Co-operatives National Law (Queensland)
sec.19Non-distributing co-operatives
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sec.19 Non-distributing co-operatives
A non-distributing co-operative is a co-operative that is prohibited from giving returns or distributions on surplus or share capital to members, other than the nominal value of shares (if any) at winding up. A non-distributing co-operative may or may not have share capital. A non-distributing co-operative must have a membership of— in the case of a co-operative group—2 or more co-operatives; or in the case of any other non-distributing co-operative— if a lesser number than 5 is approved by the Registrar—at least that number of active members; or otherwise—5 or more active members. An approval under subsection (3) may be given in relation to a particular co-operative or class of co-operatives. (sec.19-ssec.1) A non-distributing co-operative is a co-operative that is prohibited from giving returns or distributions on surplus or share capital to members, other than the nominal value of shares (if any) at winding up. (sec.19-ssec.2) A non-distributing co-operative may or may not have share capital. (sec.19-ssec.3) A non-distributing co-operative must have a membership of— in the case of a co-operative group—2 or more co-operatives; or in the case of any other non-distributing co-operative— if a lesser number than 5 is approved by the Registrar—at least that number of active members; or otherwise—5 or more active members. (sec.19-ssec.4) An approval under subsection (3) may be given in relation to a particular co-operative or class of co-operatives.
- (a) in the case of a co-operative group—2 or more co-operatives; or
- (b) in the case of any other non-distributing co-operative— (i) if a lesser number than 5 is approved by the Registrar—at least that number of active members; or (ii) otherwise—5 or more active members.
- (i) if a lesser number than 5 is approved by the Registrar—at least that number of active members; or
- (ii) otherwise—5 or more active members.
- (i) if a lesser number than 5 is approved by the Registrar—at least that number of active members; or
- (ii) otherwise—5 or more active members.