Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 138

    (1)     Even though a person's shares in a cooperative have been forfeited under this part, the person is taken to be the holder of shares in the cooperative (the same in all respects as the shares that were forfeited) for the following purposes:

        (a)     the entitlements of a shareholder in relation to the purchase of shares in the cooperative in accordance with an offer mentioned in section 290 (1) (a), (b) or (c) or the purchase of all the shares in the cooperative, if the offer or purchase happens within 5 years after the day the person's shares were forfeited;

        (b)     the entitlement of a shareholder when the cooperative becomes registered as a company if the relevant special resolution under section 308 is passed within 5 years after the day the person's shares were forfeited;

        (c)     the entitlement of a shareholder to a distribution of surplus in a winding-up of the cooperative that begins within 5 years after the day the person's shares were forfeited.

    (2)     Subsection (1) (a) does not apply in relation to—

        (a)     an offer mentioned in section 290 (1) (a) or (c) that is made by another cooperative; or

        (b)     the purchase of all the shares in the cooperative by another cooperative.

    (3)     Subsection (1) (c) does not apply if the winding-up is for a merger under division 12.1.

    (4)     To remove any doubt, the entitlement under subsection (1) (a) of a person whose shares have been forfeited does not include an entitlement to vote on anything.

    (5)     This section does not apply to a forfeited shareholding in a cooperative if the forfeited shareholding is taken under section 139 to be a forfeited shareholding in another cooperative.