445Voluntary winding up—restrictions

#### 445 Voluntary winding up—restrictions 445 Voluntary winding up—restrictions > > (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 a special postal ballot in favour of voluntary winding up. > > > (2) When a special postal ballot 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 designated instrument, exempt a co-operative or class of co-operatives from compliance with a provision of this section or section 248. > > > (4) An exemption may be given unconditionally or subject to conditions.