50
CurrentAgent exercising co-operative's power to make contracts (cf Corporations Act s 126)
Chapter 2Formation, powers and constitution of co-operatives
Part 2.2Legal capacity and powers
Division 4Execution of documents
50 Agent exercising co-operative's power to make contracts (cf Corporations Act s 126)
(1) A co-operative's power to make, vary, ratify or discharge a contract may be exercised by an individual acting with the co-operative's express or implied authority and on behalf of the co-operative.
(2)
The power may be exercised without using a common seal.
(3) This section does not affect the operation of a law that requires a particular procedure to be complied with in relation to the contract.
This Act’s bill:Explanatory statement
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