Co-operatives National Law Act 2020
sec.57Entitlements of former members of trading cooperatives
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sec.57 Entitlements of former members of trading cooperatives
A person’s entitlement under a provision of part 6, division 5 of the repealed Act to be taken to be the holder of a share in a cooperative for the purpose of an entitlement of a shareholder in the cooperative, continues in effect as an entitlement under the corresponding Law provision in relation to the transitioned co-operative. For the purposes of applying a corresponding Law provision to an entitlement mentioned in subsection (1), a reference in chapter 2, part 2.6, division 5 of the Law to 2 years is taken to be a reference to 5 years. See schedule 3, section 1 of the Law. A person’s entitlement under section 140 of the repealed Act to be taken to be a member of a cooperative for a distribution from reserves of the cooperative continues in relation to the transitioned co-operative. In this section— transitioned co-operative , in relation to a cooperative, means the co-operative under the Law that the cooperative is taken to be under section 30. (sec.57-ssec.1) A person’s entitlement under a provision of part 6, division 5 of the repealed Act to be taken to be the holder of a share in a cooperative for the purpose of an entitlement of a shareholder in the cooperative, continues in effect as an entitlement under the corresponding Law provision in relation to the transitioned co-operative. (sec.57-ssec.2) For the purposes of applying a corresponding Law provision to an entitlement mentioned in subsection (1), a reference in chapter 2, part 2.6, division 5 of the Law to 2 years is taken to be a reference to 5 years. See schedule 3, section 1 of the Law. (sec.57-ssec.3) A person’s entitlement under section 140 of the repealed Act to be taken to be a member of a cooperative for a distribution from reserves of the cooperative continues in relation to the transitioned co-operative. (sec.57-ssec.4) In this section— transitioned co-operative , in relation to a cooperative, means the co-operative under the Law that the cooperative is taken to be under section 30.