Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 287

    (1)     This section applies if a trading cooperative has made a loan to a member and the member had or has a relevant interest in shares of the cooperative in contravention of this division.

    (2)     Until the amount lent to the member has been repaid to the cooperative (with any interest payable), the member is liable to make to the cooperative the payments that the member would be liable to make if all the shares concerned were lawfully held by the member.

    (3)     Any security for the repayment of the loan is not affected by a contravention of this division.