386Effect of appointment of administrator

386 Effect of appointment of administrator

386 Effect of appointment of administrator

(1) On the appointment of an administrator of a co-operative—

(a) the directors of the co-operative cease to hold office; and

(b) all contracts for the provision of secretarial or administrative services for the co-operative are terminated; and

(c) the administrator may terminate any contract of employment with the co-operative or any contract for providing other services to the co-operative.

(2) An administrator of a co-operative has the functions of the board of the co-operative, including the board’s powers of delegation.

(3) A director of a co-operative must not be appointed or elected while the administrator is in office except as provided by this Division.