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

Regulations

Co-operatives Administrative Regulations, 2016

Chapter 2 : Winding Up and Judicial Management of Co-operatives

Part A : Winding-Up of Co-operatives

65. Definitions for Chapter

Purchase

For purposes of this Chapter of the regulations—

"contribution"

means a contribution to be made by a contributory in terms of a contribution account towards the payment of the debt of the co-operative or any portion thereof;

"contribution account"

means an account contemplated in regulation 109;

"contributory"

means a member or former member of a co-operative or the estate of any such member or former member who is liable in respect of the debt of the co-operative or any portion thereof by virtue of—

(a)	shares in the co-operative of which he is or was the holder and which are not fully paid up;

(b)	section 40 of the Land Bank Act, 1944 (Act 13 of 1944);

"disposition",

in relation to property, means any transfer or waiver of a right to property and includes a sale, donation, exchange, lease, hypothecation or pledge of property, and 'dispose' will have a corresponding meaning;

"distribution account"

means an account contemplated in regulation 107;

"liquidator",

in relation to a co-operative being wound up, means a person appointed under sub regulation(1) of regulation 78 to carry out the winding-up of the co-operative, and includes a temporary liquidator contemplated in sub regulation (2) of that regulation;

"security",

in relation to a creditor's claim, means property over which the creditor has a preferment right for the payment of his or her claim;

"trading account"

means an account contemplated in regulation 106.