Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 76

    (1)     A cooperative has, in relation to any debt owing by a member or former member to the cooperative, a charge on each of the following:

        (a)     the share or interest in the capital and the credit balance and deposits of the member or former member;

        (b)     any rebate, bonus, dividend or interest payable to the member or former member;

        (c)     any entry fees and regular subscriptions required to be repaid to a member when the member ceases to be a member.

    (2)     The cooperative may set off any amount paid on account of the share or other thing, or any amount credited or payable to the member or former member, in or towards payment of the debt.

    (3)     The charge created by this section may be enforced by the appropriation by the cooperative of the share or other thing subject to the charge, but only after at least 7 days notice has been given to the member or former member.

    (4)     Any share in relation to which capital has been appropriated must be cancelled.