319 Exemptions – non-auditor members and former members of
audit firms, and former employees of audit companies
(cf Corporations Act s 342AA) ..................................................... 207
320 Exemptions – classes of non-auditor members etc.
(cf Corporations Act s 342AB) ..................................................... 208
321 Exemptions – criteria for exemptions for non-auditor members
etc. (cf Corporations Act s 342AC) .............................................. 208
322 Exemptions from National Regulations........................................ 209
323 Registrar's power to modify the operation of section 324DA of
Corporations Act (cf Corporations Act s 342A) ............................ 209
324 Auditor to notify co-operative of declaration (cf Corporations
Act s 342B) .................................................................................. 211
325 Modification by National Regulations (cf Corporations Act
s 343) .......................................................................................... 211
326 Amendment, suspension or revocation of exemption .................. 211
Division 15 Miscellaneous
327 Disclosure by directors ................................................................ 212
328 Contravention by directors of provisions of this Part
(cf Corporations Act s 344) .......................................................... 212
329 Submission of financial reports to Financial Reporting Panel ...... 212
330 Notification of ASIC by Registrar of certain matters relating to
auditor independence .................................................................. 213
Part 3.4 Funds and property
Division 1 Power to raise money
331 Meaning of obtaining of financial accommodation ....................... 213
332 Fundraising to be in accordance with National Regulations ........ 213
333 Limits on deposit taking ............................................................... 213
334 Members and other persons not required to see to application
of money ...................................................................................... 214
335 Registrar's directions about obtaining financial
accommodation ........................................................................... 214
336 Subordinated debt ....................................................................... 214
337 Application of Corporations Act – issues of debentures .............. 215
338 Disclosure statement ................................................................... 216
339 Restrictions on advertising and publicity ...................................... 217
Co-operatives (National Uniform Legislation) Act 2015 xvii
340 Application money to be held on trust (cf Corporations
Act s 722) .................................................................................... 218
341 Approval of board for transfer of debentures ............................... 218
342 Application of Corporations Act – reissue of redeemed
debentures ................................................................................... 218
343 Compulsory loan by member to co-operative .............................. 219
344 Interest payable on compulsory loan ........................................... 220
Division 2 Co-operative capital units (CCUs)
345 General nature of CCU ................................................................ 221
346 Priority of CCUs on winding up .................................................... 222
347 Financial accommodation provisions apply to issue of CCUs...... 222
348 CCUs can be issued to non-members ......................................... 222
349 Minimum requirements for rules concerning CCUs ..................... 222
350 CCUs not to be issued unless terms of issue approved by
Registrar ...................................................................................... 223
351 Directors' duties concerning CCUs .............................................. 224
352 Redemption of CCUs ................................................................... 224
353 Capital redemption reserve.......................................................... 224
354 Issue of shares in substitution for redemption ............................. 225
Division 3 Disposal of surplus from activities
355 Retention of surplus for benefit of co-operative ........................... 225
356 Application for charitable purposes or approved activities ........... 225
357 Distribution of surplus or reserves to members ........................... 226
358 Application of surplus to other persons........................................ 227
Division 4 Acquisition and disposal of assets
359 Acquisition and disposal of assets ............................................... 227
Part 3.5 Restrictions on acquisition of interests in
Division 1 Restrictions on share and voting interests
360 Notice required to be given of voting interest............................... 229
361 Notice required to be given of substantial share interest ............. 229
362 Requirements for notices ............................................................. 230
363 Maximum permissible level of share interest ............................... 230
364 Shares to be forfeited to remedy contravention ........................... 230
365 Powers of board in response to suspected contravention ........... 231
366 Powers of Supreme Court about contravention ........................... 231
367 Co-operative to inform Registrar of interest over 20% ................. 232
368 Co-operative to keep register ...................................................... 232
369 Unlisted companies to provide list of shareholders etc. ............... 233
370 Excess share interest not to affect loan liability ........................... 233
Co-operatives (National Uniform Legislation) Act 2015 xviii
371 Extent of operation of this Division .............................................. 234
372 Exemptions .................................................................................. 234
Division 2 Restrictions on certain share offers
373 Share offers to which this Division applies................................... 234
374 Requirements to be satisfied before offer can be made .............. 235
375 Some offers totally prohibited if they discriminate........................ 235
376 Offers to be submitted to board first ............................................ 235
377 Announcements of proposed takeovers about proposed
company ...................................................................................... 236
378 Additional disclosure requirements for offers involving
conversion to company ................................................................ 237
379 Consequences of prohibited offer ................................................ 238
