Tasmanian Numbered Acts Tasmanian Numbered Acts38. Legal capacity
(1) A cooperative has, both within and outside the State, the legal capacity of a natural person.
(2) Without limiting subsection (1), a cooperative has, both within and outside the State, power –
(a) to issue and allot fully or partly paid shares in the cooperative; and
(b) to issue debentures of the cooperative; and
(c) to distribute any of the property of the cooperative among the members, in kind or otherwise; and
(d) to give security by charging uncalled capital; and
(e) to grant a charge on property of the cooperative; and
(f) to procure the cooperative to be registered or recognised as a body corporate in any place outside the State; and
(g) to do any other act that it is authorised to do by any other law (including a law of a place outside the State).
(3) Subsections (1) and (2) have effect in relation to a cooperative –
(a) subject to this Act but despite section 39(2); and
(b) if the cooperative's rules contain an express or implied restriction on, or an express or implied prohibition of, the exercise by the cooperative of any of its powers, despite that restriction or prohibition; and
(c) if the rules of the cooperative contain a provision stating the objects of the cooperative, despite that fact.
(4) The fact that the doing of an act by a
cooperative would not be, or is not, in its best interests does not affect its
legal capacity to do the act.