Part 1 — Preliminary matters
s 1 Short title s 2 Commencement s 3 Interpretation Part 2 — Adoption of National Law
Division 1 — Provisions for adoption of National Law and Regulations
s 4 Adoption of Co-operatives National Law and Regulations s 5 Uniform adoption of nationally approved amendments to Co‑operatives National Law s 6 Exclusion of legislation of this jurisdiction s 7 Disallowance of Co-operatives National Regulations (NT) Division 2 — Provisions for interpretation of National Law as adopted
s 8 Meaning of generic terms s 9 Meaning of other terms s 10 Adjustment of date referred to in Corporations Act as adopted s 11 Deregistration s 12 Costs of inquiry s 13 Secrecy s 14 Pecuniary penalty orders s 15 Duty on transfer of incorporation s 16 Registration fees Part 3 — Miscellaneous matters
s 17 Proceedings for offences s 18 Proceedings for recovery of fines or penalties under co‑operatives rules s 19 Acquisition on just terms s 20 Regulations Part 4 — Repeals and transitional matters
Division 1 — Repeals
s 21 Repeals Division 2 — Co-operatives (National Uniform Legislation) Act 2015
s 22 Definitions s 23 National Regulations made before commencement s 24 Registration of co-operatives Schedule 1 — Designated instruments s 1 Citation s 2 Commencement s 3 Objects s 4 Definitions s 5 Miscellaneous provisions relating to the interpretation of this Law (Schedule 4) s 6 References to regulations where National Regulations are not applied s 7 Corresponding co-operatives law s 8 Co-operatives National Law Act of this jurisdiction s 9 Involvement in contraventions (cf Corporations Act s 79) s 10 Co-operative principles s 11 Interpretation to promote co-operative principles s 12 Excluded matter – co-operatives and participating co‑operatives s 13 Applied Corporations legislation matters under this Law s 14 Applied Corporations legislation matters under the National Regulations s 15 Modifications to applied provisions s 16 National Regulations may provide for matters dealt with by Corporations legislation s 17 Types of co-operatives s 18 Distributing co-operatives s 19 Non-distributing co-operatives s 20 Provisions regarding Registrar's approvals about numbers s 21 Formation meeting s 22 Requirements regarding formation meeting s 23 Submission of draft rules and draft formation disclosure statement s 24 Provisions relating to and approval of rules Chapter 2 — Formation, powers and constitution of co-operatives
Part 2.1 — Formation
Division 3 — Initial approval of rules and formation disclosure statement
s 25 Provisions relating to and approval of formation disclosure statement Division 4 — Registration of proposed co-operative
s 26 Application for registration of proposed co-operative s 27 Registration of proposed co-operative s 28 Incorporation and certificate of registration Division 5 — Registration of existing corporation
s 29 Existing corporation can be registered s 30 Formation meeting (existing corporation) s 31 Application for registration of existing corporation s 32 Requirements for registration s 33 Certificate of registration s 34 Effect of registration Division 6 — Conversion of co-operative
s 35 Conversion of co-operative Division 7 — General
s 36 Acceptance of money by proposed co-operative s 37 Issue of duplicate certificate Part 2.2 — Legal capacity and powers
Division 1 — General powers
s 38 Effect of incorporation s 39 Power to form companies and enter into joint ventures Division 2 — Doctrine of ultra vires not to apply
s 40 Interpretation s 41 Doctrine of ultra vires not to apply s 42 Legal capacity s 43 Rules may limit powers and set out objects (cf Corporations Act s 125) Division 3 — Persons having dealings with co-operatives
s 44 Entitlement to make assumptions s 45 Assumptions (cf Corporations Act s 129) s 46 Person who knows or ought to know cannot make assumptions s 47 Filing of documents not to constitute constructive knowledge s 48 Effect of fraud Division 4 — Execution of documents
s 49 Execution of documents by co-operative (cf Corporations Act s 127) s 50 Agent exercising co-operative's power to make contracts (cf Corporations Act s 126) s 51 Other requirements as to consent or sanction not affected Division 5 — Pre-registration contracts
s 52 Contracts before registration s 53 Person may be released from liability but is not entitled to indemnity s 54 This Division replaces other rights and liabilities Part 2.3 — Rules
Division 1 — Rules of a co-operative
s 55 Effect of rules s 56 Content of rules s 57 Purchase and inspection of copy of rules s 58 False copies of rules s 59 Rules can only be amended under this Law s 60 Approval of certain rule amendments s 61 Amendment by special resolution s 62 Amendment by resolution of board s 63 Amendment does not take effect until registered Division 2 — Model rules
s 64 Model rules s 65 Adoption of model rules s 66 Relationship of this Division to Division 1 Part 2.4 — Shares
Division 1 — Nature of share
s 67 Nature of share in co-operative Division 2 — Disclosure requirements for distributing co-operatives
