s 319
In forceDistribution of surplus: non‑distributing co‑operatives
Part 12Merger, transfer of engagements, winding‑up
Division 3Winding‑up and deregistration
319 Distribution of surplus: non‑distributing co‑operatives
(1)
In this section —
surplus property means property of the co‑operative that remains after satisfaction of the debts and liabilities of the co‑operative and the costs, charges and expenses of the winding‑up.
(2)
On a winding‑up of a non‑distributing co‑operative, the surplus property of the co‑operative must be distributed as required by the rules of the co‑operative.
(3)
The rules of a non‑distributing co‑operative must make provision for the way in which the surplus property of the co‑operative is to be distributed in a winding‑up.
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