Co-operatives National Law Act 2020
sec.48Existing rules
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sec.48 Existing rules
The existing rules of a co-operative are the rules that were— registered under the repealed Act; and in force for the co-operative immediately before the commencement. The co-operative’s existing rules— continue in effect; and are taken to be the co-operative’s rules under the Law; and are taken to have been registered under the Law. If a provision of the co-operative’s existing rules are inconsistent with the Law, the Law prevails to the extent of the inconsistency. For applying the existing rules— a reference in the existing rules to a requirement under the repealed Act is taken to be a reference to a requirement under the Law that is equivalent to, or substantially the same as, the requirement under the repealed Act; and a reference in the existing rules to the co-operative being a trading cooperative is taken to be a reference to the co-operative being a distributing co-operative; and a reference in the existing rules to the co-operative being a non-trading cooperative is taken to be a reference to the co-operative being a non-distributing co-operative. (sec.48-ssec.1) The existing rules of a co-operative are the rules that were— registered under the repealed Act; and in force for the co-operative immediately before the commencement. (sec.48-ssec.2) The co-operative’s existing rules— continue in effect; and are taken to be the co-operative’s rules under the Law; and are taken to have been registered under the Law. (sec.48-ssec.3) If a provision of the co-operative’s existing rules are inconsistent with the Law, the Law prevails to the extent of the inconsistency. (sec.48-ssec.4) For applying the existing rules— a reference in the existing rules to a requirement under the repealed Act is taken to be a reference to a requirement under the Law that is equivalent to, or substantially the same as, the requirement under the repealed Act; and a reference in the existing rules to the co-operative being a trading cooperative is taken to be a reference to the co-operative being a distributing co-operative; and a reference in the existing rules to the co-operative being a non-trading cooperative is taken to be a reference to the co-operative being a non-distributing co-operative.
- (a) registered under the repealed Act; and
- (b) in force for the co-operative immediately before the commencement.
- (a) continue in effect; and
- (b) are taken to be the co-operative’s rules under the Law; and
- (c) are taken to have been registered under the Law.
- (a) a reference in the existing rules to a requirement under the repealed Act is taken to be a reference to a requirement under the Law that is equivalent to, or substantially the same as, the requirement under the repealed Act; and
- (b) a reference in the existing rules to the co-operative being a trading cooperative is taken to be a reference to the co-operative being a distributing co-operative; and