Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 309

    (1)     A memorandum or articles of association, constitution, replaceable rules or other rules adopted for the transfer must not—

        (a)     impose on the members of the new body who were members of the cooperative at the date of transfer any greater or different liability to contribute to the assets of the new body than the liability to which they were subject as members of the cooperative; or

        (b)     deprive any member of the new body of any preferential rights in relation to dividend or capital to which the member was entitled as a member of the cooperative at the date of transfer.

    (2)     The transfer must result in every member of the cooperative at the date of transfer becoming a member of the new body.

    (3)     For a transfer of a cooperative that has a share capital to a new body that has a share capital, the transfer must result in every member of the cooperative at the date of transfer who held shares in the cooperative becoming the holder of shares in the capital of the new body equal in number and nominal value to the shares held by the member as a member of the cooperative.