s 68 Registration of current disclosure statement s 69 Restrictions on advertising and publicity (cf Corporations Act s 734) s 70 Disclosure to intending shareholders in distributing co‑operative s 71 Exemptions from disclosure statements Division 3 — Compensation for defective disclosure
s 72 Contravention leading to right to recover for loss or damage (cf Corporations Act s 728) s 73 Right to recover for loss or damage resulting from contravention (cf Corporations Act s 729) s 74 Due diligence defence (cf Corporations Act s 731) s 75 General defences (cf Corporations Act s 733) Division 4 — Issue of shares
s 76 Shares – general s 77 Minimum number of shares to be subscribed for s 78 Minimum paid up amount s 79 Shares not to be issued at a discount s 80 Issue of shares at a premium s 81 Joint ownership of shares s 82 Members may be required to take up additional shares s 83 Bonus share issues s 84 Restrictions on bonus shares s 85 Notice about bonus shares Division 5 — Provisions applying to particular share subscriptions
s 86 Definition s 87 Application of this Division s 88 Application money to be held on trust (cf Corporations Act s 722) s 89 Minimum subscription condition must be fulfilled before issue or transfer (cf Corporations Act s 723 (2)) s 90 Repayment of money if disclosure statement condition not met (cf Corporations Act s 724(1)(a), (1A) and (2)(a)) Division 6 — Disclosure and registration of interests in shares
s 91 Direction to disclose (cf Corporations Act s 672A(1)) s 92 Disclosure by member of relevant interests and instructions (cf Corporations Act s 672B) s 93 Registration as trustee, executor or administrator on death of owner of shares s 94 Registration as administrator of estate on incapacity of shareholder s 95 Registration as Official Trustee in Bankruptcy s 96 Liabilities of person registered as trustee or administrator s 97 Notice of trusts in register of members s 98 No notice of trust except as provided by this Division Division 7 — Sale or transfer of shares
s 99 Sale or transfer of shares s 100 Sale or transfer of shares to be subject to rules s 101 Transfer not effective until registered Division 8 — Transfer of shares and other interests on death of member
s 102 Meaning of interest s 103 Transfer of shares and other interests on death of member s 104 Transfer of small shareholdings and interests on death s 105 Value of shares and interests s 106 Co-operative protected Division 9 — Repurchase of shares
s 107 Purchase and repayment of shares s 108 Deposits, debentures or CCUs instead of payment when share repurchased s 109 Cancellation of shares Part 2.5 — Membership
Division 1 — General
s 110 Becoming a member of co-operative s 111 Members of co-operative group s 112 Qualification for membership s 113 Membership may be joint s 114 Minors s 115 Representatives of corporations s 116 Notification of shareholders and shareholdings s 117 Circumstances in which membership ceases – all co‑operatives s 118 Additional circumstances in which membership ceases – co‑operatives with share capital s 119 Carrying on business with too few members Division 2 — Rights and liabilities of members
s 120 Rights of membership not exercisable until registered etc. s 121 Liability of members to co-operative s 122 Co-operative to give information to person intending or applying to become a member s 123 False copy of documents s 124 Entry fees and regular subscriptions s 125 Members etc. may be required to deal with co-operative s 126 Fines payable by members s 127 Lien and set-off s 128 Repayment of shares on expulsion or resignation Division 3 — Disputes involving members
s 129 Grievance procedure s 130 Application to designated tribunal Division 4 — Oppressive conduct of affairs
s 131 Interpretation – extended meaning of member s 132 Application of Division s 133 Application for order s 134 Orders s 135 Basis on which orders made s 136 Winding up need not be ordered if members unfairly prejudiced by order s 137 Application of winding up provisions s 138 Changes to rules s 139 Copy of order to be filed with Registrar Division 5 — Inspection of books
s 140 Order for inspection of books of co-operative (cf Corporations Act s 247A) s 141 Ancillary orders (cf Corporations Act s 247B) s 142 Disclosure of information acquired in inspection (cf Corporations Act s 247C) s 143 Co-operative or directors may allow member to inspect books (cf Corporations Act s 247D) Part 2.6 — Active membership
Division 1 — Definitions
s 144 Meaning of primary activity s 145 Meaning of active member s 146 Meaning of active membership provisions and resolutions Division 2 — Active membership provisions
s 147 Number of primary activities required s 148 Rules to contain active membership provisions s 149 Factors and considerations for deciding primary activities and other matters s 150 Active membership provisions – distributing co-operatives s 151 Active membership provisions – non‑distributing co‑operatives – regular subscriptions Division 3 — Active membership resolutions
