Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 80

    (1)     If the total value of a dead member's shares or interest in a cooperative is less than $10 000 (or, if another amount is prescribed by regulation, that amount), the board may, on the basis of the evidence it considers sufficient, transfer the shares or interest to—

        (a)     if the member died leaving a valid will—the person who appears to the board to be entitled to the shares or interest under the will of the member; or

        (b)     if the member died without leaving a valid will—anyone who appears to the board to be entitled to obtain a grant of administration of the estate of the member.

    (2)     A person to whom shares or an interest of a dead member is transferred under subsection (1) (b) holds the shares or interest on the trusts that the person would have held the shares or interest on if the person had obtained a grant of administration of the estate of the member.

    (3)     A transfer must not be made under this section after evidence has been produced to the cooperative of the grant of letters of administration of the estate, or probate of the will, of the dead member.

    (4)     In this section:

"transfer", of an interest, includes the payment of money.