Co-operatives Act 2009

A participating co‑operative is declared to be an excluded matter for the purposes of the Corporations Act section 5F in relation to the whole of the Corporations legislation other than to the extent specified in this section.

Subsection (1) does not exclude the application of the following provisions of the Corporations legislation to participating co‑operatives to the extent that those provisions would otherwise be applicable to them —

provisions relating to a matter that the regulations provide is not to be excluded from the operations of the Corporations Act;

provisions relating to the role of a co‑operative in the formation of a company;

provisions relating to substantial holdings of shares, by or involving a co‑operative, in a company;

provisions conferring or imposing functions on a co‑operative as a member, or former member, of a corporation;

provisions relating to dealings by a co‑operative in financial products of a corporation, other than financial products of the co‑operative itself;

provisions conferring or imposing functions on a co‑operative in its dealings with a corporation, not being dealings in financial products of the co‑operative;

provisions relating to financial products of a co‑operative, other than shares in, CCUs in, debentures of or deposits with a co‑operative;

provisions relating to financial markets and participants in financial markets;

provisions relating to financial services licensees whose licence covers dealing in, or providing advice about, financial products;

provisions relating to carrying on a financial services business;

provisions relating to financial statements, and audits of financial statements, of financial services licensees whose licence covers dealing in, or providing advice about, financial products;

provisions relating to clients of financial services licensees whose licence covers dealing in, or providing advice about, financial products;

provisions relating to registers of interests in financial products;

provisions relating to powers of a Court to cure procedural irregularities and to make other orders.

To remove doubt it is declared that subsection (1) does not operate to exclude the operations of the following provisions of the Corporations Act except in relation to shares in, CCUs issued by, debentures of or deposits with a participating co‑operative —

Part 1.2A;

Chapter 2L;

Chapter 6CA;

Chapter 6D;

Part 7.10.