New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 326

326 Restrictions on voluntary winding up

(1) A co-operative may be wound up voluntarily only by a creditors’ voluntary winding up or if a special resolution is passed by means of a special postal ballot in favour of voluntary winding up.

(2) The Council may by order in writing exempt a co-operative from compliance with all or specified provisions of this section or section 194 (Special postal ballots) and may grant such an exemption either unconditionally or subject to conditions.

(3) When such a special postal ballot is held, the members may, by means of the same ballot, by simple majority:

(a) appoint one or more liquidators for the purpose of winding up the affairs and distributing the assets of the co-operative, and

(b) fix the remuneration to be paid to the liquidator.