9Co-operatives may continue to operate under old rules—the Act, Sch 1, cl 1

9 Co-operatives may continue to operate under old rules—the Act, Sch 1, cl 1

9 Co-operatives may continue to operate under old rules—the Act, Sch 1, cl 1

(1) This section applies to a co-operative whose existing registered rules are the registered rules that applied to the co-operative, and were in force, immediately before the commencement of the Act (the old rules).

(2) The co-operative may continue to operate under the old rules.

(3) While the co-operative is operating under the old rules—

(a) the Act, the CNL, the CNR and this regulation prevail over the old rules to the extent of an inconsistency, and

(b) references in the old rules to requirements in the Co-operatives Act 1992 or the Co-operatives Regulation 2005 are taken to be references to the equivalent requirements in the Act, the CNL, the CNR or this regulation, and

(c) references in the old rules to the co-operative being a trading co-operative are taken to be references to the co-operative being a distributing co-operative, and

(d) references in the old rules to the co-operative being a non-trading co-operative are taken to be references to the co-operative being a non-distributing co-operative.