380 Exemptions .................................................................................. 238
Chapter 4 Structural and other events for
Part 4.1 Appointment of administrator
Division 1 Introductory
381 Operation of this Part ................................................................... 239
Division 2 Administration under Corporations Act
382 Application of Corporations Act – administration of
co-operative ................................................................................. 239
383 Appointment of administrator by Registrar in the case of
insolvency .................................................................................... 240
Division 3 Administration – alternative procedure
384 Operation of this Division ............................................................. 240
385 Appointment of administrator by Registrar................................... 240
386 Effect of appointment of administrator ......................................... 241
387 Revocation of appointment .......................................................... 241
388 Expenses of administration.......................................................... 242
389 Liabilities arising from administration ........................................... 243
390 Additional powers of Registrar ..................................................... 243
391 Stay of proceedings ..................................................................... 244
392 Administrator to report to Registrar.............................................. 244
Part 4.2 Receivers and other controllers of property
393 Application of Corporations Act – receivers and other
controllers of property of co operatives ........................................ 244
Co-operatives (National Uniform Legislation) Act 2015 xix
Part 4.3 Mergers and transfers of engagements
Division 1 Merger or transfer of engagements
394 Application of this Division ........................................................... 246
395 Mergers and transfers of engagements of local co-operatives .... 246
396 Requirements before application can be made ........................... 246
397 Disclosure statement required ..................................................... 246
398 Making an application .................................................................. 247
399 Approval of merger ...................................................................... 247
400 Approval of transfer of engagements........................................... 248
401 Transfer of engagements by direction of Registrar ...................... 248
Division 2 Transfer of incorporation
402 Meaning of new body and transfer .............................................. 249
403 Application for transfer ................................................................. 250
404 Requirements before application can be made ........................... 250
405 New body ceases to be registered as co-operative ..................... 251
406 Transfer not to impose greater liability etc. .................................. 251
407 Effect of new certificate ............................................................... 251
408 Copy of new certificate to be given to Registrar .......................... 252
409 New body is a continuation of the co-operative ........................... 252
Division 3 Effect of merger or transfer on assets and
liabilities
410 How this Division applies to a merger .......................................... 252
411 How this Division applies to a transfer of engagements .............. 253
412 How this Division applies to a transfer of incorporation ............... 253
413 Effect of merger or transfer on assets and liabilities .................... 253
Part 4.4 Compromises and arrangements
Division 1 General requirements
414 Requirements for binding compromise or arrangement ............... 254
415 Court ordered meeting of creditors .............................................. 255
416 Registrar to be given notice and opportunity to make
submissions ................................................................................. 256
417 Results of 2 or more meetings ..................................................... 257
418 Persons disqualified from administering compromise or
arrangement ................................................................................ 257
419 Application of Corporations Act to person appointed to
administer compromise or arrangement ...................................... 258
420 Application of Corporations Act – person appointed to
administer compromise or arrangement ...................................... 258
421 Copy of order to be attached to rules .......................................... 258
422 Directors to arrange for reports.................................................... 259
Co-operatives (National Uniform Legislation) Act 2015 xx
423 Power of Court to restrain further proceedings ............................ 259
424 Court need not approve compromise or arrangement
takeovers ..................................................................................... 259
425 Provisions for facilitating reconstructions and mergers................ 260
426 Costs for Registrar....................................................................... 261
Division 2 Explanatory statements
427 Explanatory statement required to accompany notice of
meeting etc. ................................................................................. 261
428 Requirements for explanatory statement ..................................... 263
429 Contravention of this Division – offence by co-operative ............. 263
Division 3 Acquisition of shares of dissenting
shareholders
430 Definitions .................................................................................... 264
431 Schemes and contracts to which this Division applies................. 264
432 Acquisition of shares pursuant to notice to dissenting
shareholder.................................................................................. 264
433 Restrictions when excluded shares are more than 10% .............. 265
434 Remaining shareholders may require acquisition ........................ 265
435 Transfer of shares pursuant to compulsory acquisition ............... 266
436 Disposal of consideration for shares compulsorily acquired ........ 267
Division 4 Miscellaneous
437 Notification of appointment of scheme manager.......................... 268
438 Power of Supreme Court to require reports ................................. 268
439 Effect of out-of-jurisdiction compromise or arrangement ............. 269
440 Jurisdiction to be exercised in harmony with Corporations Act
