Co-operatives Act 2009

active member has the meaning given to that term in section 111;

active membership provision has the meaning given to that term in section 112;

agreement means an agreement, arrangement or understanding —

alter, in relation to the rules of a co‑operative, includes to add to, substitute or rescind;

associate has the meaning given to that term in Schedule 2 Division 2;

board means the board of directors of a co‑operative and in circumstances where a person or committee is exercising a power of the board delegated under the rules of a co‑operative, includes that person or committee;

books includes —

carry on business, in relation to a co‑operative or a participating co‑operative, has the same meaning as it has in the Corporations Act Part 1.2 Division 3 in relation to a company;

CCU means a co‑operative capital unit as defined in section 257(1);

chief executive officer, of a co‑operative or a subsidiary of a co‑operative, means the principal executive officer of the co‑operative or subsidiary for the time being, by whatever name called, and whether or not that officer is a director or the secretary;

constitution, of a co‑operative, includes the articles of association, memorandum, rules and other constituent documents;

co‑operative means a body registered under this Act as a co‑operative;

co‑operative group means a co‑operative that has a membership as described in section 57;

corporation has the meaning given to that term in the Corporations Act;

Corporations Act means the Commonwealth Corporations Act 2001;

corresponding co‑operatives law means a law of another jurisdiction declared under section 5A to be a corresponding co‑operatives law;

debenture means a document issued by a co‑operative that evidences or acknowledges indebtedness of the co‑operative in respect of money that is or may be deposited with or lent to the co‑operative, whether constituting a charge on property of the co‑operative or not, and includes a unit of a debenture, except that it does not include —

deed of arrangement means a deed of company arrangement in force under the Corporations Act Part 5.3A as that Part applies under this Act or a deed of that type as varied and in force from time to time;

department means the department of the Public Service principally assisting the Minister in the administration of this Act;

deposit taking co‑operative means a co‑operative that is permitted under section 246 to accept money on deposit;

director, of a co‑operative, includes —

distributing co‑operative means a co‑operative as described in section 13;

eligible member means a person considered by the board of a co‑operative to be eligible to become a member of that co‑operative;

financial records includes —

financial report means an annual financial report or a half‑year financial report prepared under the Corporations Act Chapter 2M;

financial services business has the meaning given to that term in the Corporations Act section 761A;

financial services licensee has the meaning given to that term in the Corporations Act section 761A;

financial statements means annual financial statements under the Corporations Act section 295 or half‑year financial statements applying under the Corporations Act section 303;

financial year has the meaning given in section 244ZH;

half‑year has the meaning given in section 244ZI;

inspector means a person appointed as an inspector under Part 15;

involved, in a contravention, has the meaning given in section 5B;

jurisdiction means a State or Territory;

large co‑operative means a co‑operative that is not a small co‑operative;

model rules means the model rules prescribed by the regulations under section 101;

mortgage includes lien, charge or other security over property;

non‑distributing co‑operative means a co‑operative as described in section 14;

officer, of a co‑operative or participating co‑operative, means —

or

participating co‑operative means a body that is registered and incorporated under, and is subject to, a corresponding co‑operatives law;

participating jurisdiction means a jurisdiction in which a corresponding co‑operatives law is in force;

participating Registrar means a person exercising the functions of a Registrar under a corresponding co‑operatives law;

primary activity, of a co‑operative, means an activity stated in the rules of the co‑operative to be a primary activity of the co‑operative;

quoted security means a security that is quoted on a prescribed financial market (as defined in the Corporations Act section 9);

Registrar means the Registrar of Co‑operatives under section 451;

related corporation has the meaning given to that term in Schedule 2 Division 3;

relevant interest in —

rules, of a co‑operative, means the rules of the co‑operative for the time being applying under this Act;

seal, of a co‑operative, means the common seal or official seal of the co‑operative;

share means share in the share capital of a co‑operative;

small co‑operative means a co‑operative of a class or description prescribed by the regulations;

subsidiary has the meaning given to that term in the Corporations Act;

surplus, in relation to a co‑operative, means the excess of income over expenditure after making proper allowance for taxation expense, for depreciation in value of the property of the co‑operative and for future contingencies;

transfer day, for a particular transferred co‑operative, means the day on which that co‑operative became registered under this Act;

transferred co‑operative means a co‑operative that immediately before the commencement of this Act was registered as a co‑operative company under the Companies (Co‑operative) Act 1943 or as a registered society under the Co‑operative and Provident Societies Act 1903.

[Section 4 amended: No. 7 of 2016 s. 4; No. 9 of 2022 s. 424.]