358
CurrentApplication of surplus to other persons
Chapter 3Management and operation of co-operatives
Part 3.4Funds and property
Division 3Disposal of surplus from activities
358 Application of surplus to other persons
(1)
Part of the surplus arising in a year from the business of a distributing co-operative may be credited to a person who is not a member, but is qualified to be a member, by way of rebate in proportion to the value of business done by the person with the co‑operative or to the profit earned by the co-operative, if:
(a)
the person was a member when the business was done and the membership has lapsed; or
(b)
the person has applied for membership after the business was done.
(2)
Nothing in this section precludes the payment of a bonus to an employee under the terms of his or her employment.
This Act’s bill:Explanatory statement
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