Western Australian Current Acts

CO-OPERATIVES ACT 2009 - SECT 317

317 .         Restrictions on voluntary winding-up

        (1)         A co-operative may be wound-up voluntarily only —

            (a)         by a creditors’ voluntary winding-up; or

            (b)         if a special resolution is passed by means of a special postal ballot in favour of voluntary winding-up.

        (2)         When a special postal ballot referred to in subsection (1)(b) is held, the members may, by means of the same ballot, by simple majority —

            (a)         appoint one or more liquidators to wind up the affairs and distribute the assets of the co-operative; and

            (b)         fix the remuneration to be paid to the liquidator.

        (3)         The Registrar may, by order published in the Gazette , exempt a co-operative or class of co-operatives from compliance with a provision of this section or section 186.

        (4)         An exemption may be granted unconditionally or subject to conditions.

        [Section 317 amended: No. 7 of 2016 s. 108.]