Queensland Consolidated Acts Queensland Consolidated Acts(1) A person who is a director of a cooperative must not knowingly allow the cooperative to continue to carry on business with fewer than the minimum number of members allowed for more than 28 days after the number of members falls below the minimum number.
Maximum penalty--20 penalty units.
(2) Each person who is found guilty of an offence under subsection (1) is also liable to satisfy all obligations of the cooperative incurred after the 28 days mentioned in subsection (1), and may be sued without any other member being joined in the action.
(3) The minimum number of members allowed is--
(a) for an association or federation--2; or
(b) for any other cooperative--5, or if a lesser number than 5 is prescribed under a regulation, the prescribed number.
(4) The registrar may, by written notice, extend and further extend in a particular case the period of 28 days mentioned in subsection (1).
(5) An application for an extension must be made in the approved form before the period to be extended ends.