Co-operatives Act, 2005 (Act No. 14 of 2005)

Chapter 8 : Amalgamation, Division, Conversion and Transfer

Purchase

As from the date on which the entry is made in terms of section 67(3)(a) in the register of co-operatives—

(a)	the company is converted into a co-operative;

(b)	the company ceases to exist;

(c)	the constitution of the new co-operative substitutes the memorandum of incorporation;

[Section 68(c) substituted by section 51(a) of Notice No. 558, GG 36729, dated 5 August 2013]

(d)	the persons who at the date of conversion of the company were members of the company accordingly become members of the co-operative;

(e)	all assets, rights, liabilities and obligations of the company vest in the co-operative; and

(f)	the constitution binds the co-operative, its directors and each member to the same extent as if it had been signed by each member, subject to this Act.

[Section 68(f) substituted by section 51(b) of Notice No. 558, GG 36729, dated 5 August 2013]