18
CurrentDistributing co-operatives
Chapter 2Formation, powers and constitution of co-operatives
Part 2.1Formation
Division 1Types of co-operatives
18 Distributing co-operatives
(1)
A distributing co-operative is a co-operative that is not prohibited from giving returns or distributions on surplus or share capital.
(2)
A distributing co-operative must have share capital.
(3)
A distributing co-operative must have a membership of—
(a)
in the case of a co-operative group—2 or more co-operatives; or
(b)
in the case of any other distributing co-operative—
(i)
if a lesser number than 5 is approved by the Registrar—at least that number of active members; or
(ii)
otherwise—5 or more active members.
(4)
An approval under subsection (3) may be given in relation to a particular co-operative or class of co-operatives.
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