Voluntary winding up – restrictions
445 Voluntary winding up – restrictions
A co-operative may be wound up voluntarily only:
by a creditors' voluntary winding up; or
(b) if a special resolution is passed by a special postal ballot in favour of voluntary winding up.
(2) When a special postal ballot is held, the members may, by means of the same ballot, by simple majority:
(a) appoint one or more liquidators to wind up the affairs and distribute the assets of the co-operative; and
fix the remuneration to be paid to the liquidator.
(3) The Registrar may, by designated instrument, exempt a co‑operative or class of co-operatives from compliance with a provision of this section or section 248.
(4) An exemption may be given unconditionally or subject to conditions.
This Act’s bill:Explanatory statement
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