Proceeds of subscriptions in cash may be withdrawn only after the registration of the cooperative at the Register of Cooperatives.
The withdrawal shall be done by the chairman of the board of directors upon presentation to the depositary of the certificate of the authority in charge of cooperatives confirming the registration of the cooperative.
Any subscriber may, six months after paying for the subscription, petition the competent court to rule expeditiously in order to appoint an administrator in charge of withdrawing the funds to pay back subscribers, if, on that date, the cooperative is not yet registered.
Sub-section 5: In-kind contributions
Unofficial translation
Transcription: Spot-checked
In force from 16-05-2011
Source page 71
The document's transcription was spot-checked against the supplied source; this does not confirm a line-by-line review of every provision.
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Section 278 of the Acte uniforme relatif au droit des sociétés coopératives/akn/ohada/act/loi/2010-12-15/auscoop-2010
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