56Content of rules

56 Content of rules

56 Content of rules

(1) The rules of a co-operative must state or otherwise make provision for the matters included in Schedule 1.

(2) The rules must be divided into consecutively numbered paragraphs.

(3) The rules may state the objects of the co-operative.

(4) The rules may adopt by reference all or any of the provisions of the model rules, as provided in Division 2.

(5) The rules may provide for the imposition of a fine on a member for an infringement of the rules.

(6) If the rules provide for the imposition of a fine, the rules must state the maximum fine that may be imposed on a member.

(7) The maximum fine fixed by the rules must not be more than any amount prescribed by the National Regulations as the maximum fine.

(8) The rules may contain other provisions not inconsistent with this Law.