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What would be the point of having different classes of shares in a super trustee company?

A company can issue different classes of shares with the rights and restrictions attached to them relating to distributions, voting and receiving notice of meetings, distinguishing it from other classes. A super trustee company has several restrictions on it though which we believe would make issuing different classes of shares futile.

The company is not only prohibited from distributing it’s income or property to its members, it is only permitted to act as trustee of a regulated superannuation fund meaning it wouldn’t be holding any assets for the benefit of its members or deriving any income anyway. Decisions made by the company on behalf of the super fund are made by the trustees of the fund (the directors) in accordance with the Superannuation Industry (Supervision) Act 1993.

It is for these reasons that the Patricia Holdings Super Trustee Constitution only allows for ordinary or preference class shares to be issued at the time of registration. There is however a clause in the constitution that allows members to issue new classes of shares and vary their rights by way of special resolution as they see fit.

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