Registers to be kept by co-operatives
212 Registers to be kept by co-operatives
(1) A co-operative must keep the following registers under this section:
a register of directors;
a register of members (including their shareholding, if any);
a register of:
(i) loans to, securities given by, debentures issued by, and deposits received by the co-operative; and
(ii) names of persons who have given loans or deposits to the co-operative or hold securities or debentures given or issued by the co-operative;
(d) a register of loans made by or guaranteed by the co-operative, and of securities taken by the co-operative;
a register of CCUs issued by the co-operative and their holders;
a register of memberships cancelled under Part 2.6;
a register of notifiable interests under section 368;
other registers required by the National Regulations.
Maximum penalty: $2 000.
(2) Registers kept by a co-operative under this Law must be kept in the way, and contain the particulars, prescribed by this Law or the National Regulations.
(3) An offence based on subsection (1) is an offence of strict liability.
Note
Other provisions of this Law require a co-operative to keep other registers.
This Act’s bill:Explanatory statement
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