36
CurrentAcceptance of money by proposed co-operative
Chapter 2Formation, powers and constitution of co-operatives
Part 2.1Formation
Division 7General
36 Acceptance of money by proposed co-operative
(1)
A proposed co-operative or any person on its behalf or otherwise who accepts money for the proposed co-operative before the proposed co-operative is registered must hold that money on trust until the co-operative is registered.
(2)
If a co-operative is not registered within 3 months after the acceptance of money under subsection (1), the proposed co-operative or the person who accepted the money on its behalf must refund the money to the person who paid it.
Maximum penalty—$6,000.
This Act’s bill:Explanatory memorandumSecond reading speech
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