Co-operatives National Law (Victoria) Local Regulations 2024
S.R. No. 9/2024
Version as at
17 February 2024
TABLE OF PROVISIONS
Regulation Page
1 Objectives 1
2 Authorising provision 1
3 Commencement 1
4 Revocation 1
5 Definition 2
6 Unsuitable names for co‑operatives 2
7 Exemption from restriction on corporations registering a name including the word co‑operative or similar words 2
8 Exemption from restriction on use of word co‑operative or similar words 3
9 Application for transfer 4
10 Examination of involved person 5
11 Procedures regarding giving of exemptions 6
12 Prescribed fees 7
13 Application fees 8
14 Document fees 18
15 Application for exemption or modification—Chapter 6D of the Corporations Act 19
16 Fee for lodgement of disclosure documents for issue of debentures—Chapter 6D of the Corporations Act 20
17 Fee for application to deregister co‑operative—section 601AA of the Corporations Act 20
18 Waiver, reduction or refund of fees 21
19 Infringement penalties 21
20 Model rules for government guarantee co‑operatives 21
Schedule 1—Prescribed infringement offences and penalties 23
Schedule 2—Modifications to model rules for co‑operatives supported by government guarantees 24
═════════════
Endnotes 27
1 General information 27
2 Table of Amendments 29
3 Explanatory details 30
Version No.001
Co-operatives National Law (Victoria) Local Regulations 2024
S.R. No. 9/2024
Version as at
17 February 2024
1 Objectives
The objectives of these Regulations are to prescribe—
(a) certain matters for the purposes of the Co‑operatives National Law (Victoria) and the Co‑operatives National Regulations (Victoria); and
(b) fees payable under the Co‑operatives National Law (Victoria) and the Co‑operatives National Regulations (Victoria); and
(c) offences under the Co‑operatives National Law (Victoria) as infringement offences, and infringement penalties for those infringement offences.
2 Authorising provision
These Regulations are made under section 28 of the Co‑operatives National Law Application Act 2013.
3 Commencement
These Regulations come into operation on 17 February 2024.
4 Revocation
The Co‑operatives National Law (Victoria) Local Regulations 2014[1] are revoked.
5 Definition
In these Regulations—
the Act means the Co‑operatives National Law Application Act 2013.
6 Unsuitable names for co‑operatives
For the purposes of section 220(5) of the Co‑operatives National Law (Victoria) and regulation 3.7 of the Co‑operatives National Regulations (Victoria), a name is to be regarded as an unsuitable name if the Registrar is satisfied that it is likely to mislead.
7 Exemption from restriction on corporations registering a name including the word co‑operative or similar words
(1) For the purposes of section 220(7) of the Co‑operatives National Law (Victoria), a corporation is exempt from section 220(4) of the Co‑operatives National Law (Victoria) if the corporation is—
(a) a company that is permitted to use the expression "building society", "credit union" or "credit society" under section 66 of the Banking Act 1959 of the Commonwealth; or
(b) a company that is a friendly society for the purposes of the Life Insurance Act 1995 of the Commonwealth; or
(c) a company or society that was formed or incorporated under any other Act before the commencement of the Co‑operation Act 1953; or
(d) a corporation that is allowed under an Act to use the word "co‑operative" or the abbreviation "co‑op" in its name; or
(e) a corporation that is exempted under subregulation (2) from the operation of section 220(4) of the Co-operatives National Law (Victoria) and that complies with any conditions of that exemption.
(2) On application by a corporation, the Registrar, by written notice, may exempt the corporation from the operation of section 220(4) of the Co‑operatives National Law (Victoria).
(3) An application for an exemption under subregulation (2) must be accompanied by an application fee of 19·5 fee units.
(4) An exemption granted under subregulation (2) may be—
(a) for a specified period; and
(b) subject to any specified conditions.
(5) The Registrar, by written notice, may vary the conditions of an exemption granted under subregulation (2) or revoke the exemption.
8 Exemption from restriction on use of word co‑operative or similar words
(1) For the purposes of section 225(2) of the Co‑operatives National Law (Victoria), a person is exempt from section 225(1) of the Co‑operatives National Law (Victoria) if the person is—
(a) a company that is permitted to use the expression "building society", "credit union" or "credit society" under section 66 of the Banking Act 1959 of the Commonwealth; or
(b) a company that is a friendly society for the purposes of the Life Insurance Act 1995 of the Commonwealth; or
(c) a company or society that was formed or incorporated under any other Act before the commencement of the Co‑operation Act 1953; or
(d) a corporation that is allowed under an Act to use the word "co‑operative" or the abbreviation "co‑op" in its name; or
(e) a person who is exempted under subregulation (2) from the operation of section 225(1) of the Co-operatives National Law (Victoria) and who complies with any conditions of that exemption.
