and are constantly updated on the latest
eal Estate Institute of Victoria (REIV). Members of REIV are governed by a code of conduct and are constantly updated
Real Estate Institute of Victoria (REIV). Members of REIV are governed by a code of conduct and are constantly updated
legislative changes.
n the latest legislative changes.
on the latest legislative changes.
ote 17. Retained earnings
3N8o.te 17. Retained earnings
2017 $$$$
T
pf n t b t
T t
I d
N
B G D
A
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N