72A. Allocation, distribution and payment of reserves

Terms defined in s 2

• by-laws

  by-laws

  Defined · s 2

  “by-laws” means the registered by-laws made by a society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;

  Open s 2
• committee of management

  committee of management

  Defined · s 2

  “committee of management” means the governing body (by whatever name called) of a society which is responsible for the management of the affairs of the society;

  Open s 2
• dividend

  dividend

  Defined · s 2

  “dividend” means a portion of the net surplus or the reserves (if approved under section 72A) of a society distributed among the members of the society in proportion to either or both of the following:(a)the paid‑up share capital held by the members in the society;(b)the subscription capital held by the members in the society;

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• Registrar

  Registrar

  Defined · s 2

  “Registrar” means the Registrar of Co‑operative Societies appointed under section 3(1), and includes a Deputy Registrar, an Assistant Registrar, or a public officer appointed under section 3(1), exercising such function, duty or power of the Registrar as is delegated to the Deputy Registrar, Assistant Registrar or public officer (as the case may be) under section 3(2);

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• reserves

  reserves

  Defined · s 2

  “reserves” means the assets of a society that are in excess of its liabilities, paid-up share capital, subscription capital and other deposits;

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• society

  society

  Defined · s 2

  “society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;

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• written direction

  written direction

  Defined · s 2

  “written direction” means a written direction issued under section 93(2).

  Open s 2