s 152 Notice of meeting s 153 Eligibility to vote on active membership resolution s 154 Eligibility of directors to vote on proposal at board meeting s 155 Other entitlements of members not affected Division 4 — Cancellation of membership of inactive members
s 156 Cancellation of membership of inactive member s 157 Shares to be forfeited if membership cancelled s 158 Failure to cancel membership – offence by director s 159 Deferral of cancellation by board s 160 Cancellation of membership prohibited in certain circumstances s 161 Notice of intention to cancel membership s 162 Order against cancellation s 163 Repayment of amounts owing because of cancelled membership s 164 Interest on deposits, debentures and CCUs s 165 Repayment of deposits, debentures and CCUs s 166 Register of cancelled memberships Division 5 — Entitlements of former members of distributing co-operatives
s 167 Application of Division s 168 Former shareholders to be taken to be shareholders for certain purposes s 169 Entitlements of former shareholders on mergers etc. s 170 Set-off of amounts repaid etc. on forfeited shares s 171 Exemption of co-operatives from provisions Chapter 3 — Management and operation of co-operatives
Part 3.1 — Management
Division 1 — The board
s 172 Board of directors s 173 Election of directors s 174 Qualification of directors s 175 Meeting of board of directors s 176 Transaction of business outside meetings s 177 Alternate directors s 178 Delegation by board s 179 Removal from and vacation of office s 180 Removal from office by resolution (cf Corporations Act s 203D) Division 2 — Disqualification from managing co-operatives
s 181 Offence for disqualified person to manage co-operative s 182 Automatic disqualification for offences s 183 Extension of period of automatic disqualification (cf Corporations Act s 206BA) s 184 Court's power of disqualification – contravention of civil penalty provision (cf Corporations Act s 206C) s 185 Court's power of disqualification – insolvency and non‑payment of debts (cf Corporations Act s 206D) s 186 Court's power of disqualification – repeated contraventions of Law (cf Corporations Act s 206E) s 187 Registrar's power of disqualification (cf Corporations Act s 206F (1) – (4)) s 188 Registrar's power to give permission (cf Corporations Act s 206F (5)) s 189 Court's power to grant leave (cf Corporations Act s 206G) Division 3 — Secretary
s 190 Secretary s 191 Responsibility of secretary (cf Corporations Act s 188) Division 4 — Duties and liabilities of directors, officers and employees
s 192 Care and diligence – civil obligation only (cf Corporations Act s 180) s 193 Good faith – civil obligations (cf Corporations Act s 181) s 194 Use of position – civil obligations (cf Corporations Act s 182) s 195 Use of information – civil obligations (cf Corporations Act s 183) s 196 Good faith, use of position and use of information – criminal offences (cf Corporations Act s 184) s 197 Interaction of preceding sections with other laws (cf Corporations Act s 185) s 198 Indemnification and exemption of officer or auditor s 199 Insurance premiums for certain liabilities of director, secretary, other officer or auditor (cf Corporations Act s 199B) s 200 Certain indemnities, exemptions, payments and agreements not authorised and certain documents void (cf Corporations Act s 199C) s 201 Application of Corporations Act – offences by officers of co‑operatives s 202 Application of Corporations Act – employee entitlements s 203 Directors' remuneration s 204 Certain financial accommodation to officers prohibited s 205 Financial accommodation to directors and associates s 206 Restriction on directors of certain co-operatives selling land to co-operative s 207 Management contracts Division 5 — Declaration of interests
s 208 Declaration of interest s 209 Declarations to be recorded in minutes s 210 Division does not affect other laws or rules s 211 Certain interests need not be declared Division 6 — Co-operative's registers, books and returns
s 212 Registers to be kept by co-operatives s 213 Location of registers s 214 Inspection of co-operative's registers and other documents s 215 Use of information on registers s 216 Notice of appointment or cessation of appointment of directors and officers to be lodged with Registrar s 217 List of members to be lodged with Registrar at request of Registrar s 218 Reports to be lodged with Registrar concerning prescribed particulars s 219 Special return to be lodged at request of Registrar Division 7 — Name and registered office
s 220 Name to include certain matter s 221 Exception to requirement for using "Limited" in name s 222 Use of abbreviations s 223 Name to appear on seals, publications and business documents s 224 Change of name of co-operative s 225 Restriction on use of word co-operative or similar words s 226 Registered office of co-operative Part 3.2 — Voting and meetings
Division 1 — Voting entitlements
