Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) A cooperative has, both within and outside the ACT and Australia, the legal capacity of an individual.
(2) Without limiting subsection (1), a cooperative has, both within and outside the ACT and Australia, power—
(a) to issue and allot fully or partly paid shares in the cooperative; and
(b) to issue debentures of the cooperative; and
(c) to distribute any of the property of the cooperative among the members, in kind or otherwise; and
(d) to give security by charging uncalled capital; and
(e) to grant a charge on property of the cooperative; and
(f) to procure the cooperative to be registered or recognised as a corporation in any place outside the ACT and Australia; and
(g) to do any other act that it is authorised to do by any other law (including a law of a place outside the ACT or Australia).
(3) Subsections (1) and (2) apply in relation to a cooperative—
(a) subject to this Act, but despite section 41 (2); and
(b) if the cooperative's rules contain an express or implied restriction on, or an express or implied prohibition of, the exercise by the cooperative of any of its powers—despite that restriction or prohibition; and
(c) if the rules of the cooperative contain a provision stating the objects of the cooperative—despite that fact.
(4) The fact that the doing of an act by a cooperative would not be, or is not, in its best interests does not affect its legal capacity to do the act.