New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 15

15 Non-trading co-operatives

(cf Vic Act s 15)

(1) A non-trading co-operative must not give returns or distributions on surplus or share capital to members other than the nominal value of shares (if any) at winding up.

(2) A non-trading co-operative may or may not have a share capital.

(3) A non-trading co-operative must have a membership of:

(a) 2 or more co-operatives, in the case of an association, and

(b) 2 or more associations, in the case of a federation, and

(c) 5 or more active members, in the case of any other non-trading co-operative, or such lesser number as the Registrar may approve in a particular case.