Application of Corporations Act—receivers and other controllers of property of co-operatives
393 Application of Corporations Act—receivers and other controllers of property of co-operatives
A co-operative is declared to be an applied Corporations legislation matter for the purposes of the Corporations application legislation of this jurisdiction in relation to Part 5.2 of the Corporations Act, subject to the following modifications—
section 416 of the applied provisions is to be read as including the following definitions—
administrator means an administrator of a deed of arrangement appointed under Part 5.3A of the Corporations Act, as applying under section 382 of the Co-operatives National Law.
senior manager—
of a co-operative—means a person referred to in paragraph (b) of the definition of officer in section 4 of the Co-operatives National Law; or
of a corporation other than a co-operative—means a senior manager within the meaning of the Corporations Act.
section 416 of the applied provisions is to be read as if the following definition were substituted for the definition of officer—
officer of a co-operative has the meaning given by section 4 of the Co-operatives National Law and, in relation to a participating co-operative, includes a local agent of the participating co-operative.
section 417 of the applied provisions is taken to be omitted and the following section substituted—
417 Application of Part
Except so far as the contrary intention appears, this Part applies in relation to a receiver of property of a co-operative who is appointed after the commencement of section 393 of the Co-operatives National Law in this jurisdiction, even if the appointment arose out of a transaction entered into, or an act or thing done, before that commencement.
section 418A (1) of the applied provisions is to be read as if “23 June 1993” wherever occurring were omitted and “the commencement of section 393 of the Co-operatives National Law in this jurisdiction” were substituted;
section 429 (1) of the applied provisions is to be read as if the following definition were substituted for the definition of reporting officer—
reporting officer, in relation to a co-operative for property of which a person is controller, means a person who was on the control day—
for a co-operative—a director or secretary of the co-operative; or
for a participating co-operative—a local agent of the participating co-operative.
a reference in section 432 of the applied provisions to ASIC is to be read as a reference to the Registrar, but this paragraph does not limit the operation of section 15 of this Law;
the modifications referred to in section 13 (3) of this Law so far as they are relevant.
Note—
See section 13, including Note 1 to that section.
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