Co-operatives Act 2009

A non‑distributing co‑operative is a co‑operative whose rules prohibit it from giving returns or distributions on surplus or share capital to members, other than the nominal value of shares, if any, at winding‑up.

A non‑distributing co‑operative may or may not have a share capital.

A non‑distributing co‑operative must have a membership of —

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

for any other non‑distributing co‑operative —

if a lesser number than 5 is approved by the Registrar, at least that number of active members; or

otherwise, 5 or more active members.

An approval under subsection (3)(b)(i) may be given in relation to a particular co‑operative or class of co‑operatives.