s 227 Application of Part to voting s 228 Voting s 229 Voting by proxy s 230 Inactive members not entitled to vote s 231 Control of right to vote s 232 Effect of disposal of shares on voting rights s 233 Effect of relevant share and voting interests on voting rights s 234 Rights of representatives to vote s 235 Other rights and duties of members not affected by ineligibility to vote s 236 Vote of disentitled member to be disregarded Division 2 — Resolutions
s 237 Decisions to be by ordinary resolution s 238 Ordinary resolutions s 239 Special resolutions s 240 How majority is ascertained s 241 Declaration of passing of special resolution s 242 Effect of special resolution s 243 Registration of special resolution s 244 Decision of Registrar on application to register special resolution Division 3 — Resolution by circulated document
s 245 Application of Division s 246 Resolution by circulation of document – fewer than 50 members Division 4 — Postal ballots
s 247 Postal ballots s 248 Special postal ballots s 249 When special postal ballot is required s 250 Holding of postal ballot on requisition s 251 Expenses involved in postal ballots on requisition Division 5 — Meetings
s 252 Annual general meetings (cf Corporations Act s 250N) s 253 Special general meetings s 254 Notice of meetings s 255 Quorum at meetings s 256 Decision at meetings s 257 Calling of general meeting on requisition s 258 Minutes s 259 Auditor entitled to notice and other communications (cf Corporations Act s 249K) s 260 Auditor's right to be heard at general meetings (cf Corporations Act s 249V) s 261 Questions and comments by members on co-operative management at annual general meeting (cf Corporations Act s 250S) s 262 Questions by members of auditors at annual general meeting (cf Corporations Act s 250T) Part 3.3 — Financial reports and audit
Division 1 — Preliminary
s 263 Interpretation s 264 General modifications to applied provisions of Chapter 2M of Corporations Act Division 2 — Financial records
s 265 Obligation to keep financial records (cf Corporations Act s 286) s 266 Language requirements (cf Corporations Act s 287) s 267 Physical format (cf Corporations Act s 288) s 268 Place where records are kept (cf Corporations Act s 289) s 269 Director access (cf Corporations Act s 290) Division 3 — Annual financial reports and directors' reports generally
s 270 Who has to prepare annual financial reports and directors' reports s 271 Small co-operative – direction by members (cf Corporations Act s 293 and s 315 (2)) s 272 Small co-operative – direction by Registrar (cf Corporations Act s 294) Division 4 — Annual financial reports
s 273 Contents of annual financial report (cf Corporations Act s 295) s 274 Compliance with accounting standards and regulations (cf Corporations Act s 296) s 275 True and fair view (cf Corporations Act s 297) s 276 Audit of annual financial report s 277 Application of Corporations Act – co-operatives with quoted securities – declaration about financial statements by certain officers Division 5 — Annual directors' reports
s 278 Annual directors' report (cf Corporations Act s 298) s 279 Annual directors' report – general information (cf Corporations Act s 299) s 280 Annual directors' report – specific information s 281 Application of Corporations Act – co-operatives with quoted securities – additional information to be provided in directors' annual report Division 6 — Half-year financial report and directors' report
s 282 Application of Corporations Act – co-operatives that are disclosing entities – half‑year financial reports and directors' reports Division 7 — Audit and auditor's report
s 283 Application of Corporations Act – audit and auditor's report Division 8 — Annual financial reporting to members
s 284 Annual financial reporting to members s 285 Deadline for reporting to members s 286 Member's choices for annual financial information s 287 Consideration of reports at annual general meeting (cf Corporations Act s 317) s 288 Application of Corporations Act – additional reporting by debenture issuers Division 9 — Lodging reports and returns with Registrar
s 289 Lodgment of annual reports by large co-operatives with Registrar (cf Corporations Act s 319) s 290 Lodgment of half-year reports with Registrar (cf Corporations Act s 320) s 291 Registrar's power to require lodgment (cf Corporations Act s 321) s 292 Relodgment if financial statements or directors' reports amended after lodgment (cf Corporations Act s 322) s 293 Lodgment by small co-operatives of annual returns with Registrar Division 10 — Special provisions about consolidated financial statements
s 294 Application of Corporations Act – special provisions about consolidated statements Division 11 — Financial years and half-years
s 295 Financial year (cf Corporations Act s 323D) s 296 Half-year (cf Corporations Act s 323D (5)) Subdivision 1 — General provisions relating to auditors
s 297 Application of Corporations Act – auditors Subdivision 2 — Appointment of auditors