jurisdiction.................................................................................... 269
441 Registrar may appear and be heard ............................................ 269
Part 4.5 Winding up
442 Methods of winding up ................................................................. 269
443 Winding up on Registrar's certificate ........................................... 270
444 Application of Corporations Act – voluntary winding up and
court-ordered winding up ............................................................. 270
445 Voluntary winding up – restrictions .............................................. 273
446 Voluntary winding up – start of members' voluntary winding up .. 274
447 Voluntary winding up – liquidator vacancy may be filled by
Registrar ...................................................................................... 274
448 Distribution of surplus – non-distributing co-operatives ............... 274
449 Review of liquidator's remuneration ............................................. 274
450 Liability of member to contribute in a winding up if shares
forfeited etc. ................................................................................. 275
Co-operatives (National Uniform Legislation) Act 2015 xxi
Part 4.6 Insolvency
451 Application of Corporations Act – insolvent co-operatives ........... 276
Part 4.7 Deregistration
452 Method of deregistration .............................................................. 277
453 Application of Corporations Act – deregistration .......................... 277
454 Deregistration of co-operative ceasing to exist ............................ 278
Part 4.8 Grounds for certain actions
455 Grounds for appointment of administrator, transfer of
engagements or winding up of co-operative ................................ 278
Chapter 5 Participating co-operatives
Part 5.1 Introductory
456 What constitutes carrying on business ........................................ 280
Part 5.2 Participating co-operatives carrying on
business in this jurisdiction
457 Operation of participating co-operatives in this jurisdiction .......... 280
458 Authorisation to carry on business in this jurisdiction .................. 280
459 Authorisation to carry on business in this jurisdiction is subject
to conditions and restrictions of participating jurisdiction ............. 280
460 Ceasing to be authorised to carry on business in this
jurisdiction.................................................................................... 281
461 Withdrawal of authorisation to carry on business ........................ 281
462 Name of participating co-operative .............................................. 282
463 Application of Law and National Regulations to participating
co-operatives ............................................................................... 282
Part 5.3 General
464 False copies of rules.................................................................... 282
465 False copy of documents ............................................................. 283
466 Restrictions on advertising and publicity – shares
(cf Corporations Act s 734) .......................................................... 284
467 Restrictions on advertising and publicity – debentures or
CCUs ........................................................................................... 285
468 Registrar's directions about obtaining financial
accommodation ........................................................................... 285
469 Name and place of origin to appear on business and other
documents ................................................................................... 286
Co-operatives (National Uniform Legislation) Act 2015 xxii
Part 5.4 Winding up of participating co-operatives
in this jurisdiction
470 Winding up to relate to activities in this jurisdiction ...................... 287
471 Supreme Court may order winding up ......................................... 288
472 Application of Corporations Act – winding up of participating
co-operatives in this jurisdiction ................................................... 288
473 Outstanding property of participating co-operative ...................... 289
Part 5.5 Mergers and transfers of engagements
affecting participating co-operatives
474 Definitions .................................................................................... 290
475 Authority for merger or transfer of engagements ......................... 291
476 Requirements before application can be made ........................... 291
477 Disclosure statement required ..................................................... 291
478 Making an application .................................................................. 293
479 Approval of merger ...................................................................... 293
480 Approval of transfer of engagements........................................... 294
481 Effect of merger or transfer of engagements ............................... 294
482 Part applies instead of certain other provisions of this Law ......... 295
Chapter 6 Supervision and protection of
Part 6.1 Introductory
483 Application of Chapter ................................................................. 296
Part 6.2 Prevention of fraud and other activities
484 Falsification of books ................................................................... 296
485 Fraud or misappropriation............................................................ 297
486 Offering or paying commission .................................................... 298
487 Accepting commission ................................................................. 298
488 False statements in loan application etc. ..................................... 298
Part 6.3 Examining a person about a co-operative
489 Application of Corporations Act – court-directed examinations.... 299
Part 6.4 Supervision and inspection
490 Definitions .................................................................................... 299
491 Co-operative includes subsidiaries, participating co-operatives
and co-operative ventures ........................................................... 299
492 Appointment of inspectors ........................................................... 300
493 Registrar and investigators have functions of inspectors............. 300
Co-operatives (National Uniform Legislation) Act 2015 xxiii
494 Inspector's identity card ............................................................... 300
495 Production or display of inspector's identity card ......................... 300
496 Powers of inspector ..................................................................... 301
497 Inspector's appointment conditions.............................................. 301
