316Exemptions—individual co-operatives

316 Exemptions—individual co-operatives

316 Exemptions—individual co-operatives

(cf Corporations Act s 340)

(1) On an application made in accordance with subsection (4) in relation to a co-operative, the Registrar may, by designated instrument, exempt any of the following from compliance with all or specified requirements of the target provisions referred to in subsection (2)—

(a) the directors;

(b) the co-operative;

(c) the auditor.

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

(3) The exemption may—

(a) be expressed to be subject to conditions; and

(b) be indefinite or limited to a specified period; and

(c) if indefinite, be expressed to commence on a specified date.

(4) The application must be—

(a) authorised by a resolution of the directors; and

(b) in writing and signed by a director; and

(c) lodged with the Registrar.

(5) The Registrar must give the applicant written notice of the granting, revocation or suspension of the exemption.