Co-operatives Act 2009

A co‑operative has, both within and outside this State, the legal capacity of an individual.

Without limiting subsection (1), a co‑operative has, both within and outside this State, power —

to issue and allot fully or partly paid shares in the co‑operative; and

to issue debentures of, and CCUs in, the co‑operative; and

to distribute any of the property of the co‑operative among the members, in kind or otherwise; and

to give security by charging uncalled capital; and

to grant a charge on property of the co‑operative; and

to procure the co‑operative to be registered or recognised as a corporation in any place outside this State; and

to do any other act that it is authorised to do by any other law, including a law of a place outside this State.

Subsections (1) and (2) have effect in relation to a co‑operative —

if the co‑operative’s rules contain an express or implied restriction on, or an express or implied prohibition of, the exercise by the co‑operative of any of its powers, despite that restriction or prohibition; and

if the rules of the co‑operative contain a provision stating the objects of the co‑operative, despite that fact.

The fact that the doing of an act by a co‑operative would not be, or is not, in its best interests does not affect its legal capacity to do the act.