Co-operatives Act 2009

Subject to subsection (2), the debentures of a co‑operative are declared to be applied Corporations legislation matters for the purposes of the Corporations (Ancillary Provisions) Act 2001 Part 3 in relation to the provisions of Part 1.2A, Chapter 2L, Chapter 6CA, Chapter 6D and Part 7.10 of the Corporations Act, subject to the following modifications —

sections 111AS and 283I are taken to be deleted;

any other changes, within the meaning of the Corporations (Ancillary Provisions) Act 2001 Part 3, that are prescribed by the regulations.

The provisions of the Corporations Act applying to the debentures of a co‑operative by this section do not apply to the following —

a loan to which section 255 applies;

an issue of debentures of a co‑operative that is made —

solely to members; or

solely to members and employees of the co‑operative; or

to a person who on becoming an inactive member of the co‑operative has had his or her share capital converted to debt.

The following provisions of the Corporations Act, as they apply under this section, are civil penalty provisions under this Act and are not civil penalty provisions under that Act —

section 674(2);

section 675(2);

section 1041A;

section 1041B(1);

section 1041C(1);

section 1041D;

section 1043A(1) and (2).

Words used in this section that are not defined in this Act have the same meanings as in the Corporations Act.