Co-operatives National Law (Queensland)
sec.540Civil remedies
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sec.540 Civil remedies
If a co-operative in making, guaranteeing or raising a loan or receiving a deposit contravenes this Law or a rule of the co-operative, the civil rights and liabilities of the co-operative or another person in relation to the recovery of the loan or deposit are not affected or prejudiced by the contravention, but the money becomes immediately payable. The same remedies may be had for the recovery of the loan or deposit and for the enforcement of any security for it as if there had not been a contravention of this Law or the rules of the co-operative. (sec.540-ssec.1) If a co-operative in making, guaranteeing or raising a loan or receiving a deposit contravenes this Law or a rule of the co-operative, the civil rights and liabilities of the co-operative or another person in relation to the recovery of the loan or deposit are not affected or prejudiced by the contravention, but the money becomes immediately payable. (sec.540-ssec.2) The same remedies may be had for the recovery of the loan or deposit and for the enforcement of any security for it as if there had not been a contravention of this Law or the rules of the co-operative.