Cancellation of membership prohibited in certain circumstances
160 Cancellation of membership prohibited in certain circumstances
(1) Unless the National Regulations otherwise provide, the board of a co‑operative must not declare the membership of a member to be cancelled under this Part:
if the co-operative is insolvent; or
(b) if the co-operative is under administration under Part 5.3A of the Corporations Act as applying under this Law; or
(c) if a compromise or an arrangement is being administered in relation to the co‑operative; or
if the co-operative is in the course of being wound up; or
(e) if an appointment of a receiver (whether or not a receiver and manager) of any property of the co-operative is in force; or
(f) if the co-operative has, for the purpose of being registered as a company under the Corporations Act, filed with the Registrar a copy of the entry made in the minutes of the co-operative.
(2) The National Regulations may provide that the board of a co‑operative must not declare the membership of a member to be cancelled under this Part in other circumstances that may be prescribed.
This Act’s bill:Explanatory statement
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