50
CurrentAgent exercising co‑operative's power to make contracts (cf Corporations Act section 126)
ScheduleCo-operatives National Law
Chapter 2Formation, powers and constitution of co‑operatives
Part 2Legal capacity and powers
Division 4Execution of documents
50 Agent exercising co‑operative's power to make contracts (cf Corporations Act section 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:Second reading speech
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