Part 6Savings and transitional provisions

Part 6—Savings and transitional provisions 25—Definition repealed Act means the Co-operatives Act 1997. 26—Local regulations for savings or transitional matters (1) The local regulations may contain provisions of a savings or transitional nature consequent on the enactment of this Act. (2) Any such provision may, if the local regulations so provide, take effect from the date of assent for this Act or a later date. (3) To the extent to which any such provision takes effect from a date that is earlier than the date of its publication in the Gazette, the provision does not operate so as— (a) to affect, in a manner prejudicial to any person (other than the State or an authority of the State), the rights of that person existing before the date of its publication; or (b) to impose liabilities on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before the date of its publication. 27—General savings Subject to the local application provisions of this Act and the Co-operatives National Law (South Australia), each person, thing and circumstance appointed or created under the repealed Act or existing or continuing under that Act immediately before the commencement of relevant provisions of the Co-operatives National Law (South Australia) continues to have the same status, operation and effect as it would have had if this Act had not been enacted. 28—Registration of co‑operatives (1) A co‑operative whose registration under the repealed Act is in force immediately before the commencement of this section is taken to be registered under the Co-operatives National Law (South Australia). (2) A co‑operative referred to in subsection (1) that was a trading co‑operative immediately before the commencement of this section is taken to be a distributing co‑operative. (3) A co‑operative referred to in subsection (1) that was a non‑trading co‑operative immediately before the commencement of this section is taken to be a non‑distributing co‑operative. 29—Entitlements of former members of trading co‑operatives (Co-operatives National Law Schedule 3, clause 1) A reference in Division 5 of Part 2.6 of the Co-operatives National Law (South Australia) to the period of 2 years is taken to be a reference to a period of 5 years in a case where the cancellation of membership occurred before the commencement of that Division. 30—Entitlement to distribution from business or reserves of co‑operative Any entitlement that a member or former member of a co‑operative had immediately before the commencement of this section in relation to a surplus arising from the business of the co‑operative or a part of the reserves of the co‑operative continues in force until satisfied. 31—Minimum paid up amount of shares (Co-operatives National Law section 78(4)) Section 78 of the Co-operatives National Law (South Australia) does not affect shares issued before the commencement of that section. 32—Personal property security interests The repeal of the Co-operatives Act 1997 does not affect the operation of Parts 4 and 5 of Schedule 3 of that Act on and after the date of the repeal, and that Part so operates as if that Act had not been repealed. Schedule—Co-operatives National Law