55
CurrentEffect of rules
Chapter 2Formation, powers and constitution of co-operatives
Part 2.3Rules
Division 1Rules of a co-operative
55 Effect of rules
(1) The rules of a co-operative have the effect of a contract under seal:
(a)
between the co-operative and each member; and
(b) between the co-operative and each director, the chief executive officer and the secretary of the co-operative; and
(c)
between a member and each other member.
(2) Under the contract, each of those persons agrees to observe and perform the provisions of the rules as in force for the time being so far as those provisions apply to the person.
This Act’s bill:Explanatory statement
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