380Exemptions

380 Exemptions

(1) The Registrar may, by designated instrument, exempt a co-operative from compliance with a provision of this Division and section 248 in relation to a matter to which this Division applies.

Chapter 4 Structural and other events for co-operatives

Part 4.1 Appointment of administrator

Division 1 Introductory

381 Operation of this Part

This Part provides 2 methods for the administration of a co-operative, as follows:

(a) administration under the Corporations Act as applying under Division 2;

(b) administration under Division 3.

Division 2 Administration under Corporations Act

382 Application of Corporations Act—administration of co-operative

A co-operative is declared to be an applied Corporations legislation matter for the purposes of the Corporations application legislation of this jurisdiction in relation to Part 5.3A and Division 3 of Part 5.9 of the Corporations Act, subject to the following modifications:

(a) a reference in the provisions to sections 128 and 129 of the Corporations Act is to be read as a reference to Division 3 of Part 2.2 of this Law;

(b) a reference in section 436D of the Corporations Act to “section 436A, 436B or 436C” is to be read as including a reference to section 385 of this Law;

(c) a reference in section 436E (4) (a) or 448B of the Corporations Act to an administrator is to be read as not including a reference to an administrator appointed under section 385 of this Law;

(d) a reference in section 440D (2) (b) of the Corporations Act to prescribed proceedings is to be read as a reference to proceedings prescribed by the local regulations;

(e) section 444GA of the Corporations Act is taken to include a provision to the effect that the section has effect subject to Divisions 7 and 8 of Part 2.4 of this Law;

(f) section 446B of the Corporations Act is taken to be omitted;

(g) the reference in section 600H (2) of the Corporations Act to “a compromise or arrangement under part 5.1” is to be read as a reference to a compromise or arrangement under Part 4.4 of this Law;

(h) the modifications referred to in section 13 (3) of this Law so far as they are relevant.

383 Appointment of administrator by Registrar in the case of insolvency

(1) The Registrar may appoint a person as an administrator for the purposes of Part 5.3A of the Corporations Act (as applying under this Division) if the Registrar is of the opinion that the co-operative is insolvent or likely to become insolvent at some future time.