451Application of Corporations Act—insolvent co-operatives

451 Application of Corporations Act—insolvent co-operatives

451 Application of Corporations Act—insolvent co-operatives

(1) 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 5.7B of the Corporations Act, subject to the following modifications—

(a) a reference in the provisions to any provision of sections 286–290 of the Corporations Act is to be read as a reference to the appropriate provision of Division 2 of Part 3.3 (sections 265–269) of this Law;

(b) section 588G of the Corporations Act is to be read as if item 2 of the table to section 588G (1A) of that Act were omitted;

(c) section 588G of the Corporations Act is to be read as if item 3 of the table to section 588G (1A) of that Act read as follows—

| “repaying share capital | when the obligation to repay share capital is effective | | receiving the resignation of a member under the rules of the co-operative | when the resignation is effective | | expelling a member | when the expulsion occurs”; |

(d) section 588G of the Corporations Act is to be read as if a reference (however expressed) in items 4 and 5 of the table to section 588G (1A) of that Act to redeemable preference shares were a reference to CCUs;

(e) a reference (however expressed) in section 588V or 588W of the Corporations Act to a corporation that is the holding company of a company is to be read as if the reference to—

(i) a corporation were a reference to a co-operative (as provided in section 15 (2) of this Law); and

(ii) “the holding company” were a reference to that co-operative; and

(iii) “a company” were a reference to a company that is a subsidiary of that co-operative (and accordingly that reference to a “company” is not to be read as a reference to a co-operative);

(f) the reference in section 588Z (b) of the Corporations Act to 23 June 1993 is, if the Co-operatives National Law Act of this jurisdiction so provides, to be read as a reference to a date specified in that Act of this jurisdiction for the purposes of this paragraph;

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