CO-OPERATIVES ACT 1992 - SECT 348 Persons disqualified from administering compromise etc

This legislation has been repealed.

CO-OPERATIVES ACT 1992 - SECT 348

348 Persons disqualified from administering compromise etc

(1) Except with the leave of the Court, a person must not be appointed to administer, and must not administer, a compromise or arrangement approved under this Act between a co-operative and any of its creditors or members, whether by the terms of that compromise or arrangement or pursuant to a power given by the terms of a compromise or arrangement, if the person:

(a) is a mortgagee of any property of the co-operative, or

(b) is an auditor or an officer of the co-operative, or

(c) is an officer of a body corporate that is a mortgagee of property of the co-operative, or

(d) is not a registered liquidator unless the person is a body corporate authorised by or under a law of the State to administer the compromise or arrangement concerned, or

(e) is an officer of a body corporate related to the co-operative, or

(f) unless the Registrar directs in writing that this paragraph does not apply in relation to the person in relation to the co-operative--has at any time within the last 12 months been an officer or promoter of the co-operative or of a related body corporate.

(2) This section does not disqualify a person from administering a compromise or arrangement under an appointment validly made before the commencement of this section.