Div 1Exclusion of matters from the Corporations legislation

Division 1—Exclusion of matters from the Corporations legislation 12—Excluded matter—co‑operatives and participating co‑operatives (1) A co‑operative and a participating co‑operative are each declared to be an excluded matter for the purposes of section 5F of the Corporations Act in relation to the whole of the Corporations legislation other than to the extent specified in this section. This section ensures that neither the Corporations Act nor Part 3 of the ASIC Act will apply in relation to a co‑operative or participating co‑operative, other than to the extent specified in this section. Section 5F of the Corporations Act provides that if a State or Territory law declares a matter to be an excluded matter in relation to the whole of the Corporations legislation other than to a specified extent, then that legislation will not apply, except to the specified extent, in relation to that matter in the State or Territory concerned. However, other provisions of this Part provide for the application of provisions of the Corporations legislation to co‑operatives or participating co‑operatives as laws of this jurisdiction. (2) Subsection (1) does not exclude the application of the following provisions of the Corporations legislation to co‑operatives or participating co‑operatives to the extent that the provisions would otherwise be applicable to them: (a) provisions relating to a matter that the National Regulations provide is not to be excluded from the operation of the Corporations legislation; (b) provisions relating to the role of a co‑operative or participating co‑operative in the formation of a company; (c) provisions relating to the registration of a co‑operative as a company under Chapter 5B of the Corporations Act; (d) provisions relating to substantial shareholdings, by or involving a co‑operative or participating co‑operative, in a company; (e) provisions conferring or imposing functions on a co‑operative or participating co‑operative as a member, or former member, of a corporation; (f) provisions relating to dealings by a co‑operative or participating co‑operative in financial products of a corporation, other than financial products of the co‑operative or participating co‑operative itself; (g) provisions conferring or imposing functions on a co‑operative or participating co‑operative in its dealings with a corporation, not being dealings in financial products of the co‑operative or participating co‑operative; (h) provisions relating to financial products of a co‑operative, other than shares in, CCUs of, debentures of, or deposits with, a co‑operative or participating co‑operative; (i) provisions relating to financial markets and participants in financial markets; (j) provisions relating to financial services licensees whose licence covers dealing in, or providing advice about, financial products; (k) provisions relating to carrying on a financial services business; (l) provisions relating to financial statements, and audits of financial statements, of financial services licensees whose licence covers dealing in, or providing advice about, financial products; (m) provisions relating to clients of financial services licensees whose licence covers dealing in, or providing advice about, financial products; (n) provisions relating to registers of interests in financial products; (o) provisions relating to powers of a court to cure procedural irregularities and to make other orders. (3) To avoid doubt, it is declared that subsection (1) does not operate so as to exclude the operation of the following provisions of the Corporations Act, except in relation to shares in, CCUs issued by, debentures of, or deposits with, a co‑operative or participating co‑operative: (a) Part 1.2A; (b) Chapter 2L; (c) Chapter 6CA; (d) Chapter 6D; (e) Part 7.10.