South Australian Consolidated Acts South Australian Consolidated Acts34—Acceptance of money by proposed co-operative
(1) A proposed
co-operative or any person on its behalf or otherwise which accepts any money
for the proposed co-operative before the proposed co-operative is registered
must hold that 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.
Maximum penalty: $6 000.