498 Entry of place............................................................................... 301
499 Consent to entry .......................................................................... 302
500 Inspectors may require certain persons to appear, answer
questions and produce documents .............................................. 303
501 Powers of inspectors at place entered......................................... 303
502 Functions of inspectors in relation to relevant documents ........... 304
503 Protection from incrimination ....................................................... 304
504 Warrants ...................................................................................... 305
505 Warrants – applications made otherwise than in person ............. 306
506 Requirements before executing warrant ...................................... 307
507 General powers after entering places .......................................... 308
508 Power to seize evidence .............................................................. 308
509 Receipt for seized things ............................................................. 309
510 Return of seized things ................................................................ 309
511 Power to require name and address............................................ 309
512 False or misleading statements ................................................... 310
513 Power to require production of documents .................................. 310
514 False or misleading documents ................................................... 311
515 Obstruction of inspectors ............................................................. 311
516 Copies or extracts of records to be admitted in evidence ............ 312
517 Privilege ....................................................................................... 312
518 Machinery and other provisions for warrants ............................... 313
Part 6.5 Inquiries
519 Definitions .................................................................................... 313
520 Appointment of investigators ....................................................... 314
521 Powers of investigators ............................................................... 314
522 Examination of involved person ................................................... 315
523 Privilege ....................................................................................... 315
524 Offences by involved person ....................................................... 316
525 Offences relating to documents ................................................... 317
526 Record of examination ................................................................. 317
527 Report of investigator .................................................................. 318
528 Proceedings following inquiry ...................................................... 319
529 Admission of investigator's report as evidence ............................ 319
530 Costs of inquiry ............................................................................ 319
Part 6.6 Special meetings and inquiries
531 Application for special meeting or inquiry .................................... 320
532 Holding of special meeting........................................................... 321
533 Expenses of special meeting or inquiry ....................................... 321
534 Power to hold special inquiry into co-operative............................ 321
535 Special meeting following inquiry................................................. 321
Co-operatives (National Uniform Legislation) Act 2015 xxiv
Chapter 7 Legal proceedings and other matters
Part 7.1 Offences, enforcement and remedies
536 Notice to be given of conviction for offence ................................. 322
537 Secrecy........................................................................................ 322
538 False or misleading statements ................................................... 324
539 Further offence for failure to do required act................................ 325
540 Civil remedies .............................................................................. 325
541 Order against person concerned with co-operative
(cf Corporations Act s 598) .......................................................... 326
542 Injunctions ................................................................................... 327
543 Undertakings ............................................................................... 329
544 Offence for contravention of undertaking ..................................... 329
545 Enforcement order on application with consent of person
giving undertaking ....................................................................... 329
546 Enforcement orders after contravention of undertaking ............... 330
547 Copy of undertaking .................................................................... 331
548 Registration of undertakings ........................................................ 331
549 Double jeopardy .......................................................................... 332
550 Strict liability................................................................................. 332
551 Time limit for starting proceedings for offence ............................. 332
552 Authorisation to start proceedings for offence ............................. 332
Part 7.2 Civil consequences of contravening civil
penalty provisions
553 Definitions (cf Corporations Act s 1317DA) ................................. 333
554 Declarations of contravention (cf Corporations Act s 1317E) ...... 333
555 Declaration of contravention is conclusive evidence
(cf Corporations Act s 1317F) ...................................................... 334
556 Pecuniary penalty orders (cf Corporations Act s 1317G)............. 335
557 Compensation orders (cf Corporations Act s 1317H) .................. 335
558 Who may apply for a declaration or order (cf Corporations Act
s 1317J) ....................................................................................... 336
559 Time limit for application for a declaration or order
(cf Corporations Act s 1317K)...................................................... 336
560 Civil evidence and procedure rules for declarations of
contravention and civil penalty orders (cf Corporations Act
s 1317L)....................................................................................... 336
561 Civil proceedings after criminal proceedings (cf Corporations
Act s 317M) ................................................................................. 337
562 Criminal proceedings during civil proceedings (cf Corporations
