National scheme laws prevail over co-operative scheme laws
85 National scheme laws prevail over co-operative scheme laws
This section provides for the national scheme laws of this jurisdiction to supersede the co-operative scheme laws, which are to continue to operate of their own force only in relation to – matters arising before the commencement of this section; and matters arising, directly or indirectly, out of such matters – in so far as the national scheme laws or the Corporations legislation do not deal with those matters.
Where a co-operative scheme law is inconsistent with a national scheme law of this jurisdiction, the national scheme law prevails and, to the extent of the inconsistency, the co-operative scheme law does not operate.
For the purposes of subsection (2), a co-operative scheme law is inconsistent with a national scheme law if it would be inconsistent within the meaning of section 109 of the Constitution of the Commonwealth of Australia if the national scheme law were an Act of the Commonwealth.
In this section,Corporations legislation means the Corporations legislation to which Part 1.1A of the Corporations Act 2001 of the Commonwealth applies.
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