Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 281

    (1)     If a person has a relevant interest in a share of a trading cooperative in contravention of this division, the board of the cooperative must declare to be forfeited sufficient of the shares in which the person has a relevant interest to remedy the contravention.

    (2)     The shares to be forfeited are—

        (a)     the shares nominated by the person for the purpose; or

        (b)     in the absence of such a nomination, the shares in which the person has had a relevant interest for the shortest time.

    (3)     A declaration of the board that shares are forfeited operates to forfeit the shares.

    (4)     Sections 133 to 135 apply to shares forfeited under this section as if the shares had been forfeited under part 6.