Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 133

    (1)     If the membership of a member of a cooperative is cancelled under this part, the cooperative must, within 1 year after the day of the cancellation—

        (a)     repay to the former member the amount owing to the member in relation to the cancellation; or

        (b)     apply the amount in accordance with subsection (2) if—

              (i)     the board is of the opinion that repayment would adversely affect the financial position of the cooperative; or

              (ii)     the board and the former member so agree.

    (2)     The amount owing may be applied as follows:

        (a)     if the cooperative is a deposit-taking cooperative—the cooperative may apply the amount as a deposit by the former member with the cooperative (subject to the requirements of section 134 about interest on the deposit);

        (b)     the cooperative may allot or issue debentures of the cooperative to the former member in satisfaction of the amount;

        (c)     the cooperative may appropriate the amount owing as a donation to the cooperative, but only if the former member agrees in writing to the donation.

    (3)     The amount owing to a former member in relation to the cancellation of membership includes any amount paid up in relation to shares forfeited because of the cancellation of membership.

    (4)     If the former member is subsequently readmitted to membership, any amount held by the cooperative under this section must, if the member asks, be applied towards the cost of admission to membership (including any subscription for share capital).