Queensland Consolidated Acts Queensland Consolidated Acts(1) A cooperative has, both within and outside the State, the legal capacity of an individual.
(2) Without limiting subsection (1), a cooperative has, both within and outside the State, power--
(a) to issue and allot fully or partly paid shares in the cooperative; and
(b) to issue debentures of the cooperative; and
(c) to distribute any of the property of the cooperative among the members, in kind or otherwise; and
(d) to give security by charging uncalled capital; and
(e) to grant a charge on property of the cooperative; and
(f) to procure the cooperative to be registered or recognised as a corporation in any place outside the State; and
(g) to do any other act it is authorised to do by any other law (including a law of a place outside the State).
(3) Subsections (1) and (2) have effect in relation to a cooperative--
(a) subject to this Act but despite section 40(2); and
(b) if the cooperative's rules contain an express or implied restriction on, or an express or implied prohibition of, the exercise by the cooperative of any of its powers--despite that restriction or prohibition; and
(c) if the rules of the cooperative contain a provision stating the objects of the cooperative--despite that fact.
(4) The fact that the doing of an act by a cooperative would not be, or is not, in its best interests does not affect its legal capacity to do the act.