37Government guarantees for co-operatives

37 Government guarantees for co-operatives

(1) The repeal of the Co-operatives Act 1996 does not affect the operation of Division 6 of Part 3 of that Act on and after the date of the repeal, and, subject to subsection (3), that Division so operates as if that Act had not been repealed.

(2) Despite section 242(1) of the Co-operatives National Law (Victoria), if a government guarantee executed under Division 6 of Part 3 of the Co-operatives Act 1996 applies in respect of the borrowings of a co-operative, a special resolution relating to further borrowings has no effect until it is registered.

(3) On or after the commencement of this section, a reference in section 63 of the Co-operatives Act 1996 to section 306 of that Act is to be read as a reference to section 403 of the Co-operatives National Law (Victoria).