Co-operatives National Law (Queensland)
sec.448Distribution of surplus—non-distributing co-operatives
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sec.448 Distribution of surplus—non-distributing co-operatives
On a winding up of a non-distributing co-operative, the surplus property of the co-operative must be distributed as required by the rules of the co-operative. The rules of a non-distributing co-operative must make provision for the way in which the surplus property of the co-operative is to be distributed in a winding up. In this section— surplus property means property of the co-operative remaining after satisfaction of the debts and liabilities of the co-operative and the costs, charges and expenses of the winding up. (sec.448-ssec.1) On a winding up of a non-distributing co-operative, the surplus property of the co-operative must be distributed as required by the rules of the co-operative. (sec.448-ssec.2) The rules of a non-distributing co-operative must make provision for the way in which the surplus property of the co-operative is to be distributed in a winding up. (sec.448-ssec.3) In this section— surplus property means property of the co-operative remaining after satisfaction of the debts and liabilities of the co-operative and the costs, charges and expenses of the winding up.