448Distribution of surplus—non-distributing co-operatives

448 Distribution of surplus—non-distributing co-operatives

448 Distribution of surplus—non-distributing co-operatives

(1) On a winding up of a non-distributing co-operative, the surplus property of the co-operative must be distributed as required by the rules of the co-operative.

(2) The rules of a non-distributing co-operative must make provision for the way in which the surplus property of the co-operative is to be distributed in a winding up.

(3) In this section—

surplus property means property of the co-operative remaining after satisfaction of the debts and liabilities of the co-operative and the costs, charges and expenses of the winding up.