Western Australian Consolidated Acts

CO-OPERATIVES ACT 2009 - SECT 33

33 .         Acceptance of money by proposed co-operative

        (1)         A proposed co-operative that, or a person on a proposed co-operative’s behalf who, accepts money for the proposed co-operative before the proposed co-operative is registered must hold that money on trust until the co-operative is registered.

        (2)         If a co-operative is not registered within the period of 3 months after the acceptance of money under subsection (1), the proposed co-operative or the person who accepted the money on its behalf must refund the money to the person who paid it.

        Penalty: a fine of $6 000.