448
CurrentDistribution of surplus—non‑distributing co‑operatives
ScheduleCo-operatives National Law
Chapter 4Structural and other events for co‑operatives
Part 5Winding up
448 Distribution of surplus—non‑distributing co‑operatives
(1)
On a winding up of a non‑distributing co‑operative, the surplus property of the co‑operative must be distributed as required by the rules of the co‑operative.
(2)
The rules of a non‑distributing co‑operative must make provision for the way in which the surplus property of the co‑operative is to be distributed in a winding up.
(3)
In this section—
surplus property means property of the co‑operative remaining after satisfaction of the debts and liabilities of the co‑operative and the costs, charges and expenses of the winding up.
This Act’s bill:Second reading speech
Research tools for this sectionSubscription
The statute text is free to read above. View subscription options to unlock the case-law research tools for each provision.