s 270
In forceApplication for charitable purposes or members’ purposes
Part 10Funds and property
Division 5Disposal of surplus from activities
270 Application for charitable purposes or members’ purposes
(1)
A co‑operative may apply a part of the surplus arising in a year from the business of the co‑operative for a charitable purpose.
(2)
A distributing co‑operative may apply a part of the surplus arising in a year from the business of the co‑operative towards supporting an activity approved by the co‑operative.
(3)
The rules must limit the amount that may be applied under subsection (1) or (2) to a specified proportion of the surplus.
(4)
A co‑operative may apply part of the surplus for a purpose and to the extent authorised by rules.
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