66Relationship of this Division to Division 1

66 Relationship of this Division to Division 1 If the rules of a co-operative adopt a model rule as in force from time to time and the model rule is amended, Division 1 does not require the amendment (so far as it affects the rules of the co-operative) to be approved or registered before the amendment takes effect in relation to the co-operative. Part 2.4 Shares Division 1 Nature of share 67 Nature of share in co-operative (1) A share or other interest in a co-operative: (a) is personal property; and (b) is transferable or transmissible as provided by this Law and the rules of the co-operative; and

Co-operatives (National Uniform Legislation) Act 2015 62 (c) is, subject to the rules of the co-operative, capable of devolution by will or by operation of law. (2) Subject to subsection (1): (a) the laws applying to ownership of and dealing with personal property apply to a share or other interest of a member in a co-operative as they apply to other property; and (b) equitable interests in a share or other interest of a member in a co-operative may be created, dealt with and enforced as in the case of other personal property. Division 2 Disclosure requirements for distributing