423
CurrentPower of Court to restrain further proceedings
Chapter 4Structural and other events for co-operatives
Part 4.4Compromises and arrangements
Division 1General requirements
423 Power of Court to restrain further proceedings
(1)
If a proposed compromise or arrangement is made between a co‑operative and any of its creditors and no order has been made or resolution passed for the winding up of the co-operative, the
Supreme Court may restrain further proceedings in an action or other civil proceedings against the co-operative except by leave of the court and on the terms the court imposes.
(2)
The Supreme Court's power under this section is in addition to any of its other powers and must not be exercised except on application by the co-operative or a creditor or member of the co-operative.
This Act’s bill:Explanatory statement
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