42Legal capacity

42 Legal capacity (1) A co-operative has, both within and outside this jurisdiction, the legal capacity of an individual.

Co-operatives (National Uniform Legislation) Act 2015 51 (2) Without limiting subsection (1), a co-operative has, both within and outside this jurisdiction, power: (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 (g) to do any other act it is authorised to do by any other law (including a law of a place outside this jurisdiction). (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. (4) To avoid doubt, this section does not: (a) authorise a co-operative to do an act that is prohibited by a law of this jurisdiction; or (b) give a co-operative a right that a law of this jurisdiction denies