s 40
In forceRestrictions on co‑operatives in rules
Part 3Legal capacity and powers
Division 2Doctrine of ultra vires abolished
40 Restrictions on co‑operatives in rules
(1)
A co‑operative’s rules may contain an express restriction on, or an express prohibition of, the exercise by the co‑operative of a power of the co‑operative.
(2)
The exercise of a power or the doing of an act in contravention of subsection (1) is not invalid merely because of the contravention.
(3)
A co‑operative’s rules may set out the object of that co‑operative.
(4)
The exercise of a power or the doing of an act in contravention of subsection (3) is not invalid merely because of the contravention.
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