Western Australian Numbered Acts Western Australian Numbered Acts (1) On a winding-up of
a co-operative, a debt owed to a person as the holder of a CCU issued by the
co-operative is to rank for priority of payment in accordance with the terms
of issue of the CCU.
(2) Such a debt may
rank as a secured debt if it is secured but if it is unsecured may not rank in
priority to other unsecured debts.
(3) It may rank
equally with or behind unsecured debts and, if the debt ranks behind unsecured
debts, may rank in priority to, equally with or behind debts due to
contributories.