472Application of Corporations Act—winding up of participating co-operatives in this jurisdiction

472 Application of Corporations Act—winding up of participating co-operatives in this jurisdiction

(1) The winding up or deregistration of a participating 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 Parts 5.4B and 5.6 of the Corporations Act, subject to the following modifications:

(a) a reference in those provisions of the Corporations Act to an application to wind up a company under section 464 or Part 5.4A is to be read as a reference to an application by the Registrar under Part 5.4 of this Law;

(b) a reference in those provisions to a winding up ordered by the court under a provision of Part 5.4A is a reference to a winding up ordered by the Supreme Court under Part 5.4 of this Law;

(c) a reference in those provisions to an order under a provision of Part 5.4A is a reference to an order under section 471 of this Law;

(d) for the purposes of an application by the Registrar to wind up a participating co-operative, those provisions apply, with such modifications as the circumstances require, as if a winding up application had been made by the co-operative;

(e) those provisions apply as if a ground specified in section 471 of this Law were a ground for winding up by the court specified in section 461 of the Corporations Act;

(f) a reference in those provisions to an official liquidator is to be read as a reference to a person approved by the Registrar as a liquidator of a co-operative;

(g) sections 467 (4) and (5), 480 (d), 481 (5) (b), 513B, 517, 518, 523 and 524 of the Corporations Act do not apply;

(h) a reference in section 485 (2) of the Corporations Act to persons entitled to any surplus is a reference to a person entitled to the surplus under section 473 of this Law;

(i) section 516 of the Corporations Act is to be read as if “together with any charges payable by the member to the co-operative in accordance with the rules” were inserted after “past member”;

(j) Subdivision C of Division 6 of Part 5.6 of the Corporations Act does not apply;

(k) a reference in Parts 5.4B and 5.6 of the Corporations Act to section 233 is to be read as a reference to Division 4 of Part 2.5 of this Law;

(l) those provisions of the Corporations Act are to be read subject to sections 121 and 450 of this Law for the purposes of determining the liability of members and past members to contribute on a winding up of a co-operative;

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

(2) The fact that a participating co-operative has been deregistered or has ceased to exist as a co-operative in the place in which it was registered, incorporated or formed does not affect the liability of a member or former member as a contributory on a winding up under this Part.