s 298 Appointment of auditor of small co-operative (cf Corporations Act s 325) s 299 Initial appointment of auditor of large co-operative (cf Corporations Act s 327A) s 300 Annual appointment at annual general meeting of auditor of large co-operative to fill vacancy s 301 Appointment by directors or annual general meeting of auditor of large co-operative to fill casual vacancy (cf Corporations Act s 327C) s 302 Appointment to replace auditor removed from office (cf Corporations Act s 327D) s 303 Registrar to be notified of appointment of auditor s 304 Registrar may appoint auditor if auditor removed but not replaced (cf Corporations Act s 327E) s 305 Registrar's general power to appoint auditor of large co‑operative (cf Corporations Act s 327F) s 306 Restrictions on Registrar's powers to appoint auditor of large co‑operative (cf Corporations Act s 327G) s 307 Remaining auditors may act during vacancy (cf Corporations Act s 327I) s 308 Nomination of auditor (cf Corporations Act s 328B) s 309 Auditor's consent to appointment (cf Corporations Act s 328A) Subdivision 3 — Removal and resignation of auditors
s 310 Removal and resignation of auditors (cf Corporations Act s 329) s 311 Effect of winding up on office of auditor (cf Corporations Act s 330) Subdivision 4 — Auditors' fees and expenses
s 312 Fees and expenses of auditors (cf Corporations Act s 331) Subdivision 5 — Protection of auditors
s 313 Protection of auditors Division 13 — Accounting and auditing standards
s 314 Accounting and auditing standards s 315 Interpretation of accounting and auditing standards (cf Corporations Act s 337) Division 14 — Exemptions and modifications
s 316 Exemptions – individual co-operatives (cf Corporations Act s 340) s 317 Exemptions – classes of co-operatives (cf Corporations Act s 341) s 318 Exemptions – criteria for exemptions for individual co‑operatives or classes of co-operatives (cf Corporations Act s 342) s 319 Exemptions – non-auditor members and former members of audit firms, and former employees of audit companies (cf Corporations Act s 342AA) s 320 Exemptions – classes of non-auditor members etc. (cf Corporations Act s 342AB) s 321 Exemptions – criteria for exemptions for non-auditor members etc. (cf Corporations Act s 342AC) s 322 Exemptions from National Regulations s 323 Registrar's power to modify the operation of section 324DA of Corporations Act (cf Corporations Act s 342A) s 324 Auditor to notify co-operative of declaration (cf Corporations Act s 342B) s 325 Modification by National Regulations (cf Corporations Act s 343) s 326 Amendment, suspension or revocation of exemption Division 15 — Miscellaneous
s 327 Disclosure by directors s 328 Contravention by directors of provisions of this Part (cf Corporations Act s 344) s 329 Submission of financial reports to Financial Reporting Panel s 330 Notification of ASIC by Registrar of certain matters relating to auditor independence Part 3.4 — Funds and property
Division 1 — Power to raise money
s 331 Meaning of obtaining of financial accommodation s 332 Fundraising to be in accordance with National Regulations s 333 Limits on deposit taking s 334 Members and other persons not required to see to application of money s 335 Registrar's directions about obtaining financial accommodation s 336 Subordinated debt s 337 Application of Corporations Act – issues of debentures s 338 Disclosure statement s 339 Restrictions on advertising and publicity s 340 Application money to be held on trust (cf Corporations Act s 722) s 341 Approval of board for transfer of debentures s 342 Application of Corporations Act – reissue of redeemed debentures s 343 Compulsory loan by member to co-operative s 344 Interest payable on compulsory loan Division 2 — Co-operative capital units (CCUs)
s 345 General nature of CCU s 346 Priority of CCUs on winding up s 347 Financial accommodation provisions apply to issue of CCUs s 348 CCUs can be issued to non-members s 349 Minimum requirements for rules concerning CCUs s 350 CCUs not to be issued unless terms of issue approved by Registrar s 351 Directors' duties concerning CCUs s 352 Redemption of CCUs s 353 Capital redemption reserve s 354 Issue of shares in substitution for redemption Division 3 — Disposal of surplus from activities
s 355 Retention of surplus for benefit of co-operative s 356 Application for charitable purposes or approved activities s 357 Distribution of surplus or reserves to members s 358 Application of surplus to other persons Division 4 — Acquisition and disposal of assets
s 359 Acquisition and disposal of assets Part 3.5 — Restrictions on acquisition of interests in co-operatives
Division 1 — Restrictions on share and voting interests
s 360 Notice required to be given of voting interest s 361 Notice required to be given of substantial share interest s 362 Requirements for notices s 363 Maximum permissible level of share interest s 364 Shares to be forfeited to remedy contravention s 365 Powers of board in response to suspected contravention s 366 Powers of Supreme Court about contravention s 367 Co-operative to inform Registrar of interest over 20% s 368 Co-operative to keep register s 369 Unlisted companies to provide list of shareholders etc. s 370 Excess share interest not to affect loan liability s 371 Extent of operation of this Division s 372 Exemptions Division 2 — Restrictions on certain share offers
