s 13

Distributing co‑operatives

In force

(1)

A distributing co‑operative must have a share capital.

(2)

A distributing co‑operative is a co‑operative whose rules allow it to give returns or distributions on surplus or share capital.

(3)

A distributing co‑operative must have a membership of —

(a)

for a co‑operative group, 2 or more co‑operatives; and

(b)

for 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)(b)(i) may be given in relation to a particular co‑operative or class of co‑operatives.

[Section 13 amended: No. 7 of 2016 s. 9.]

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