448
CurrentDistribution of surplus—non-distributing co-operatives
448 Distribution of surplus—non-distributing co-operatives
(1)
On a winding up of a non-distributing co-operative, the surplus property of the co-operative must be distributed as required by the rules of the co-operative.
(2)
The rules of a non-distributing co-operative must make provision for the way in which the surplus property of the co-operative is to be distributed in a winding up.
(3)
In this section—
surplus property means property of the co-operative remaining after satisfaction of the debts and liabilities of the co-operative and the costs, charges and expenses of the winding up.
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