Act s 1317N) ................................................................................ 337
563 Criminal proceedings after civil proceedings (cf Corporations
Act s 1317P) ................................................................................ 337
564 Evidence given in proceedings for penalty not admissible in
criminal proceedings (cf Corporations Act s 1317Q) ................... 338
Co-operatives (National Uniform Legislation) Act 2015 xxv
565 Relief from liability for contravention of civil penalty provision
(cf Corporations Act s 1317S)...................................................... 338
566 Power to grant relief (cf Corporations Act s 1318) ....................... 340
567 Irregularities (cf Corporations Act s 1322) ................................... 341
568 Civil proceedings not to be stayed (cf Corporations Act
s 1331) ........................................................................................ 343
569 Standard of proof (cf Corporations Act s 1332) ........................... 343
Part 7.3 Appeals and review
570 Operation of Part – appeal includes review ................................. 344
571 Appeal against refusal to approve draft rules .............................. 344
572 Appeal against refusal to approve disclosure statement ............. 344
573 Appeal against refusal to register co-operative............................ 344
574 Appeal against refusal to approve amendment of rules............... 344
575 Appeal against refusal to register amendment ............................ 345
576 Appeal against decision of Registrar about remuneration of
liquidator ...................................................................................... 345
577 Appeal against notice that participating co-operative not
authorised to carry on business in this jurisdiction....................... 345
578 Provisions relating to appeals ...................................................... 345
Part 7.4 Proceedings in relation to co-operatives
579 Bringing, or intervening in, proceedings on behalf of
co-operative ................................................................................. 346
580 Applying for and granting leave ................................................... 346
581 Substitution of another person for the person granted leave ....... 347
582 Effect of ratification by members (cf Corporations Act s 239) ...... 348
583 Leave to discontinue, compromise or settle proceedings
brought, or intervened in, with leave (cf Corporations Act
s 240) .......................................................................................... 348
584 General powers of Supreme Court .............................................. 349
585 Power of Supreme Court to make costs orders
(cf Corporations Act s 242) .......................................................... 349
586 Power of Registrar to intervene in proceedings ........................... 349
Part 7.5 Evidentiary matters
587 Certificate of registration .............................................................. 350
588 Certificate evidence ..................................................................... 350
589 Records kept by co-operatives .................................................... 351
590 Minutes ........................................................................................ 351
591 Official certificates ....................................................................... 351
592 The Registrar and proceedings ................................................... 352
593 Rules ........................................................................................... 352
594 Co-operative's registers ............................................................... 352
Co-operatives (National Uniform Legislation) Act 2015 xxvi
Chapter 8 General
Part 8.1 Administrative and other matters
595 Registrar of Co-operatives and other officials .............................. 353
596 Registrar's functions .................................................................... 353
597 Functions conferred on Registrar under corresponding
co-operatives laws ....................................................................... 353
598 Delegation by Registrar ............................................................... 353
599 Register of co-operatives ............................................................. 353
600 Keeping of register of co-operatives ............................................ 354
601 Inspection of register of co-operatives ......................................... 354
602 Retention of records by Registrar ................................................ 355
603 Disposal of records by Registrar.................................................. 355
604 Filing of documents ..................................................................... 356
605 Way of filing ................................................................................. 356
606 Power of Registrar to refuse to register or reject documents ....... 356
607 Approvals by Registrar ................................................................ 357
608 Information and evidence ............................................................ 357
609 Extension or shortening of time ................................................... 358
Part 8.2 Service of documents
610 Service of documents on co-operative or participating
co-operative ................................................................................. 358
611 Service on member of co-operative ............................................. 359
Part 8.3 Co-operatives National Regulations
612 Power to make Co-operatives National Regulations ................... 359
613 National Regulations for savings or transitional matters .............. 360
614 Publication and commencement of National Regulations............ 361
Part 8.4 Miscellaneous
615 Disclosure statements ................................................................. 361
616 Supply of information between jurisdictions ................................. 361
617 Supply of information under reciprocal arrangements ................. 362
618 Translations of documents........................................................... 362
619 Qualified privilege ........................................................................ 363
620 Stamp duty and registration fees ................................................. 363
621 Procedures regarding giving of exemptions ................................ 363
622 Approval of forms ........................................................................ 363
623 Exclusion of bodies...................................................................... 363
624 Savings and transitional provisions ............................................. 363