Western Australian Current Acts

CO-OPERATIVES ACT 2009 - SECT 246

246 .         Limits on deposit taking

                A co-operative cannot accept money on deposit unless —

            (a)         the co-operative is authorised by its rules to accept money on deposit and was authorised by its rules immediately before the commencement of this section to accept money on deposit; or

            (b)         the co-operative was a deposit-taking corporation immediately before it became a co-operative and it is authorised by its rules to accept money on deposit; or

            (c)         in the case of a merged co-operative, one or more of the co-operatives involved in the merger was a deposit-taking co-operative immediately before the registration of the merged co-operative and the merged co-operative is authorised by its rules to accept money on deposit.