(1) If the Registrar
appoints directors of a co-operative under section 326, the Registrar may, by
written notice given to the co-operative, specify —
(a) a
time during which this section is to apply in relation to the co-operative;
and
(b) the
terms on which all or any of the directors hold office; and
(c) the
rules that are to be the co-operative’s rules.
(2) While this section
applies to a co-operative, the Registrar may —
(a)
remove and appoint directors; and
(b)
vary, revoke or state new terms in place of all or any of the terms specified
under subsection (1); and
(c)
amend all or any of the rules specified under subsection (1).
(3) The Registrar may,
by written notice given to the co-operative, extend the time for which this
section is to apply to a co-operative.
(4) A rule specified
by the Registrar under this section to be a rule of a co-operative —
(a)
cannot be altered except in the way set out in this section; and
(b) if
it is inconsistent with another rule of the co-operative, prevails over the
other rule, and the other rule is to the extent of the inconsistency
inoperative; and
(c) has
the same evidentiary value as is by this Act accorded to the
co-operative’s rules and to copies of them.