451Application of Corporations Act – insolvent co-operatives

451 Application of Corporations Act – insolvent co-operatives (1) A co-operative is declared to be an applied Corporations legislation this jurisdiction in relation to Part 5.7B of the Corporations Act, (a) a reference in the provisions to any provision of sections 286 - 290 of the Corporations Act is to be read as a reference to the appropriate provision of Division 2 of Part 3.3 (sections 265 - 269) of this Law; (b) section 588G of the Corporations Act is to be read as if item 2 of the table to section 588G(1A) of that Act were omitted; (c) section 588G of the Corporations Act is to be read as if item 3 of the table to section 588G(1A) of that Act read as follows: “repaying share capital when the obligation to repay share capital is effective receiving the resignation of a member under the rules of the co-operative when the resignation is effective expelling a member when the expulsion occurs”; (d) section 588G of the Corporations Act is to be read as if a reference (however expressed) in items 4 and 5 of the table to section 588G(1A) of that Act to redeemable preference shares were a reference to CCUs; (e) a reference (however expressed) in section 588V or 588W of the Corporations Act to a corporation that is the holding company of a company is to be read as if the reference to: (i) a corporation were a reference to a co-operative (as provided in section 15(2) of this Law); and (ii) "the holding company" were a reference to that (iii) "a company" were a reference to a company that is a subsidiary of that co-operative (and accordingly that reference to a "company" is not to be read as a reference to a co-operative);

Co-operatives (National Uniform Legislation) Act 2015 277 (f) the reference in section 588Z(b) of the Corporations Act to 23 June 1993 is, if the Co-operatives National Law Act of this jurisdiction so provides, to be read as a reference to a date (g) the modifications referred to in section 13(3) of this Law so far Note (2) Section 588G(2) of the Corporations Act as applying under this section is a civil penalty provision under this Law (see section 554) and is not a civil penalty provision under that Act. Part 4.7 Deregistration