sec.451Application of Corporations Act —insolvent co-operatives

sec.451 Application of Corporations Act —insolvent co-operatives

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 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; 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; 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”; 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; 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— a corporation were a reference to a co-operative (as provided in section 15 (2) of this Law); and “the holding company” were a reference to that co-operative; and “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); 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; the modifications referred to in section 13 (3) of this Law so far as they are relevant. See section 13 , including Note 1 to that section. Section 588G (2) of the Corporations Act as applying under this section is a civil penalty provision under this Law (see section 554 ) and is not a civil penalty provision under that Act. (sec.451-ssec.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 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; 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; 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”; 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; 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— a corporation were a reference to a co-operative (as provided in section 15 (2) of this Law); and “the holding company” were a reference to that co-operative; and “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); 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; the modifications referred to in section 13 (3) of this Law so far as they are relevant. See section 13 , including Note 1 to that section. (sec.451-ssec.2) Section 588G (2) of the Corporations Act as applying under this section is a civil penalty provision under this Law (see section 554 ) and is not a civil penalty provision under that Act.