(2) On application, the Registrar, by written notice, may exempt a person from the operation of section 225(1) of the Co‑operatives National Law (Victoria).
(3) An application for an exemption under subregulation (2) must be accompanied by an application fee of 19·5 fee units.
(4) An exemption granted under subregulation (2) may be—
(a) for a specified period; and
(b) subject to any specified conditions.
(5) The Registrar, by written notice, may vary the conditions of an exemption granted under subregulation (2) or revoke the exemption.
9 Application for transfer
For the purposes of section 403(b) of the Co‑operatives National Law (Victoria), a co‑operative may apply to become registered, incorporated or otherwise established as a corporation under—
(a) the Associations Incorporation Reform Act 2012; or
(b) the Corporations (Aboriginal and Torres Strait Islander) Act 2006 of the Commonwealth; or
(c) any legislation of the Commonwealth that provides for the incorporation of a building society, credit union or friendly society.
10 Examination of involved person
(1) For the purposes of section 522(4) of the Co‑operatives National Law (Victoria), the prescribed allowances are as follows—
(a) for an involved person who receives wages, salary, remuneration or fees exceeding $133 per hour—for each hour or partial hour of attendance, the amount of wages, salary, remuneration or fees actually lost because of the person's attendance, but not exceeding $805 per day;
(b) for any other involved person—$133 for each hour or partial hour of attendance, but not exceeding $805 per day.
(2) For the purposes of section 522(4) of the Co‑operatives National Law (Victoria), the prescribed expenses are—
(a) for travelling expenses to and from an involved person's usual place of residence or business and the place of attendance, the amount that is the lesser of—
(i) the amount actually paid; or
(ii) an amount calculated at 18 cents per kilometre travelled; and
(b) for meal and accommodation expenses, if an involved person is required to be absent overnight from the person's usual place of residence, the amount that is the lesser of—
(i) the amount actually paid; or
(ii) $214.95 for any one night.
11 Procedures regarding giving of exemptions
For the purposes of section 621 of the Co‑operatives National Law (Victoria), an application for an exemption must be made—
(a) in writing; and
(b) within a reasonable time before the event or the occurrence of the matter for which the exemption is sought.
12 Prescribed fees
For the purposes of a provision of the Co‑operatives National Law (Victoria) specified in Column 2 of the following Table, the prescribed fee is the amount specified opposite that provision in Column 4.
Table
Column 1<br>Item
Column 2<br>Provision of Co‑operatives National Law (Victoria)
Column 3<br>Description of provision
Column 4<br>Prescribed fee
1
section 26(1)(b)(ii)
Application for registration of a proposed co‑operative
2·2 fee units
2
section 31(b)(ii)
Application for registration of existing corporation
2·2 fee units
3
section 37(b)(ii)
Issue of duplicate certificate
2·2 fee units
4
section 243(2)(c)(ii)
Registration of special resolution
5·5 fee units for each resolution up to a maximum fee of 11·6 fee units
5
section 601(1)(a)
Inspection of register of co‑operatives
2·2 fee units
6
section 601(1)(b)
Inspection of document kept by Registrar
2·2 fee units
7
section 601(1)(c)
Obtaining extract from register of co‑operatives
2·2 fee units
8
section 601(1)(d)
Obtaining certified copy of document kept by Registrar
2·2 fee units for the first page and $3 for every subsequent page up to a maximum fee of 11·6 fee units
9
section 601(1)(e)
Obtaining copy of document kept by Registrar
1·6 fee units for the first page and $2 for every subsequent page up to a maximum fee of 7·8 fee units
13 Application fees
(1) An application described in Column 3 of the following Table under a provision of the Co‑operatives National Law (Victoria) specified in Column 2 must be accompanied by an application fee of the amount specified in Column 4 opposite that provision.
