42Legal capacity

42 Legal capacity

42 Legal capacity

(1) A co-operative has, both within and outside this jurisdiction, the legal capacity of an individual.

(2) Without limiting subsection (1), a co-operative has, both within and outside this jurisdiction, power—

(a) to issue and allot fully or partly paid shares in the co-operative; and

(b) to issue debentures and CCUs of the co-operative; and

(c) to distribute any of the property of the co-operative among the members, in kind or otherwise; and

(d) to give security by charging uncalled capital; and

(e) to grant a security interest in property of the co-operative; and

(f) to procure the co-operative to be registered or recognised as a corporation in any place outside this jurisdiction; and

(g) to do any other act it is authorised to do by any other law (including a law of a place outside this jurisdiction).

(3) The fact that the doing of an act by a co-operative would not be, or is not, in its best interests does not affect its legal capacity to do the act.

(4) To avoid doubt, this section does not—

(a) authorise a co-operative to do an act that is prohibited by a law of this jurisdiction; or

(b) give a co-operative a right that a law of this jurisdiction denies the co-operative.