Legal capacity
42 Legal capacity
(1) A co-operative has, both within and outside this jurisdiction, the legal capacity of an individual.
(2) Without limiting subsection (1), a co-operative has, both within and outside this jurisdiction, power:
(a) to issue and allot fully or partly paid shares in the co-operative; and
to issue debentures and CCUs of the co-operative; and
(c) to distribute any of the property of the co-operative among the members, in kind or otherwise; and
to give security by charging uncalled capital; and
to grant a security interest in property of the co-operative; and
(f) to procure the co-operative to be registered or recognised as a corporation in any place outside this jurisdiction; and
(g) to do any other act it is authorised to do by any other law (including a law of a place outside this jurisdiction).
(3) The fact that the doing of an act by a co-operative would not be, or is not, in its best interests does not affect its legal capacity to do the act.
To avoid doubt, this section does not:
(a) authorise a co-operative to do an act that is prohibited by a law of this jurisdiction; or
(b) give a co-operative a right that a law of this jurisdiction denies the co-operative.
This Act’s bill:Explanatory statement
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