473Outstanding property of participating co-operative

473 Outstanding property of participating co-operative

(1) This section applies if, after the winding up of a participating co-operative in this jurisdiction, outstanding property of the co-operative remains in this jurisdiction.

(2) The estate and interest in the property, at law or in equity, of the participating co-operative or its liquidator at that time, together with all claims, rights and remedies that the co-operative or its liquidator then had in respect of the property, vest by force of this section in the person entitled to the property under the law of the place in which the co-operative was registered, formed or incorporated.

Part 5.5 Mergers and transfers of engagements affecting participating co-operatives