s 33
In forceAcceptance of money by proposed co‑operative
Part 2Formation
Division 8General
33 Acceptance of money by proposed co‑operative
(1)
A proposed co‑operative that, or a person on a proposed co‑operative’s behalf who, accepts money for the proposed co‑operative before the proposed co‑operative is registered must hold that money on trust until the co‑operative is registered.
Penalty for this subsection: a fine of $6 000.
(2)
If a co‑operative is not registered within the period of 3 months after the acceptance of money under subsection (1), the proposed co‑operative or the person who accepted the money on its behalf must refund the money to the person who paid it.
Penalty for this subsection: a fine of $6 000.
[Section 33 amended: No. 7 of 2016 s. 20 and 200.]
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