28AModel rules for co-operatives in respect of which a government guarantee exists

28A Model rules for co-operatives in respect of which a government guarantee exists

(1) The model rules of government guarantee co‑operatives (the local model rules) are the model rules prescribed under the Co‑operatives National Law (Victoria) for non-distributing co‑operatives with share capital subject to the modifications prescribed by the local regulations for the purposes of this section.

(2) The Co-operatives National Law (Victoria) applies to the local model rules as if they were model rules to which section 64 of that Law refers except that in section 66 of that Law a reference to the amendment of model rules is to be read as including a reference to any amendment to the local model rules made by the local regulations.

(3) In this section—

government guarantee co-operative means a co‑operative in respect of which a government guarantee exists under Division 6 of Part 3 of the Co‑operatives Act 1996;

The operation of Division 6 of Part 3 of the Co‑operatives Act 1996 is preserved by virtue of section 37.