160Cancellation of membership prohibited in certain circumstances

160 Cancellation of membership prohibited in certain circumstances

160 Cancellation of membership prohibited in certain circumstances

(1) Unless the National Regulations otherwise provide, the board of a co-operative must not declare the membership of a member to be cancelled under this Part—

(a) if the co-operative is insolvent; or

(b) if the co-operative is under administration under Part 5.3A of the Corporations Act as applying under this Law; or

(c) if a compromise or an arrangement is being administered in relation to the co-operative; or

(d) if the co-operative is in the course of being wound up; or

(e) if an appointment of a receiver (whether or not a receiver and manager) of any property of the co-operative is in force; or

(f) if the co-operative has, for the purpose of being registered as a company under the Corporations Act, filed with the Registrar a copy of the entry made in the minutes of the co-operative.

(2) The National Regulations may provide that the board of a co-operative must not declare the membership of a member to be cancelled under this Part in other circumstances that may be prescribed.