Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 140

    (1)     If a person has an entitlement because of section 139, the entitlement operates to extinguish any liability of the cooperative—

        (a)     to repay to the person under section 133 (Repayment of amounts owing in relation to cancelled membership) any amount in relation to the person's forfeited shares in the cooperative; or

        (b)     in relation to a deposit held by the cooperative, or debentures allotted or issued to the person, under section 133 in relation to the person's forfeited shares in the cooperative (except a liability to pay any interest owing).

    (2)     If an amount has been repaid to a person under section 133 or section 135 (Repayment of deposits and debentures), the amount repaid must be set off against any entitlement of the person under section 138 in relation to the forfeited shares.

    (3)     If the amount repaid cannot be set off against the entitlement because the entitlement is not, or is only partly, an entitlement to money, the entitlement is lost unless the person pays to the cooperative the amount repaid to the person and does so within the period required under subsection (4).

    (4)     If the circumstances mentioned in subsection (3) arise, the cooperative must—

        (a)     give notice of the matter by prepaid post to the person at the person's address last known to the cooperative, stating a period of not less than 28 days after the notice is given during which any amount repaid must be paid to the cooperative; and

        (b)     give public notice to that effect.

Note     Public notice means notice on an ACT government website or in a daily newspaper circulating in the ACT (see Legislation Act

, dict, pt 1).