Western Australian Current Acts

CO-OPERATIVES ACT 2009 - SECT 387

387 .         Application of Corporations Act to winding-up of participating co-operatives

        (1)         The winding-up or deregistration or withdrawal of an authority to carry on business in this State of a participating co-operative is declared to be an applied Corporations legislation matter for the purposes of the Corporations (Ancillary Provisions) Act 2001 Part 3 in relation to the Corporations Act Parts 5.4B and 5.6 and section 601AE.

        (2)         The Corporations Act Parts 5.4B and 5.6 are applied subject to the modifications set out in Schedule 6 Division 2.

        (3)         The Corporations Act section 601AE applies to property that vests in the Registrar under section 388 as if the property were vested in the Registrar under section 601AD(2) of that Act.

        (4)         The fact that a participating co-operative has been deregistered or has ceased to exist as a co-operative in the place in which it was registered, incorporated or formed does not affect the liability of a member or former member as a contributory on a winding-up under this Division.

        [Section 387 amended: No. 7 of 2016 s. 141.]