Australian Capital Territory Repealed Acts Australian Capital Territory Repealed ActsThis legislation has been repealed.
(1) A proposed cooperative or anyone on its behalf or otherwise that accepts any money for the proposed cooperative before the proposed cooperative is registered must hold the money on trust until the cooperative is registered.
Maximum penalty: 50 penalty units.
(2) If a cooperative is not registered within 3 months after the acceptance of any money under subsection (1), the proposed cooperative or the person who accepted the money on its behalf must refund the money to the person who paid it.
Maximum penalty: 50 penalty units.