160Cancellation 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.