As previously announced by the Maleny Credit Union (MCU), MCU has negotiated a proposal for Firstmac Holdings Limited (Firstmac) to acquire MCU by way of a Demutualisation and Scheme of Arrangement. Today, GRT Lawyers is pleased to announce that the postal ballot for the demutualisation of MCU was successfully passed by its Members on 25 January 2019 by a margin of 95.99%. The passing of the postal ballot allows MCU to proceed to the next step in its Scheme of Arrangement with Firstmac.
IntroductionThe High Court of Australia has declared that Victoria’s electric vehicles tax is invalid in Vanderstock v Victoria  HCA 30. Aside from the obvious immediate effect that the tax will no longer apply, this decision will have radical consequences for the way State Governments collect tax revenue. It may also impact any company who has passed