346
CurrentPriority of CCUs on winding up
Chapter 3Management and operation of co-operatives
Part 3.4Funds and property
Division 2Co-operative capital units (CCUs)
346 Priority of CCUs on winding up
(1)
On a winding up of a co-operative, a debt owed to a person as the holder or former holder of a CCU issued by the co-operative is to rank for priority of payment in accordance with the terms of issue of the CCU.
(2)
Such a debt may rank as a secured debt if it is secured but if it is unsecured may not rank in priority to other unsecured debts.
(3)
Such a debt may rank equally with or behind unsecured debts and (if the debt ranks behind unsecured debts) may rank in priority to, equally with or behind debts due to contributories.
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