Becoming an Equity member is a little more complicated than other membership types, because it means you become a co-owner of the consortium. To become an equity member or a non-consulting investor of the consortium you will either need to buy an existing share from a current share-holder or obtain a newly-issued share. The process of issuing shares and inviting new Equity members or non-consulting investors to be co-owners of the consortium is a matter handled by the board. The transfer or sale of shares in the consortium are subject to the ‘right of first refusal’ by other share-holders of the consortium and the consortium itself, which means they must be given an opportunity to purchase the shares first before they are offered to others. These processes are governed by the EIC Constitution and the Corporations Act.