sec.42Legal capacity

sec.42 Legal capacity

A co-operative has, both within and outside this jurisdiction, the legal capacity of an individual. Without limiting subsection (1) , a co-operative has, both within and outside this jurisdiction, power— to issue and allot fully or partly paid shares in the co-operative; and to issue debentures and CCUs of the co-operative; and to distribute any of the property of the co-operative among the members, in kind or otherwise; and to give security by charging uncalled capital; and to grant a security interest in property of the co-operative; and to procure the co-operative to be registered or recognised as a corporation in any place outside this jurisdiction; and to do any other act it is authorised to do by any other law (including a law of a place outside this jurisdiction). The fact that the doing of an act by a co-operative would not be, or is not, in its best interests does not affect its legal capacity to do the act. To avoid doubt, this section does not— authorise a co-operative to do an act that is prohibited by a law of this jurisdiction; or give a co-operative a right that a law of this jurisdiction denies the co-operative. (sec.42-ssec.1) A co-operative has, both within and outside this jurisdiction, the legal capacity of an individual. (sec.42-ssec.2) Without limiting subsection (1) , a co-operative has, both within and outside this jurisdiction, power— to issue and allot fully or partly paid shares in the co-operative; and to issue debentures and CCUs of the co-operative; and to distribute any of the property of the co-operative among the members, in kind or otherwise; and to give security by charging uncalled capital; and to grant a security interest in property of the co-operative; and to procure the co-operative to be registered or recognised as a corporation in any place outside this jurisdiction; and to do any other act it is authorised to do by any other law (including a law of a place outside this jurisdiction). (sec.42-ssec.3) The fact that the doing of an act by a co-operative would not be, or is not, in its best interests does not affect its legal capacity to do the act. (sec.42-ssec.4) To avoid doubt, this section does not— authorise a co-operative to do an act that is prohibited by a law of this jurisdiction; or give a co-operative a right that a law of this jurisdiction denies the co-operative.

• (a) to issue and allot fully or partly paid shares in the co-operative; and
• (b) to issue debentures and CCUs of the co-operative; and
• (c) to distribute any of the property of the co-operative among the members, in kind or otherwise; and
• (d) to give security by charging uncalled capital; and
• (e) to grant a security interest in property of the co-operative; and
• (f) to procure the co-operative to be registered or recognised as a corporation in any place outside this jurisdiction; and