316Exemptions—individual co-operatives

#### 316 Exemptions—individual co-operatives 316 Exemptions—individual co-operatives (cf Corporations Act s 340) > > (1) On an application made in accordance with subsection (4) in relation to a co-operative, the Registrar may, by designated instrument, exempt any of the following from compliance with all or specified requirements of the target provisions referred to in subsection (2)— > > > > > (a) the directors; > > > > > (b) the co-operative; > > > > > (c) the auditor. > > > > Note— > > > > For the criteria for granting exemptions under this section, see section 318. > > > (2) The target provisions are— > > > > > (a) Divisions 2–11 of this Part, including provisions of the Corporations Act (as applying under any of the provisions of those Divisions), but not including Division 4 of Part 2M.4 of the Corporations Act as so applying; and > > > > > (b) sections 324BA, 324BB and 324BC of the Corporations Act (as applying under section 297 of this Law). > > > > Note— > > > > The target provisions generally correspond to the provisions of the Corporations Act referred to in section 340 of that Act (being Parts 2M.2, 2M.3 and 2M.4 (other than Division 4)). > > > (3) The exemption may— > > > > > (a) be expressed to be subject to conditions; and > > > > > (b) be indefinite or limited to a specified period; and > > > > > (c) if indefinite, be expressed to commence on a specified date. > > > (4) The application must be— > > > > > (a) authorised by a resolution of the directors; and > > > > > (b) in writing and signed by a director; and > > > > > (c) lodged with the Registrar. > > > (5) The Registrar must give the applicant written notice of the granting, revocation or suspension of the exemption.