66Relationship of this Division to Division 1

66 Relationship of this Division to Division 1

If the rules of a co-operative adopt a model rule as in force from time to time and the model rule is amended, Division 1 does not require the amendment (so far as it affects the rules of the co-operative) to be approved or registered before the amendment takes effect in relation to the co-operative.

Part 2.4 Shares

Division 1 Nature of share

67 Nature of share in co-operative

(1) A share or other interest in a co-operative:

(a) is personal property; and

(b) is transferable or transmissible as provided by this Law and the rules of the co-operative; and

(c) is, subject to the rules of the co-operative, capable of devolution by will or by operation of law.

(2) Subject to subsection (1):

(a) the laws applying to ownership of and dealing with personal property apply to a share or other interest of a member in a co-operative as they apply to other property; and

(b) equitable interests in a share or other interest of a member in a co-operative may be created, dealt with and enforced as in the case of other personal property.

Division 2 Disclosure requirements for distributing co-operatives