Table
Column 1<br>Item
Column 2<br>Provision of Co‑operatives National Law (Victoria)
Column 3<br>Description of application
Column 4<br>Application fee
1
section 63(2)
Application for registration of an amendment of the rules
2·2 fee units for each rule up to a maximum fee of 11·6 fee units
2
section 63(4)
Application for certificate of registration of rule amendment
2·2 fee units
3
section 71
Application for exemption from disclosure statement requirements for distributing co‑operatives
5·5 fee units
4
section 82(3)(a)
Application to register a disclosure statement to accompany a proposal to require a member to take up or subscribe for additional shares
19·5 fee units
5
section 119(5)
Application to extend the period during which a co‑operative may carry on business with fewer than the minimum number of members
19·5 fee units
6
section 152(3)
Application to determine a member's eligibility to vote on an active membership resolution
19·5 fee units
7
section 171
Application for exemption from provisions relating to the entitlements of former members of distributing co‑operatives
19·5 fee units
8
section 213(1)(d)
Application to keep the co‑operative's register at a location approved by the Registrar
5·5 fee units
9
section 221(1)
Application to omit the word "Limited" or the abbreviation "Ltd" from the name of a co‑operative
11·6 fee units
10
section 222(e)
Application to use an abbreviation or elaboration of the name of a co‑operative
5·5 fee units
11
section 224(1)
Application to change the name of a co‑operative
19·5 fee units
12
section 226(6)
Application for an exemption from requirement to display notice at registered office stating co‑operative's name and identifying premises as registered office
5·5 fee units
13
section 233(2)
Application for a review by the Registrar of a member's right to vote
19·5 fee units
14
section 244(3)
Application for a certificate of registration of a special resolution
2·2 fee units
15
section 316
Application for an exemption relating to an individual co‑operative
19·5 fee units
16
section 319
Application for an exemption relating to non‑auditors, former members of audit firms and former employees of audit companies
19·5 fee units
17
section 322
Application for an exemption from the Co‑operatives National Regulations (Victoria)
19·5 fee units
18
section 343(10)
Application to the Registrar for an exemption from section 343 of the Co‑operatives National Law (Victoria) concerning compulsory loans
19·5 fee units
19
section 350
Application to the Registrar for approval of the issue of co‑operative capital units
19·5 fee units
20
section 359(3)
Application to the Registrar for an exemption from provisions concerning the acquisition and disposal of assets of the co‑operative
19·5 fee units
21
section 363(2)
Application for an increased maximum permissible level of share interest
19·5 fee units
22
section 372
Application for an exemption from the operation of Division 1 of Part 3.5 of the Co‑operatives National Law (Victoria)
19·5 fee units
23
section 374(1)(b)
Application for an approval of share offers to which Division 2 of Part 3.5 of the Co‑operatives National Law (Victoria) applies
171·2 fee units
24
section 376(5)
Application to the Registrar to extend the period of time permitted for the board of a co‑operative to consider a share offer of the kind specified in section 373(1) of the Co‑operatives National Law (Victoria)
19·5 fee units
25
section 380
Application for an exemption from the operation of Division 2 of Part 3.5 of the Co‑operatives National Law (Victoria)
84 fee units
26
section 396(2)
Application to the Registrar for consent to the procedure for a proposed merger or transfer of engagements
5·5 fee units
27
section 397(2)
Application for approval of a disclosure statement concerning a proposed merger or transfer of engagements
19·5 fee units
28
section 397(4)
Application for an exemption from the requirement for a disclosure statement concerning a proposed merger or transfer of engagements
19·5 fee units
29
section 398(1)
Application for the approval of a merger or transfer of engagements
5·5 fee units
30
section 404(4)
Application for an exemption from the requirements that must be met before an application can be made for a transfer of incorporation
19·5 fee units
31
section 416(1)(a)
Application to the Registrar for permission for a shorter notice period to the Registrar of the hearing of an application for a binding compromise or arrangement
2·2 fee units
32
section 418(1)(f)
Application for an exemption from the prohibition on an officer or promoter of a co‑operative or related corporation being appointed to administer a compromise or arrangement
19·5 fee units
33
section 424(1)(b)
Application to the Registrar for a statement that the Registrar has no objection to a compromise or arrangement
19·5 fee units
34
section 428(1)
Application for the approval of an explanatory statement
84 fee units
35
section 445(3)
Application for an exemption from compliance with the restrictions on voluntary winding up
19·5 fee units
36
section 476(2)(a)
Application to the Registrar for consent to a procedure for approving a proposed merger or transfer of engagements involving a local co‑operative and a participating co‑operative
5·5 fee units
37
section 477(2)
Application for approval of a disclosure statement concerning a merger or transfer of engagements involving a local co‑operative and a participating co‑operative
19·5 fee units
38
section 477(4)
Application for an exemption from the requirement for a disclosure statement for a merger or transfer of engagements involving a local co-operative and a participating co‑operative
19·5 fee units
39
section 478(1)
Application for approval of a merger or transfer of engagements that involves a local co‑operative and a participating co‑operative
19·5 fee units
40
section 531(1)(a)
Application to the Registrar to call a special meeting
19·5 fee units
41
section 531(1)(b)
Application to the Registrar to hold, or appoint an inspector to hold, an inquiry
37·4 fee units
42
section 588
Application to the Registrar for certificate of evidence
5·5 fee units
43
section 609(1)
Application to the Registrar to grant an extension or shortening of time limits
5·5 fee units
44
section 611(2)(c)(iii)
Application for permission from the Registrar to allow a co‑operative to give service to a member by publishing a notice in a relevant newspaper
5·5 fee units
(2) An application under regulation 1.4(5) of the Co‑operatives National Regulations (Victoria) must be accompanied by an application fee of 19·5 fee units.
