13Stamp duty (Co-operatives National Law s 620)

13 Stamp duty (Co-operatives National Law s 620)

(1)  No duty is payable in respect of any of the following instruments:

(a) in the case of a co-operative that –

(i) has as its primary activity the providing of any community service or benefit; and

(ii) was, before it was incorporated under the Co-operatives National Law (Tasmania), an unincorporated club, association or body operating to provide sporting or recreational facilities for its members and not carried on for the pecuniary benefit of its members –

an instrument transferring to the co-operative any property that was, immediately before the co-operative was so incorporated, held by or on behalf of the unincorporated club, association or body;

(b) an instrument executed or registered for or with respect to a transfer of any property to give effect to section 413 or 481 of the Co-operatives National Law (Tasmania) in respect of –

(i) a merger of co-operatives; or

(ii) a transfer of engagements;

(c) a share certificate or any other instrument issued or executed in connection with the capital of a co-operative.

(2)  If –

(a) a co-operative that transfers its incorporation under Division 2 of Part 4.3 of the Co-operatives National Law (Tasmania) was before its registration as a co-operative under that Law a company under the Corporations Act or any corresponding previous law of this jurisdiction; and

(b) stamp duty has been paid on its incorporation as such a company in respect of the amount of the nominal capital of the company (or if subsequently increased on the amount of its nominal capital as so increased) –

any stamp duty so paid is to be taken into account and included in assessing the stamp duty payable on its incorporation or registration pursuant to the transfer.

(3)  An instrument issued or executed in connection with a CCU of a co-operative is not exempt under subsection (1) .