South Australian Consolidated Acts

SOUTH AUSTRALIAN CO-OPERATIVE AND COMMUNITY HOUSING ACT 1991 - SECT 61

61—Validation of share improperly issued

Where a registered housing co-operative has purported to issue investment shares and—

            (a)         the creation or issue of the shares is invalid by reason of any provision of this Act or of the rules of the co-operative, or for any other reason; or

            (b)         the terms of the purported issue are inconsistent with or are not authorised by any such provision,

the Supreme Court may, on application made by the co-operative, the share holder, or a creditor of the co-operative, and on being satisfied that in all the circumstances it is just and equitable to do so, make an order—

            (c)         validating the purported issue of the share; or

            (d)         confirming the terms of the purported issue of the shares,

or both.