s 373 Share offers to which this Division applies s 374 Requirements to be satisfied before offer can be made s 375 Some offers totally prohibited if they discriminate s 376 Offers to be submitted to board first s 377 Announcements of proposed takeovers about proposed company s 378 Additional disclosure requirements for offers involving conversion to company s 379 Consequences of prohibited offer s 380 Exemptions Chapter 4 — Structural and other events for co-operatives
Part 4.1 — Appointment of administrator
Division 1 — Introductory
s 381 Operation of this Part Division 2 — Administration under Corporations Act
s 382 Application of Corporations Act – administration of co‑operative s 383 Appointment of administrator by Registrar in the case of insolvency Division 3 — Administration - alternative procedure
s 384 Operation of this Division s 385 Appointment of administrator by Registrar s 386 Effect of appointment of administrator s 387 Revocation of appointment s 388 Expenses of administration s 389 Liabilities arising from administration s 390 Additional powers of Registrar s 391 Stay of proceedings s 392 Administrator to report to Registrar Part 4.2 — Receivers and other controllers of property
s 393 Application of Corporations Act – receivers and other controllers of property of co operatives Part 4.3 — Mergers and transfers of engagements
Division 1 — Merger or transfer of engagements
s 394 Application of this Division s 395 Mergers and transfers of engagements of local co-operatives s 396 Requirements before application can be made s 397 Disclosure statement required s 398 Making an application s 399 Approval of merger s 400 Approval of transfer of engagements s 401 Transfer of engagements by direction of Registrar Division 2 — Transfer of incorporation
s 402 Meaning of new body and transfer s 403 Application for transfer s 404 Requirements before application can be made s 405 New body ceases to be registered as co-operative s 406 Transfer not to impose greater liability etc. s 407 Effect of new certificate s 408 Copy of new certificate to be given to Registrar s 409 New body is a continuation of the co-operative Division 3 — Effect of merger or transfer on assets and liabilities
s 410 How this Division applies to a merger s 411 How this Division applies to a transfer of engagements s 412 How this Division applies to a transfer of incorporation s 413 Effect of merger or transfer on assets and liabilities Part 4.4 — Compromises and arrangements
Division 1 — General requirements
s 414 Requirements for binding compromise or arrangement s 415 Court ordered meeting of creditors s 416 Registrar to be given notice and opportunity to make submissions s 417 Results of 2 or more meetings s 418 Persons disqualified from administering compromise or arrangement s 419 Application of Corporations Act to person appointed to administer compromise or arrangement s 420 Application of Corporations Act – person appointed to administer compromise or arrangement s 421 Copy of order to be attached to rules s 422 Directors to arrange for reports s 423 Power of Court to restrain further proceedings s 424 Court need not approve compromise or arrangement takeovers s 425 Provisions for facilitating reconstructions and mergers s 426 Costs for Registrar Division 2 — Explanatory statements
s 427 Explanatory statement required to accompany notice of meeting etc. s 428 Requirements for explanatory statement s 429 Contravention of this Division – offence by co-operative Division 3 — Acquisition of shares of dissenting shareholders
s 430 Definitions s 431 Schemes and contracts to which this Division applies s 432 Acquisition of shares pursuant to notice to dissenting shareholder s 433 Restrictions when excluded shares are more than 10% s 434 Remaining shareholders may require acquisition s 435 Transfer of shares pursuant to compulsory acquisition s 436 Disposal of consideration for shares compulsorily acquired Division 4 — Miscellaneous
s 437 Notification of appointment of scheme manager s 438 Power of Supreme Court to require reports s 439 Effect of out-of-jurisdiction compromise or arrangement s 440 Jurisdiction to be exercised in harmony with Corporations Act jurisdiction s 441 Registrar may appear and be heard Part 4.5 — Winding up
s 442 Methods of winding up s 443 Winding up on Registrar's certificate s 444 Application of Corporations Act – voluntary winding up and court‑ordered winding up s 445 Voluntary winding up – restrictions s 446 Voluntary winding up – start of members' voluntary winding up s 447 Voluntary winding up – liquidator vacancy may be filled by Registrar s 448 Distribution of surplus – non-distributing co-operatives s 449 Review of liquidator's remuneration s 450 Liability of member to contribute in a winding up if shares forfeited etc. Part 4.6 — Insolvency
