Cancellation of membership prohibited in certain circumstances
124 Cancellation of membership prohibited in certain circumstances
Unless the regulations otherwise provide, the board of a co‑operative must not declare the membership of a member to be cancelled under this Part —
if the co‑operative is insolvent; or
if the co‑operative is under administration under the Corporations Act Part 5.3A as applying under this Act; or
if a compromise or an arrangement is being administered in relation to the co‑operative; or
if the co‑operative is in the course of being wound‑up; or
if an appointment of a receiver, whether or not a receiver and manager, of any property of the co‑operative is in force; or
if the co‑operative has, for the purposes of being registered as a company under the Corporations Act, lodged with the Registrar a copy of the entry made in the minute book of the co‑operative under section 185; or
in other circumstances as may be prescribed by the regulations.
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