South Australian Consolidated Acts South Australian Consolidated Acts (1) A co-operative
has, both within and outside the State, the legal capacity of a natural
person.
(2) Without limiting
subsection (1), a co-operative has, both within and outside the State,
power—
(a) to
issue and allot fully or partly paid shares in the co-operative; and
(b) to
issue debentures of the co-operative; and
(c) to
distribute any of the property of the co-operative 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 co-operative; and
(f) to
procure the co-operative to be registered or recognised as a body corporate in
any place outside the State; 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 State).
(3)
Subsections (1) and (2) have effect in relation to a co-operative—
(a)
subject to this Act and the regulations but despite section 41(2); and
(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.