14 Document fees
A document that is required to be submitted to, or lodged or filed with, the Registrar under a provision of the Co‑operatives National Law (Victoria) specified in Column 2 of the following Table must be accompanied by a fee of the amount specified opposite that provision in Column 4.
Table
Column 1<br>Item
Column 2<br>Provision of Co‑operatives National Law (Victoria)
Column 3<br>Description of document to be submitted, lodged or filed
Column 4<br>Document fee
1
section 23(1)(a)
Submission of draft rules before the formation meeting
5·5 fee units
2
section 23(1)(b)
Submission of a draft formation disclosure statement before the formation meeting
19·5 fee units
3
section 60(4)
Submission of draft amendment of rules for approval
5·5 fee units
4
section 248(5)
Submission of draft disclosure statement for approval for the purpose of a special postal ballot
19·5 fee units
5
section 289
Lodgement of annual report by large co‑operative
19·5 fee units
6
section 293
Lodgement of annual return by small co‑operative
5·5 fee units
7
section 338(4)
Submission of draft disclosure statement for approval concerning the issue of debentures
19·5 fee units
8
section 343(7)
Submission of draft disclosure statement for approval concerning a compulsory loan by members to a co‑operative
19·5 fee units
9
section 425(4)
Filing of an office copy of an order made by the Supreme Court under section 425 of the Co‑operatives National Law (Victoria)
2·2 fee units
15 Application for exemption or modification—Chapter 6D of the Corporations Act
(1) For the purposes of section 741 of the Corporations Act, as applied by section 337 of the Co‑operatives National Law (Victoria), a co‑operative may apply to the Registrar for—
(a) an exemption from a provision of Chapter 6D of the Corporations Act; or
(b) a declaration that Chapter 6D of the Corporations Act applies to the co‑operative as if specified provisions were omitted, modified or varied as specified in the declaration.
Note
See also section 15(2)(b) of the Co‑operatives National Law (Victoria).
(2) An application under subregulation (1) must be accompanied by an application fee of 84 fee units.
16 Fee for lodgement of disclosure documents for issue of debentures—Chapter 6D of the Corporations Act
A disclosure document for an issue of debentures that is required or authorised to be lodged with the Registrar under section 718, 719 or 719A of the Corporations Act, as applied by section 337 of the Co‑operatives National Law (Victoria), must be accompanied by a fee of 171·2 fee units.
Note
See also section 15(2)(b) of the Co‑operatives National Law (Victoria).
17 Fee for application to deregister co‑operative—section 601AA of the Corporations Act
An application to deregister a co‑operative that is lodged with the Registrar under section 601AA of the Corporations Act, as applied by section 453 of the Co‑operatives National Law (Victoria), must be accompanied by an application fee of 19·5 fee units.
Note
See also section 15(2)(b) of the Co‑operatives National Law (Victoria).
18 Waiver, reduction or refund of fees
The Registrar may waive, reduce or refund, in whole or in part, any fee imposed under these Regulations for the purposes of the Co‑operatives National Law (Victoria) or the Co‑operatives National Regulations (Victoria) if, in the opinion of the Registrar, there are special circumstances that apply.
19 Infringement penalties
(1) For the purposes of section 27(1) of the Act, an offence against a provision of the Co-operatives National Law (Victoria) specified in Column 2 of Schedule 1 is prescribed as an infringement offence.
