445Voluntary winding up – restrictions

445 Voluntary winding up – restrictions (1) A co-operative may be wound up voluntarily only: (a) by a creditors' voluntary winding up; or (b) if a special resolution is passed by a special postal ballot in favour of voluntary winding up.

Co-operatives (National Uniform Legislation) Act 2015 274 (2) When a special postal ballot is held, the members may, by means of the same ballot, by simple majority: (a) appoint one or more liquidators to wind up the affairs and distribute the assets of the co-operative; and (b) fix the remuneration to be paid to the liquidator. (3) The Registrar may, by designated instrument, exempt a co-operative or class of co-operatives from compliance with a provision of this section or section 248. (4) An exemption may be given unconditionally or subject to conditions.