New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 28F

28F Acceptance of money by proposed co-operative

(cf Vic Act s 34)

(1) A proposed co-operative or any person on its behalf or otherwise which accepts any money for the proposed co-operative before the proposed co-operative is registered must hold that money on trust until the co-operative is registered.

(2) If a co-operative is not registered within the period of 3 months after the acceptance of any money under subsection (1), the proposed co-operative or the person who accepted the money on its behalf must refund the money to the person who paid it.

Maximum penalty: 60 penalty units.