Savings and transitional provisions (Section 624 of this Law)
Schedule 3 Savings and transitional provisions (Section 624 of this Law)
1 Entitlements of former members of trading or distributing co‑operatives
It is intended that the Co-operatives National Law Act of this jurisdiction may provide that a reference in Division 5 of Part 2.6 of this Law to the period of 2 years is taken to be a reference to another period in a case where the cancellation of membership concerned occurred before the commencement of that Division in this jurisdiction.
2 Application of Chapter 5 to existing registered foreign co‑operatives not incorporated under corresponding law
This clause applies to a body that was a foreign co-operative registered under the repealed legislation of this jurisdiction immediately before the commencement of this clause in this jurisdiction but that is not registered and incorporated under a corresponding co-operatives law.
The co-operative is taken to be a participating co-operative authorised to carry on business in this jurisdiction under Chapter 5, and that Chapter applies accordingly.
3 Maximum permissible level of share interest
This clause applies where, immediately before the commencement of this clause in this jurisdiction:
a person lawfully had a relevant interest in shares of a co‑operative; and
the nominal value of the person's shares was a percentage (the relevant percentage) of the issued share capital of the co-operative that is more than 20% of the nominal value of the issued share capital.
The maximum of 20% stated by section 363(1) is taken to be increased for the person by force of this clause to a maximum equal to the relevant percentage.
4 Receivers of property
Nothing in section 418 of the Corporations Act as applying under section 393 prevents a person from acting as receiver of property of a co-operative under an appointment validly made before the commencement of this clause in this jurisdiction.
This Act’s bill:Explanatory statement
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