Co-operatives Act 2009

The Registrar may, if the Registrar considers it is in the interests of a co‑operative’s members, by written notice served on a co‑operative, give a direction to the co‑operative as to the way in which it is to exercise its functions in connection with the activities of the co‑operative in obtaining financial accommodation.

A direction under subsection (1) may make provision for any one or more of the following matters —

requiring the co‑operative to stop obtaining financial accommodation or to stop obtaining financial accommodation in a particular way;

requiring the co‑operative to repay in accordance with the direction all or part of financial accommodation obtained;

requiring the co‑operative to re‑finance in a specified way financial accommodation repaid in accordance with the Registrar’s direction;

the way in which the co‑operative is permitted to invest or use the proceeds of financial accommodation it obtains.

Within 28 days of receiving a direction, a co‑operative may apply to the Supreme Court for a review of that decision.