law: Co-Operative Societies Act 2008 
  92.
  
  Issue of shares
  1.      Subject to subsection
  
  (2), a society may issue shares at any time and for any consideration that the
  
  directors consider appropriate.
  2.      Subject to the
  
  by-laws, a society shall sell its shares at their par value.
  3.      No member is liable
  
  to the society or its creditors beyond the sum remaining unpaid on the member’s
  
  subscription for shares.
  4.      No society shall
  
  issue a share until it is fully paid-
  a.     
  
    in
  
  money; or
  b.    
  
    in
  
  property that, in the opinion of the directors, is the fair equivalent of the
  
  money that the society would have received if the share had been issued for
  
  money.
  1.      
  2.      
  3.      
  4.      
  5.      For the purposes of
  
  subsection (4)(b) , when determining whether property is the fair
  
  equivalent of a money consideration, the directors may take into account
  
  reasonable charges and expenses of organisation and reorganisation and payment
  
  for property reasonably expected to benefit the society.
  6.      For the purposes of
  
  this section “property” does not include a promissory note or a promise
  
  to pay.