Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 274

    (1)     The rules of a trading cooperative may authorise the cooperative to apply a part of the surplus arising in any year from the business of the cooperative or a part of the reserves of the cooperative by—

        (a)     distribution to members as a rebate on the basis of business done with the cooperative; or

        (b)     the issue of bonus shares to members on the basis of business done with the cooperative or on the basis of shares held by members; or

        (c)     the issue to members of a limited dividend for shares held by the members.

    (2)     The amount of any rebate or dividend payable to a member under subsection (1) may, with the member's consent, be applied—

        (a)     in payment for the issue to the member of bonus shares; or

        (b)     as a loan to the cooperative.

    (3)     In this section:

"limited dividend" means a dividend that does not exceed the amount prescribed by regulation.