Resource information
This Act provides for any 5 or more persons to form an association under this Act to carry on any lawful industry, trade or business on a cooperative basis. An association formed under this Act must include in its name the word " cooperative". The Act is divided into two parts, the first being; Establishment and Operation. Part 2 details, Housing Cooperatives. Sections 2-11 deal with the setting up of a cooperative ealing with capital, memorandum and rules, directors, registration of documents, and Conclusiveness of certificate. The rest of Part 1 deals with the operational mechanics of a cooperative, such as: section 12 Power and capacity, section 13 Extraordinary resolution, section 15 Redemption and reissue of shares; section 23 Contracts; section 25 Membership; section 31 Directors; section 33 Meetings; section 35 Arbitration of disputes; section 40 Annual report; section 47 Confidentiality; section 51 Immunity; section 54 Court proceedings on member's complaint; section 63 Dissolution and winding up; section 73 Fees; section 78 Power to make regulations; and section 79 Offence and penalty. In Part 2 "housing cooperative" means an association providing accommodation for persons the majority of whom are members of the association and are ordinarily resident in the accommodation. It details, section 83, the right of a member of a cooperative to have their possession terminated; or section 84 possession by way of a Court.Section 85 outlines Special provision for expulsion of members, whilst section 86 deals with special provisions on dissolution or winding up of a housing cooperative. There are also examples of useful documents in the schedules at the end of this Act.
