Co-operatives Act, 2005 (Act No. 14 of 2005)Chapter 10 : Judicial Management77. Judicial management |
| (1) | If the Tribunal has reason to believe that any activity of a co-operative is likely to result in an order of provisional judicial management being issued in respect of such co-operative, the Tribunal must provide every form of support that is within its mandate, as set out in Chapter 12C, to the co-operative concerned. |
| (2) | In the event of the Tribunal not being able to transform the co-operative concerned into an operational co-operative, the procedures in subsection (3) relating to judicial management will apply. |
| (3) | The Minister must, by notice in the Gazette, publish procedures relating to judicial management within three months of commencement of the Co-operatives Amendment Act, 2013. |
| (4) | For the purposes of this section and in relation to a co-operative, "operational" means a co-operative that has held its annual general meeting and has submitted its annual report, audited report or independent reviewed report as applicable, to the registrar in its last financial year. |
[Section 77 substituted by section 59 of Notice No. 558, GG 36729, dated 5 August 2013]