448Distribution of surplus – non-distributing co-operatives

448 Distribution of surplus – non-distributing co-operatives (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 (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. 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.