Western Australian Current Acts Western Australian Current Acts (1) The constitution
or replaceable rules or rules adopted for the purposes of the transfer cannot
be such as to —
(a)
impose on the members of the new body who were members of the co-operative at
the date of transfer any greater or different liability to contribute to the
assets of the new body than the liability to which they were subject as
members of the co-operative; or
(b)
deprive a member of the new body of preferential rights to dividend or capital
to which the member was entitled as a member of the co-operative at the date
of transfer.
(2) In subsection (1),
member includes former shareholder of a co-operative, whose shares have been
forfeited within 2 years of the transfer.
(3) The transfer must
result in all persons who were members of the co-operative at the date of
transfer becoming members of the new body.
(4) In the case of a
transfer of a co-operative that has a share capital to a new body that has a
share capital, the transfer must result in every member of the co-operative at
the date of transfer who held shares in the co-operative being the holder of
shares in the capital of the new body equal in number and nominal value to the
shares held by the member as a member of the co-operative.
(5) If —
(a)
section 131(2) applies to rules of a co-operative; and
(b)
those rules provide for a period shorter than 2 years to apply for the
purposes of each of section 132(1)(a), (b) and (c) and section 133(1),
subsection (2) of this
section applies in relation to the co-operative as if the reference in that
subsection to 2 years were a reference to the shorter period that applies for
the purposes of each of section 132(1)(a), (b) and (c) and section 133(1)
under those rules.
[Section 309 amended: No. 7 of 2016 s. 105.]