(2) For the purposes of section 27(3) of the Act, the prescribed infringement penalty for an infringement offence specified in Column 2 of Schedule 1 is the amount specified opposite that infringement offence in Column 3 of that Schedule.
20 Model rules for government guarantee co‑operatives
For the purposes of section 28A of the Act, the prescribed modifications to the model rules in Schedule 7 to the Co‑operatives National Regulations (Victoria) are set out in Schedule 2.
Notes
1 Section 28A of the Act provides that the model rules for a co‑operative in respect of which a government guarantee exists under Division 6 of Part 3 of the Co‑operatives Act 1996 are the model rules prescribed under the Co‑operatives National Law (Victoria) for non‑distributing co‑operatives with share capital, subject to the modifications prescribed by these Regulations. The model rules for a non‑distributing co‑operative with share capital are set out in Schedule 7 to the Co‑operatives National Regulations (Victoria)—see regulation 2.2(c) of those Regulations.
2 Section 37 of the Act provides that the repeal of the Co‑operatives Act 1996 does not affect the operation of Division 6 of Part 3 of that Act on and after the date of the repeal, and that Division continues to operate as if that Act had not been repealed.
Schedule 1—Prescribed infringement offences and penalties
Regulation 19
Column 1<br>Item
Column 2<br>Provision of Co‑operatives National Law (Victoria)
Column 3<br>Prescribed Infringement Penalty
1
section 116
$500
2
section 120(2)
$500
3
section 212(1)
$500
4
section 214(6)
$500
5
section 214(8)
$500
6
section 216
$500
7
section 217(1)
$500
8
section 219(2)
$500
9
section 220(4)
$500
10
section 223(1)
$500
11
section 226(1)
$500
12
section 226(3)
$500
13
section 226(4)
$500
14
section 243(1)
$500
15
section 265(2)
$625
16
section 289(1)
$625
17
section 290(1)
$625
18
section 293(1)
$250
Schedule 2—Modifications to model rules for co‑operatives supported by government guarantees
Regulation 20
1 After model rule 3 set out in Schedule 7 to the Co‑operatives National Regulations (Victoria) insert—
"3A Objects
The objects of the co‑operative are expressly restricted to—
(a) acquiring and providing and maintaining lands and buildings and providing furnishings, requisites and equipment for education, recreation or other community purposes and to promoting and assisting clubs, co‑operatives or in particular the school council for any such purpose; and
(b) promoting and carrying out any charitable or benevolent purpose; and
(c) doing all such things calculated to improve the conditions of community life—
and there is an express prohibition on acting beyond the preceding objects.
3B Powers incidental to objects
The co‑operative shall have the following powers—
(a) to raise money on loan for any objects of the co‑operative;
(b) subject to first obtaining the Treasurer's approval, to acquire shares in any other co‑operative.".
2 In model rule 4(1) set out in Schedule 7 to the Co‑operatives National Regulations (Victoria), for the primary activities of the co‑operative insert—
"to underwrite or in some manner provide security, partially or fully, for a loan for a community benefit that is guaranteed by the State of Victoria.".
3 In model rule 4(2) set out in Schedule 7 to the Co‑operatives National Regulations (Victoria), for the active membership requirements insert—
"hold a share in the co‑operative and be a parent of a child attending, or an employee or a supporter of, the institution receiving the benefit of the loan that is guaranteed by the State of Victoria.".
4 Model rule 12(3)(c) set out in Schedule 7 to the Co‑operatives National Regulations (Victoria) is omitted.
5 For model rule 14 set out in Schedule 7 to the Co‑operatives National Regulations (Victoria) substitute—
"14 Fines
The co‑operative will refrain in all circumstances from exercising the power provided by section 126 of the Co‑operatives National Law (Victoria) to fine members.".
6 For model rule 16 set out in Schedule 7 to the Co‑operatives National Regulations (Victoria) substitute—
"16 Capital and shares (CNL ss 76–82)
(1) The capital of the co‑operative must be raised by the issue of shares of nominal value of $1 each.
(2) Every member shall hold at least five (5) shares paid up to the value of 10 cents on each share, but no member shall hold shares exceeding the nominal value of $1500, nor shall any member hold more than 20 per cent of the shares in the co‑operative.
(3) A share in the co‑operative does not carry a vote.
(4) The right to vote in the co‑operative is attached to membership and governed by section 228 of the Law.
