Northern Territory Consolidated Acts Northern Territory Consolidated Acts34. Acceptance of money by proposed co-operative
(1) A proposed co-operative or any person on its behalf or otherwise that accepts any money for the proposed co-operative before the proposed co-operative is registered must hold the 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.
Penalty: $6,000.