This legislation has been repealed.
(1) A trading cooperative must have a share capital.
(2) A trading cooperative is a cooperative with rules that allow it to give returns or distributions on surplus or share capital.
(3) A trading cooperative must have a membership of—
(a) for an association—2 or more cooperatives; and
(b) for a federation—2 or more associations; and
(c) for any other trading cooperative—
(i) if a number of active members less than 5 is prescribed by regulation for this paragraph—at least that number of active members; or
(ii) in any other case—5 or more active members.