445Voluntary winding up—restrictions

445 Voluntary winding up—restrictions

445 Voluntary winding up—restrictions

(1) A co-operative may be wound up voluntarily only—

(a) by a creditors’ voluntary winding up; or

(b) if a special resolution is passed by a special postal ballot in favour of voluntary winding up.

(2) When a special postal ballot is held, the members may, by means of the same ballot, by simple majority—

(a) appoint one or more liquidators to wind up the affairs and distribute the assets of the co-operative; and

(b) fix the remuneration to be paid to the liquidator.

(3) The Registrar may, by designated instrument, exempt a co-operative or class of co-operatives from compliance with a provision of this section or section 248.

(4) An exemption may be given unconditionally or subject to conditions.