Note
Under section 82 of the Law, the co‑operative is authorised to require members of a distributing co‑operative to take up or subscribe for additional shares under a proposal approved by special resolution.".
7 For model rule 17(1) set out in Schedule 7 to the Co‑operatives National Regulations (Victoria) substitute—
"(1) Except with the consent of the Registrar or at the direction of the Registrar, the co‑operative must not make calls on any amount unpaid on shares while any part of the loan to which the guarantee relates is still owing.".
═════════════
Endnotes
1 General information
See www.legislation.vic.gov.au for Victorian Bills, Acts and current Versions of legislation and up-to-date legislative information.
The Co-operatives National Law (Victoria) Local Regulations 2024, S.R. No. 9/2024 were made on 13 February 2024 by the Governor in Council under section 28 of the Co-operatives National Law Application Act 2013, No. 9/2013 and came into operation on 17 February 2024: regulation 3.
The Co-operatives National Law (Victoria) Local Regulations 2024 will sunset 10 years after the day of making on 13 February 2034 (see section 5 of the Subordinate Legislation Act 1994).
INTERPRETATION OF LEGISLATION ACT 1984 (ILA)
Style changes
Section 54A of the ILA authorises the making of the style changes set out in Schedule 1 to that Act.
References to ILA s. 39B
Sidenotes which cite ILA s. 39B refer to section 39B of the ILA which provides that where an undivided regulation, rule or clause of a Schedule is amended by the insertion of one or more subregulations, subrules or subclauses the original regulation, rule or clause becomes subregulation, subrule or subclause (1) and is amended by the insertion of the expression "(1)" at the beginning of the original regulation, rule or clause.
Interpretation
As from 1 January 2001, amendments to section 36 of the ILA have the following effects:
• Headings
All headings included in a Statutory Rule which is made on or after
1 January 2001 form part of that Statutory Rule. Any heading inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
This includes headings to Parts, Divisions or Subdivisions in a Schedule; Orders; Parts into which an Order is divided; clauses; regulations; rules; items; tables; columns; examples; diagrams; notes or forms.
See section 36(1A)(2A)(2B).
• Examples, diagrams or notes
All examples, diagrams or notes included in a Statutory Rule which is made on or after 1 January 2001 form part of that Statutory Rule. Any examples, diagrams or notes inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, form part of that Statutory Rule. See section 36(3A).
• Punctuation
All punctuation included in a Statutory Rule which is made on or after
1 January 2001 forms part of that Statutory Rule. Any punctuation inserted in a Statutory Rule which was made before 1 January 2001, by a Statutory Rule made on or after 1 January 2001, forms part of that Statutory Rule.
See section 36(3B).
• Provision numbers
All provision numbers included in a Statutory Rule form part of that Statutory Rule, whether inserted in the Statutory Rule before, on or after
1 January 2001. Provision numbers include regulation numbers, rule numbers, subregulation numbers, subrule numbers, paragraphs and subparagraphs. See section 36(3C).
• Location of "legislative items"
A "legislative item" is a penalty, an example or a note. As from 13 October 2004, a legislative item relating to a provision of a Statutory Rule is taken to be at the foot of that provision even if it is preceded or followed by another legislative item that relates to that provision. For example, if a penalty at the foot of a provision is followed by a note, both of these legislative items will be regarded as being at the foot of that provision. See section 36B.
• Other material
Any explanatory memorandum, table of provisions, endnotes, index and other material printed after the Endnotes does not form part of a Statutory Rule. See section 36(3)(3D)(3E).
2 Table of Amendments
There are no amendments made to the Co-operatives National Law (Victoria) Local Regulations 2024 by statutory rules, subordinate instruments and Acts.
3 Explanatory details
Reg. 4: S.R. No. 3/2014.
——
Fee Units
These Regulations provide for fees by reference to fee units within the meaning of the Monetary Units Act 2004.
The amount of the fee is to be calculated, in accordance with section 7 of that Act, by multiplying the number of fee units applicable by the value of a fee unit.
The value of a fee unit for the financial year commencing 1 July 2023 is $15.90. The amount of the calculated fee may be rounded to the nearest 10 cents.
The value of a fee unit for future financial years is to be fixed by the Treasurer under section 5 of the Monetary Units Act 2004. The value of a fee unit for a financial year must be published in the Government Gazette and a Victorian newspaper before 1 June in the preceding financial year. ↑