sec.30Existing cooperatives continue as co-operatives under the Law

sec.30 Existing cooperatives continue as co-operatives under the Law

This section applies in relation to a body that, immediately before the commencement, was registered as a cooperative under the repealed Act. The body is taken to be registered as a co-operative under the Law. Without limiting subsection (2)— if, immediately before the commencement, the body was a trading cooperative under the repealed Act, the body is taken to be a distributing co-operative under the Law; or if, immediately before the commencement, the body was a non-trading cooperative under the repealed Act, the body is taken to be a non-distributing co-operative under the Law; or if, immediately before the commencement, the body was an association or a federation under the repealed Act, the body is taken to be a co-operative group. See also schedule 3, section 2 of the Law in relation to a foreign co-operative registered under the repealed Act immediately before the commencement. The body’s certificate of registration under the repealed Act continues in effect and is taken to be a certificate of registration under the Law. The body’s disclosure statement under the repealed Act continues in effect and is taken to be its disclosure statement under the Law. A person or body that was a member of the cooperative under the repealed Act immediately before the commencement continues to be a member of the co-operative under the Law. A resolution made by the cooperative under the repealed Act that is in effect immediately before the commencement continues in effect as if it were made under the Law. (sec.30-ssec.1) This section applies in relation to a body that, immediately before the commencement, was registered as a cooperative under the repealed Act. (sec.30-ssec.2) The body is taken to be registered as a co-operative under the Law. (sec.30-ssec.3) Without limiting subsection (2)— if, immediately before the commencement, the body was a trading cooperative under the repealed Act, the body is taken to be a distributing co-operative under the Law; or if, immediately before the commencement, the body was a non-trading cooperative under the repealed Act, the body is taken to be a non-distributing co-operative under the Law; or if, immediately before the commencement, the body was an association or a federation under the repealed Act, the body is taken to be a co-operative group. See also schedule 3, section 2 of the Law in relation to a foreign co-operative registered under the repealed Act immediately before the commencement. (sec.30-ssec.4) The body’s certificate of registration under the repealed Act continues in effect and is taken to be a certificate of registration under the Law. (sec.30-ssec.5) The body’s disclosure statement under the repealed Act continues in effect and is taken to be its disclosure statement under the Law. (sec.30-ssec.6) A person or body that was a member of the cooperative under the repealed Act immediately before the commencement continues to be a member of the co-operative under the Law. (sec.30-ssec.7) A resolution made by the cooperative under the repealed Act that is in effect immediately before the commencement continues in effect as if it were made under the Law.