sec.388Expenses of administration

sec.388 Expenses of administration

The expenses of and incidental to the conduct of a co-operative’s affairs by an administrator are payable from the co-operative’s funds. The expenses of conducting a co-operative’s affairs include— if the administrator is not a public sector official—remuneration of the administrator at a rate approved by the Registrar; or if the administrator is a public sector official—the amount the Registrar certifies should be paid to the Registrar as repayment of the administrator’s remuneration. An amount certified under subsection (2) (b) may be recovered by the Registrar in a court of competent jurisdiction. An administrator has, in relation to the expenses referred to in subsection (1) , the same priority on the winding up of a co-operative as a liquidator appointed under the Corporations Act as applying under this Law has. Subdivision D of Division 6 of Part 5.6 of the Corporations Act contains provisions relating to the priority of payments. (sec.388-ssec.1) The expenses of and incidental to the conduct of a co-operative’s affairs by an administrator are payable from the co-operative’s funds. (sec.388-ssec.2) The expenses of conducting a co-operative’s affairs include— if the administrator is not a public sector official—remuneration of the administrator at a rate approved by the Registrar; or if the administrator is a public sector official—the amount the Registrar certifies should be paid to the Registrar as repayment of the administrator’s remuneration. (sec.388-ssec.3) An amount certified under subsection (2) (b) may be recovered by the Registrar in a court of competent jurisdiction. (sec.388-ssec.4) An administrator has, in relation to the expenses referred to in subsection (1) , the same priority on the winding up of a co-operative as a liquidator appointed under the Corporations Act as applying under this Law has. Subdivision D of Division 6 of Part 5.6 of the Corporations Act contains provisions relating to the priority of payments.

• (a) if the administrator is not a public sector official—remuneration of the administrator at a rate approved by the Registrar; or
• (b) if the administrator is a public sector official—the amount the Registrar certifies should be paid to the Registrar as repayment of the administrator’s remuneration.