9Co-operatives may continue to operate under existing rules

9 Co-operatives may continue to operate under existing rules

(1)  In this regulation –

relevant law means any of the following:

(a) the Act;

(b) the Co-operatives National Law (Tasmania);

(c) the Co-operatives National Regulations (Tasmania);

(d) these regulations.

(2)  For the purposes of clause 1 of Part 1 of Schedule 1 to the Co-operatives National Law (Tasmania) Act 2015 , a co-operative may continue to operate under the rules of the co-operative that were in force immediately before the Act commenced.

(3)  However –

(a) a provision of a relevant law prevails over a provision of the rules to the extent of an inconsistency; and

(b) a reference in the rules to a requirement under the Cooperatives Act 1999 (Repealed) or the Cooperatives Regulations 2010 (Rescinded) is taken to be a reference to a requirement under a relevant law that substantially corresponds to that requirement; and

(c) a reference in the rules to a co-operative being a trading co-operative or non-trading co-operative is taken to be a reference to the co-operative being a distributing co-operative or non-distributing co-operative, respectively.