Tasmanian Consolidated Acts Tasmanian Consolidated Acts
(1) A proposed cooperative or any person on its behalf or otherwise which accepts any money for the proposed cooperative before the proposed cooperative is registered must hold that money on trust until the cooperative is registered.
(2) If a cooperative is not registered within the period of 3 months after the acceptance of any money under subsection (1), the proposed cooperative or the person who accepted the money on its behalf must refund the money to the person who paid it.
Penalty:
Fine not exceeding 60 penalty units.