Financial Services Board Act, 1990
R 385
Co-operatives Act, 2005 (Act No. 14 of 2005)RegulationsCo-operatives Administrative Regulations, 2016Chapter 2 : Winding Up and Judicial Management of Co-operativesPart A : Winding-Up of Co-operativesLiquidation, trading, distribution and contribution accounts and application of proceeds103. Tacit hypothecs |
| (1) | A tacit hypothec, other than a landlord's legal hypothec, will not confer any preference when a co-operative is being wound up. |
| (2) | A landlord's legal hypothec will confer a preference with regard to property which is subject to that hypothec for any rent calculated in respect of any period immediately prior to and up to the commencement of the winding-up but not exceeding— |
| (a) | three months, if the rent is payable monthly or at shorter intervals than one month; |
| (b) | six months, if the rent is payable at intervals exceeding one month but not exceeding three months; |
| (c) | nine months, if the rent is payable at intervals exceeding three months but not exceeding six months; |
(d) fifteen months in any other case.
