South Australian Consolidated Acts

SOUTH AUSTRALIAN CO-OPERATIVE AND COMMUNITY HOUSING ACT 1991 - SECT 58

58—Cancellation of shares

        (1)         The rules of a registered housing co-operative may provide for the cancellation by the co-operative of any of its investment shares, but no such rules are valid unless the provisions in respect of cancellation comply with the requirements of this Act and are, in the opinion of the Minister, otherwise appropriate.

        (2)         Subject to this Act, investment shares in a registered housing co-operative may not be cancelled by the co-operative except—

            (a)         —

                  (i)         in accordance with its rules; and

                  (ii)         with the approval of the Minister and subject to such conditions (if any) as the Minister may attach to that approval; or

            (b)         in any other circumstances of a prescribed kind.

        (3)         The holder of cancelled investment shares is entitled to the statutory price payable on the shares as at the day of cancellation.

        (4)         Subject to this Act, where SAHT is holding money paid on investment shares of the co-operative, the co-operative is entitled to request SAHT to provide the money payable on the cancellation of those shares under this section.