Northern Territory Consolidated Acts

CO-OPERATIVES ACT - SECT 40

(1) A co-operative has, both within and outside the Territory, the legal capacity of a natural person.

(2) Without limiting subsection (1), a co-operative has, both within and outside the Territory, power:

(a) to issue and allot fully or partly paid shares in the co-operative;

(b) to issue debentures of the co-operative;

(c) to distribute any of the property of the co-operative among the members, in kind or otherwise;

(d) to give security by charging uncalled capital;

(e) to grant a charge on property of the co-operative;

(f) to procure the co-operative to be registered or recognised as a body corporate in any place outside the Territory; and

(g) to do any other act that it is authorised to do by any other law (including a law of a place outside the Territory).

(3) Subsections (1) and (2) have effect in relation to a co-operative:

(a) subject to this Act and the Regulations but despite section 42(2);

(b) if the co-operative's rules contain an express or implied restriction on, or an express or implied prohibition of, the exercise by the co-operative of any of its powers, despite that restriction or prohibition; and

(c) if the rules of the co-operative contain a provision stating the objects of the co-operative, despite that fact.

(4) The fact that the doing of an act by a co-operative would not be, or is not, in its best interests does not affect its legal capacity to do the act.