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Co-operatives National Regulation (Queensland)
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Turn the raw legal text into a practical explanation grounded in Co-operatives National Regulation (Queensland).
The board may retain all or part of the surplus arising in any year from the business of the co-operative, to be applied for the benefit of the co-operative. No part of the surplus may be paid or transferred directly or indirectly, by way of profit, to members of the co-operative. A part of the surplus, but not more than ....... %, arising in any year from the business of the co-operative may be applied for charitable purposes. (sch.6-sec.59-ssec.1) The board may retain all or part of the surplus arising in any year from the business of the co-operative, to be applied for the benefit of the co-operative. (sch.6-sec.59-ssec.2) No part of the surplus may be paid or transferred directly or indirectly, by way of profit, to members of the co-operative. (sch.6-sec.59-ssec.3) A part of the surplus, but not more than ....... %, arising in any year from the business of the co-operative may be applied for charitable purposes.