s 451 Application of Corporations Act – insolvent co-operatives Part 4.7 — Deregistration
s 452 Method of deregistration s 453 Application of Corporations Act – deregistration s 454 Deregistration of co-operative ceasing to exist Part 4.8 — Grounds for certain actions
s 455 Grounds for appointment of administrator, transfer of engagements or winding up of co-operative Chapter 5 — Participating co-operatives
Part 5.1 — Introductory
s 456 What constitutes carrying on business Part 5.2 — Participating co-operatives carrying on business in this jurisdiction
s 457 Operation of participating co-operatives in this jurisdiction s 458 Authorisation to carry on business in this jurisdiction s 459 Authorisation to carry on business in this jurisdiction is subject to conditions and restrictions of participating jurisdiction s 460 Ceasing to be authorised to carry on business in this jurisdiction s 461 Withdrawal of authorisation to carry on business s 462 Name of participating co-operative s 463 Application of Law and National Regulations to participating co‑operatives Part 5.3 — General
s 464 False copies of rules s 465 False copy of documents s 466 Restrictions on advertising and publicity – shares (cf Corporations Act s 734) s 467 Restrictions on advertising and publicity – debentures or CCUs s 468 Registrar's directions about obtaining financial accommodation s 469 Name and place of origin to appear on business and other documents Part 5.4 — Winding up of participating co-operatives in this jurisdiction
s 470 Winding up to relate to activities in this jurisdiction s 471 Supreme Court may order winding up s 472 Application of Corporations Act – winding up of participating co‑operatives in this jurisdiction s 473 Outstanding property of participating co-operative Part 5.5 — Mergers and transfers of engagements affecting participating co-operatives
s 474 Definitions s 475 Authority for merger or transfer of engagements s 476 Requirements before application can be made s 477 Disclosure statement required s 478 Making an application s 479 Approval of merger s 480 Approval of transfer of engagements s 481 Effect of merger or transfer of engagements s 482 Part applies instead of certain other provisions of this Law Chapter 6 — Supervision and protection of co-operatives
Part 6.1 — Introductory
s 483 Application of Chapter Part 6.2 — Prevention of fraud and other activities
s 484 Falsification of books s 485 Fraud or misappropriation s 486 Offering or paying commission s 487 Accepting commission s 488 False statements in loan application etc. Part 6.3 — Examining a person about a co-operative
s 489 Application of Corporations Act – court-directed examinations Part 6.4 — Supervision and inspection
s 490 Definitions s 491 Co-operative includes subsidiaries, participating co-operatives and co‑operative ventures s 492 Appointment of inspectors s 493 Registrar and investigators have functions of inspectors s 494 Inspector's identity card s 495 Production or display of inspector's identity card s 496 Powers of inspector s 497 Inspector's appointment conditions s 498 Entry of place s 499 Consent to entry s 500 Inspectors may require certain persons to appear, answer questions and produce documents s 501 Powers of inspectors at place entered s 502 Functions of inspectors in relation to relevant documents s 503 Protection from incrimination s 504 Warrants s 505 Warrants – applications made otherwise than in person s 506 Requirements before executing warrant s 507 General powers after entering places s 508 Power to seize evidence s 509 Receipt for seized things s 510 Return of seized things s 511 Power to require name and address s 512 False or misleading statements s 513 Power to require production of documents s 514 False or misleading documents s 515 Obstruction of inspectors s 516 Copies or extracts of records to be admitted in evidence s 517 Privilege s 518 Machinery and other provisions for warrants Part 6.5 — Inquiries
s 519 Definitions s 520 Appointment of investigators s 521 Powers of investigators s 522 Examination of involved person s 523 Privilege s 524 Offences by involved person s 525 Offences relating to documents s 526 Record of examination s 527 Report of investigator s 528 Proceedings following inquiry s 529 Admission of investigator's report as evidence s 530 Costs of inquiry Part 6.6 — Special meetings and inquiries
s 531 Application for special meeting or inquiry s 532 Holding of special meeting s 533 Expenses of special meeting or inquiry s 534 Power to hold special inquiry into co-operative s 535 Special meeting following inquiry Chapter 7 — Legal proceedings and other matters
Part 7.1 — Offences, enforcement and remedies
