Div 7General

Division 7 General

36 Acceptance of money by proposed co-operative

(1) A proposed co-operative or any person on its behalf or otherwise who accepts money for the proposed co-operative before the proposed co-operative is registered must hold that money on trust until the co-operative is registered.

(2) If a co-operative is not registered within 3 months after the acceptance of money under subsection (1), the proposed co-operative or the person who accepted the money on its behalf must refund the money to the person who paid it.

37 Issue of duplicate certificate

The Registrar must issue a duplicate certificate of registration:

(a) if the Registrar is satisfied the original certificate is lost or destroyed; and

(b) on payment of the fee:

(ii) prescribed by the local regulations.

Part 2.2 Legal capacity and powers

Division 1 General powers

38 Effect of incorporation

As a corporation, a co-operative:

(a) has perpetual succession; and

(b) may have a common seal; and

(c) may sue and be sued in its corporate name; and

(d) subject to this Law, is capable of taking, purchasing, leasing, holding, selling and disposing of real and personal property; and

(e) may do and suffer all acts and things that corporations may by law do and suffer and that are necessary or expedient.

39 Power to form companies and enter into joint ventures

Without limiting any other provision of this Law, a co-operative has power:

(a) to form or participate in the formation of a corporation or unit trust; and

(b) to acquire interests in and sell or otherwise dispose of interests in corporations, unit trusts and joint ventures; and

(c) to form or enter into a partnership, joint venture or other association with other persons or bodies.

Division 2 Doctrine of ultra vires not to apply

40 Interpretation

(a) a reference to the doing of an act by a co-operative includes a reference to the making of an agreement by the co-operative and a reference to a transfer of property to or by the co-operative; and

(b) a reference to legal capacity includes a reference to powers.

41 Doctrine of ultra vires not to apply

(1) The objects of this Division are:

(a) to provide that the doctrine of ultra vires does not apply to co-operatives; and