AIC shares can only be bought or sold with the approval of the AIC Board of Directors.
Buying, Selling or Subdividing
Shares run with the land. If you sell your land that has current shares attached, you must transfer those shares to the new landowner (unless you are retaining a portion of that land). The shares cannot be transferred separately or alienated from the property.
If you are subdividing, the appropriate parcel of shares will be allocated to each block. Please notify us as soon as possible if you are subdividing or transferring part of your land.
If you have surplus A or D shares, you may apply to transfer those shares to either a current shareholder or a landowner within our consented command area (see Map below).
Any consent is entirely at the discretion of the Board. The Board will consider several factors when evaluating any transfer which may include, but are not limited to, availability of water in the relevant area, offtake arrangements and access to AIC’s infrastructure.
For further information on buying and selling AIC shares, please see clause 5 of our Constitution here.
Once you notify us that you wish to buy or sell shares, we will draft a share transfer to be signed by both parties. The purchaser will also need to enter into a new water supply agreement. The purchaser will be invoiced a drafting fee of $400 plus GST which must be paid before we will complete any transfer.
All shareholders must have a current water supply agreement. A copy of our water supply agreement can be viewed here.
Once the transfer is approved by the Board, AIC will sign the water supply agreement and issue a share certificate.
The share register will be updated to record the new shareholder and they will receive an original of the water supply agreement and a copy of the share certificate.
For all share enquiries, please contact Kris Cook on firstname.lastname@example.org or 03 315 8984.