Co-operatives National Law Act 2020

The existing rules of a co-operative are the rules that were—

registered under the repealed Act; and

in force for the co-operative immediately before the commencement.

The co-operative’s existing rules—

continue in effect; and

are taken to be the co-operative’s rules under the Law; and

are taken to have been registered under the Law.

If a provision of the co-operative’s existing rules are inconsistent with the Law, the Law prevails to the extent of the inconsistency.

For applying the existing rules—

a reference in the existing rules to a requirement under the repealed Act is taken to be a reference to a requirement under the Law that is equivalent to, or substantially the same as, the requirement under the repealed Act; and

a reference in the existing rules to the co-operative being a trading cooperative is taken to be a reference to the co-operative being a distributing co-operative; and

a reference in the existing rules to the co-operative being a non-trading cooperative is taken to be a reference to the co-operative being a non-distributing co-operative.