South Australian Consolidated Acts

CO-OPERATIVES ACT 1997 - SECT 15

15—Non-trading co-operatives

        (1)         A non-trading co-operative is a co-operative whose rules prohibit it from giving returns or distributions on surplus or share capital to members, other than the nominal value of shares, if any, at winding up.

        (2)         A non-trading co-operative may or may not have a share capital.

        (3)         A non-trading co-operative must have a membership of—

            (a)         2 or more co-operatives, in the case of an association; and

            (b)         2 or more associations, in the case of a federation; and

            (c)         for any other non-trading co-operative—

                  (i)         if a lesser number than 5 is prescribed by regulation—at least that number of active members; or

                  (ii)         otherwise—5 or more active members.