Western Australian Current Acts Western Australian Current Acts (1) This section
applies when —
(a) the
amount payable to a former member under section 73 or 127 is applied as a
deposit with the co-operative; or
(b) the
co-operative allots or issues debentures or CCUs to the former member in
satisfaction of that amount.
(2) The deposit,
debenture or CCU bears interest during any period —
(a) in
the case of a co-operative with share capital —
(i)
at the rate, or if there is more than one rate, at the
higher or highest rate, of dividend payable for that period on the share
capital of the co-operative; or
(ii)
if the rate of dividend payable for that period has not
been determined, at the rate, or the higher or highest rate, payable for the
immediately preceding period for which a rate has been decided; or
(iii)
if a rate of dividend has never been determined in
relation to the share capital of the co-operative, at the rate that the board
of the co-operative considers reasonable;
or
(b) in
the case of a co-operative without share capital, at the rate that the board
of the co-operative considers reasonable; or
(c) if
the rules provide for a rate to be payable that is higher than the rate
applicable under paragraph (a) or (b), at that higher rate.
(3) A former member
may agree to the rate of interest being less than that which would otherwise
be payable under this section and may agree to no interest being paid.
(4) The following
provisions of the Corporations Act, as applied by section 250 of this Act, do
not apply to an allotment or issue of debentures or CCUs under this section
—
(a)
Chapter 2L;
(b)
Chapter 6D.
[Section 128 amended: No. 7 of 2016 s. 198.]