Co-operatives National Law (Queensland)
sec.358Application of surplus to other persons
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sec.358 Application of surplus to other persons
Part of the surplus arising in a year from the business of a distributing co-operative may be credited to a person who is not a member, but is qualified to be a member, by way of rebate in proportion to the value of business done by the person with the co-operative or to the profit earned by the co-operative, if— the person was a member when the business was done and the membership has lapsed; or the person has applied for membership after the business was done. Nothing in this section precludes the payment of a bonus to an employee under the terms of his or her employment. (sec.358-ssec.1) Part of the surplus arising in a year from the business of a distributing co-operative may be credited to a person who is not a member, but is qualified to be a member, by way of rebate in proportion to the value of business done by the person with the co-operative or to the profit earned by the co-operative, if— the person was a member when the business was done and the membership has lapsed; or the person has applied for membership after the business was done. (sec.358-ssec.2) Nothing in this section precludes the payment of a bonus to an employee under the terms of his or her employment.
- (a) the person was a member when the business was done and the membership has lapsed; or
- (b) the person has applied for membership after the business was done.