Western Australian Current Acts

CO-OPERATIVES ACT 2009 - SECT 342

342 .         Persons disqualified from administering compromise etc.

                Except with the leave of the Supreme Court, a person cannot be appointed to administer, and cannot administer, a compromise or arrangement approved under this Act between a co-operative and any of its creditors or members, whether by the terms of the compromise or arrangement or under a power given by the terms of a compromise or arrangement, if the person —

            (a)         is a mortgagee of property of the co-operative; or

            (b)         is an auditor or an officer of the co-operative; or

            (c)         is an officer of a corporation that is a mortgagee of property of the co-operative; or

            (d)         is not a registered liquidator under the Corporations Act unless the person is a corporation authorised by or under a law of this State to administer the compromise or arrangement concerned; or

            (e)         is an officer of a corporation related to the co-operative; or

            (f)         unless the Registrar directs in writing that this paragraph does not apply in relation to the person in relation to the co-operative, has at any time within the last 12 months been an officer or promoter of the co-operative or of a related corporation of the co-operative.