317Exemptions—classes of co-operatives (cf Corporations Act s 341)

317 Exemptions—classes of co-operatives (cf Corporations Act s 341)

(1) The Registrar may, by designated instrument in respect of a specified class of co-operatives, exempt any of the following from compliance with all or specified requirements of the target provisions referred to in subsection (2):

(a) directors;

(b) the co-operatives themselves;

(c) auditors of the co-operatives.

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 341 of that Act (being Parts 2M.2, 2M.3 and 2M.4 (other than Division 4)).