Part 1Preliminary

Chapter 1—Preliminary 1—Citation This Law may be cited as the Co-operatives National Law. 2—Commencement This Law commences in a jurisdiction as provided by the Co‑operatives National Law Act of that jurisdiction. 3—Objects The objects of this Law are— (a) to enable the formation, registration and operation of co‑operatives; and (b) to promote co‑operative philosophy, principles, practices and objectives; and (c) to protect the interests of co‑operatives, their members and the public in the operations and activities of co‑operatives; and (d) to ensure directors of co‑operatives are accountable for their actions and decisions to the members of co‑operatives; and (e) to encourage and facilitate self‑management by co‑operatives at all levels; and (f) to encourage the development, integration and strengthening of co‑operatives at local, regional, national and international levels by supporting and fostering State, Territory and national peak organisations and co‑operative instrumentalities. Part 2—Interpretation 4—Definitions active member—see section 145; active membership provisions—see section 146(1); active membership resolution—see section 146(2); agreement means an agreement, arrangement or understanding— (a) whether formal or informal or partly formal and partly informal; or (b) whether written or oral or partly written and partly oral; or (c) whether or not having legal or equitable force and whether or not based on legal or equitable rights; another jurisdiction means a State or Territory other than this jurisdiction; approved form means a form approved under section 622; ASIC means the Australian Securities and Investments Commission; ASIC Act means the Australian Securities and Investments Commission Act 2001 of the Commonwealth; Australian legal practitioner means a person who— (a) is admitted to the legal profession under the law of a jurisdiction; and (b) holds a current practising certificate under a law of a jurisdiction authorising the person to engage in legal practice; authorised deposit‑taking institution means an authorised deposit‑taking institution within the meaning of the Banking Act 1959 of the Commonwealth; board means the board of directors of a co‑operative, and includes a person or committee exercising a power of the board delegated to the person or committee under the rules of the co‑operative; books includes— (a) a register; and (b) minutes; and (c) any other record of information; and (d) financial reports or financial records, however compiled, recorded or stored; and (e) a document; carry on business has the same meaning in relation to a co‑operative or participating co‑operative as it has under the Corporations Act in relation to a company;