s 536 Notice to be given of conviction for offence s 537 Secrecy s 538 False or misleading statements s 539 Further offence for failure to do required act s 540 Civil remedies s 541 Order against person concerned with co‑operative (cf Corporations Act s 598) s 542 Injunctions s 543 Undertakings s 544 Offence for contravention of undertaking s 545 Enforcement order on application with consent of person giving undertaking s 546 Enforcement orders after contravention of undertaking s 547 Copy of undertaking s 548 Registration of undertakings s 549 Double jeopardy s 550 Strict liability s 551 Time limit for starting proceedings for offence s 552 Authorisation to start proceedings for offence Part 7.2 — Civil consequences of contravening civil penalty provisions
s 553 Definitions (cf Corporations Act s 1317DA) s 554 Declarations of contravention (cf Corporations Act s 1317E) s 555 Declaration of contravention is conclusive evidence (cf Corporations Act s 1317F) s 556 Pecuniary penalty orders (cf Corporations Act s 1317G) s 557 Compensation orders (cf Corporations Act s 1317H) s 558 Who may apply for a declaration or order (cf Corporations Act s 1317J) s 559 Time limit for application for a declaration or order (cf Corporations Act s 1317K) s 560 Civil evidence and procedure rules for declarations of contravention and civil penalty orders (cf Corporations Act s 1317L) s 561 Civil proceedings after criminal proceedings (cf Corporations Act s 317M) s 562 Criminal proceedings during civil proceedings (cf Corporations Act s 1317N) s 563 Criminal proceedings after civil proceedings (cf Corporations Act s 1317P) s 564 Evidence given in proceedings for penalty not admissible in criminal proceedings (cf Corporations Act s 1317Q) s 565 Relief from liability for contravention of civil penalty provision (cf Corporations Act s 1317S) s 566 Power to grant relief (cf Corporations Act s 1318) s 567 Irregularities (cf Corporations Act s 1322) s 568 Civil proceedings not to be stayed (cf Corporations Act s 1331) s 569 Standard of proof (cf Corporations Act s 1332) Part 7.3 — Appeals and review
s 570 Operation of Part – appeal includes review s 571 Appeal against refusal to approve draft rules s 572 Appeal against refusal to approve disclosure statement s 573 Appeal against refusal to register co-operative s 574 Appeal against refusal to approve amendment of rules s 575 Appeal against refusal to register amendment s 576 Appeal against decision of Registrar about remuneration of liquidator s 577 Appeal against notice that participating co-operative not authorised to carry on business in this jurisdiction s 578 Provisions relating to appeals Part 7.4 — Proceedings in relation to co-operatives
s 579 Bringing, or intervening in, proceedings on behalf of co‑operative s 580 Applying for and granting leave s 581 Substitution of another person for the person granted leave s 582 Effect of ratification by members (cf Corporations Act s 239) s 583 Leave to discontinue, compromise or settle proceedings brought, or intervened in, with leave (cf Corporations Act s 240) s 584 General powers of Supreme Court s 585 Power of Supreme Court to make costs orders (cf Corporations Act s 242) s 586 Power of Registrar to intervene in proceedings Part 7.5 — Evidentiary matters
s 587 Certificate of registration s 588 Certificate evidence s 589 Records kept by co-operatives s 590 Minutes s 591 Official certificates s 592 The Registrar and proceedings s 593 Rules s 594 Co-operative's registers Chapter 8 — General
Part 8.1 — Administrative and other matters
s 595 Registrar of Co-operatives and other officials s 596 Registrar's functions s 597 Functions conferred on Registrar under corresponding co‑operatives laws s 598 Delegation by Registrar s 599 Register of co-operatives s 600 Keeping of register of co-operatives s 601 Inspection of register of co-operatives s 602 Retention of records by Registrar s 603 Disposal of records by Registrar s 604 Filing of documents s 605 Way of filing s 606 Power of Registrar to refuse to register or reject documents s 607 Approvals by Registrar s 608 Information and evidence s 609 Extension or shortening of time Part 8.2 — Service of documents
s 610 Service of documents on co-operative or participating co‑operative s 611 Service on member of co-operative Part 8.3 — Co-operatives National Regulations
s 612 Power to make Co-operatives National Regulations s 613 National Regulations for savings or transitional matters s 614 Publication and commencement of National Regulations Part 8.4 — Miscellaneous
s 615 Disclosure statements s 616 Supply of information between jurisdictions s 617 Supply of information under reciprocal arrangements s 618 Translations of documents s 619 Qualified privilege s 620 Stamp duty and registration fees s 621 Procedures regarding giving of exemptions s 622 Approval of forms s 623 Exclusion of bodies s 624 Savings and transitional provisions Schedule 1 — Matters for which rules of co-operative must make provision (Section 56 of this Law) Schedule 2 — Relevant interests, associates, and related corporations (Section 4 of this Law) Schedule 3 — Savings and transitional provisions (Section 624 of this Law) Schedule 4 — Miscellaneous provisions relating to interpretation (Section 5 of this Law)