41
CurrentDoctrine of ultra vires not to apply
Chapter 2Formation, powers and constitution of co-operatives
Part 2.2Legal capacity and powers
Division 2Doctrine of ultra vires not to apply
41 Doctrine of ultra vires not to apply
(1)
The objects of this Division are:
(a) to provide that the doctrine of ultra vires does not apply to co‑operatives; and
(b) without affecting the validity of a co-operative's dealings with others – to ensure the co-operative's officers and members give effect to the provisions of the rules of the co-operative relating to the primary activities or powers of the co‑operative.
(2) This Division is to be construed and to have effect in accordance with subsection (1).
This Act’s bill:Explanatory statement
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