Yesterday, the Corporations Amendment (Crowd-sourced Funding) Bill 2015 passed the House of Representatives, with slight amendments. It will now be sent to the Senate. While the amendments did not change the requirement that the ‘eligible CSF company’ be a public company, of interest in the second reading debates were the statements made by Terri Butler MP, Julie Owens MP and Adam Bandt MP who variously talked about the need to not restrict the benefits of the Bill to only public companies. As we mentioned in our earlier series on this Bill, co-operatives are perfectly placed to utilise crowd sourced funding, and could be particularly useful to the rural co-operatives. Now that the Bill is in the Senate, it will be interesting to see whether other the inclusion of other corporate structures, such as co-operatives, are debated, especially as the Senate is in the middle of an inquiry into their importance along with mutuals and member-owned firms.
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