Australian Capital Territory Repealed Acts

This legislation has been repealed.

CO-OPERATIVE SOCIETIES ACT 1939 (REPEALED) NO 9 - SECT 59

    (1)     A society may be wound up—

        (a)     voluntarily; or

        (b)     by the court; or

        (c)     subject to the supervision of the court; or

        (d)     on the certificate of the registrar.

    (2)     For a winding-up voluntarily, by the court or subject to the supervision of the court, the society may, subject to this part, be wound up in the same way and in the same circumstances in which a company formed and registered under the Corporations Law may be so wound up.

    (3)     For a winding-up on the certificate of the registrar, the society may be wound up if the registrar certifies that—

        (a)     the number of members is reduced to less than 7; or

        (b)     the society has not begun business within a year of registration or has suspended business for more than 6 months; or

        (c)     the period (if any) fixed for the duration of the society in its rules has ended; or

        (d)     an event (to be specified in the certificate) on the occurrence of which the regulations or the rules provide that the society shall be wound up, has occurred; or

        (e)     the registration of the society has been obtained by mistake or fraud; or

        (f)     the society exists for an illegal purpose; or

        (g)     the society has wilfully and after notice from the registrar violated the provisions of this Act or the rules of the society; or

        (h)     as a result of an inquiry under section 7 into the affairs of the society, it is in the interests of its members or creditors that the society should be wound up.

Note      A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including regulations (see Legislation Act 2001 , s 104).

    (4)     The registrar shall not issue a certificate under this section unless the truth of the matter to be certified is proved to his or her satisfaction and unless, for a matter specified in subsection (3) (e), (f) or (g), the Minister consents to the issue of the certificate.

    (5)     On the issue of a certificate by the registrar under this section, the registrar may appoint a person to be the liquidator of the society and, in the event of a vacancy in that office, may appoint a person to fill the vacancy.

    (6)     The liquidator of a society shall give the security, and is entitled to the fees, that are prescribed.

    (7)     The winding-up of a society on the certificate of the registrar begins at the time the certificate is issued.

    (8)     The liquidator of a society must prepare a written notice of the beginning of the winding-up of the society.

    (9)     The notice under subsection (8) is a notifiable instrument.

Note      A notifiable instrument must be notified under the Legislation Act 2001 .

    (10)     The notice under subsection (8) must also be published in a newspaper published and circulating in the ACT.