s 347
In forcePower of Supreme Court to restrain further proceedings
Part 13Arrangements and reconstructions
Division 1General requirements
347 Power of Supreme Court to restrain further proceedings
(1)
If a proposed compromise or arrangement is between a co‑operative and any of its creditors and no order has been made or resolution passed for the winding‑up of the co‑operative, the Supreme Court may restrain further proceedings in an action or other civil proceeding against the co‑operative except by leave of the Supreme Court and subject to such terms as the Supreme Court imposes.
(2)
The Supreme Court’s power under this section is in addition to any of its other powers and cannot be exercised except on application by the co‑operative or of any creditor or member of the co‑operative.
Research tools for this sectionPro
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.