Queensland Consolidated Acts Queensland Consolidated Acts(1) A proposed cooperative or any person on its behalf or otherwise who accepts money for the proposed cooperative before the proposed cooperative is registered must hold that money on trust until the cooperative is registered.
(2) If a cooperative is not registered within 3 months after the acceptance of money under subsection (1), the proposed cooperative 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.