The Co‑operatives Regulations 2010 set out the detailed, day‑to‑day rules that put the Co‑operatives Act 2009 into effect. They prescribe definitions, thresholds, forms, fees, record‑keeping, model constitutions ("rules") and processes co‑operatives must follow. (See reg. 1, reg. 6 and Schedules 1–3.)
They provide: specific definitions (for example, what counts as a "small co‑operative" (reg. 3A)), which documents are not treated as debentures (reg. 3), lists of corresponding national co‑operatives laws (reg. 4), and what must appear in registers and notices (regs. 13, 15; Schedule 4).
The regulations prescribe model rules (three template rulebooks) for different types of co‑operatives (non‑distributing w/out share capital; non‑distributing with share capital; distributing with share capital) that co‑operatives may adopt or use as a starting point. (reg. 6; Schedules 1–3.)
They fix practical procedures: how postal ballots must be run (securely, 21 days’ notice, independent returning officer, secret ballots when required) (reg. 9A), how to give statutory notices and the forms to use (Schedules 7A and 7B), registers that must be kept and what those registers must record (reg. 13; Schedule 4), and how takeover/majority‑share notifications are to be made (regs. 26–29).
They set financial and governance limits and calculation methods: limits on fines a co‑operative may impose (reg. 5), the cap and calculation method for a "limited dividend" (reg. 24), the interest rate when rebates are taken as loans (reg. 24A), maximum terms for compulsory member loans (reg. 20), restrictions on deposit‑taking co‑operatives (reg. 19) and prescribed security a liquidator must give (reg. 32).
Zoe can write the in-depth analysis on top of the summary above: how it works, who it affects and what each part actually does.
Current sections
Direct links to the current provisions in Co-operatives Regulations 2010.
10
Sch 1
Model rules of a non‑distributing co‑operative without share capital
Schedule 1 — Model rules of a non‑distributing co‑operative without share capital
Terms used 30
Rules 30
Powers 31
Name 31
Active membership provisions 32
Qualifications for membership 32
Membership, subscriptions, periodic fees 33
Ceasing membership 33
Expulsion of members 34
Payments upon expulsion of member 35
Payments upon resignation of member 35
Suspension of members 36
Disputes and mediation 36
Fines payable by members 38
Liability of members to co‑operatives 38
Forfeiture and cancellations — inactive members 39
Death of member 39
Dealings of members with co‑operatives 40
Registration of Official Trustee in Bankruptcy 41
Registration as administrator of estate on incapacity of member 41
Entitlements and liabilities of person registered as trustee, administrator etc. 41
Transfer and transmission of debentures 42
Issue of CCUs 43
Transfer and transmission of CCUs 44
Annual general meetings 44
Special general meetings 44
Notice of general meetings 45
Business of general meetings 46
Quorum at general meetings 47
Chairperson at general meetings 47
Attendance and voting at general meetings 48
Voting on a show of hands 49
Voting on a poll 49
Determining the outcome where equality of votes 49
Proxy votes 50
Postal ballots 51
Special and ordinary resolutions 53
Board of directors 54
Qualifications of directors 54
Independent directors 54
Managing director 56
First and subsequent directors 56
Removal from office of member director 57
Vacation of office of director 57
Filling of casual vacancies 57
Remuneration 58
Proceedings of the board 58
Transaction of business outside board meetings 59
Quorum for board meetings 59
Chairperson of board 59
Delegation and board committees 60
Other committees 61
Minutes 61
Financial year 62
Seal 62
Custody and inspection of records and registers 62
Accounts 63
Safe keeping of securities 63
Appointing an auditor — co‑operatives 64
Appointing an auditor — small co‑operatives 64
Terms of appointment, remuneration and removal of auditors 64
Co‑operative funds 66
Provision for loss 67
Notices 67
Winding‑up 68
Schedule of charges 69
Sch 2
Model rules of a non‑distributing co‑operative with share capital
Schedule 2 — Model rules of a non‑distributing co‑operative with share capital
Terms used 71
Rules 71
Powers 72
Name 72
Active membership provisions 73
Qualifications for membership 73
Membership, subscriptions, periodic fees 74
Ceasing membership 75
Expulsion of members 76
Monetary consequences of expulsion 77
Suspension of members 78
Payments upon resignation of member 79
Disputes and mediation 80
Fines payable by members 81
Capital and shares 82
Liability of members to co‑operatives 82
Calls on shares 83
Sale of members’ shares 84
Transfer and transmission of shares 85
Effect of sale, transfer or disposal of shares 86
Forfeiture and cancellations: inactive members 87
Forfeiture of shares 88
Forfeited shares 88
Forfeiture for non‑payment of subscription 88
Death of member 89
Dealings of members with co‑operatives 90
Charges on shares 91
Registration of Official Trustee in Bankruptcy 92
Registration as administrator of estate on incapacity of member 92
Entitlements and liabilities of person registered as trustee, administrator etc. 92
Transfer and transmission of debentures 93
Issue of CCUs 94
Transfer and transmission of CCUs 95
Annual general meetings 95
Special general meetings 95
Notice of general meetings 96
Business of general meetings 97
Quorum at general meetings 98
Chairperson at general meetings 98
Attendance and voting at general meetings 99
Voting on a show of hands 100
Voting on a poll 100
Determining the outcome where equality of votes 100
Proxy votes 101
Postal ballots 102
Special and ordinary resolutions 104
Board of directors 105
Qualifications of directors 105
Independent directors 105
Managing director 107
First and subsequent directors 107
Removal from office of member director 108
Vacation of office of director 108
Filling of casual vacancies 108
Remuneration 109
Proceedings of the board 109
Transaction of business outside board meetings 110
Quorum for board meetings 110
Chairperson of board 110
Delegation and board committees 111
Other committees 112
Minutes 112
Financial year 113
Seal 113
Custody and inspection of records and registers 113
Accounts 114
Safe keeping of securities 115
Appointing an auditor — co‑operatives 115
Appointing an auditor — small co‑operatives 115
Terms of appointment, remuneration and removal of auditors 116
Co‑operative funds 117
Provision for loss 118
Notices 118
Winding‑up 120
Schedule of charges 121
Sch 3
Model rules of a distributing co‑operative with share capital
Schedule 3 — Model rules of a distributing co‑operative with share capital
Terms used 122
Rules 122
Powers 123
Name 123
Active membership provisions 124
Qualifications for membership 124
Membership, subscriptions, periodic fees 125
Ceasing membership 126
Expulsion of members 127
Monetary consequences of expulsion 128
Suspension of members 129
Payments upon resignation of member 130
Disputes and mediation 131
Fines payable by members 132
Capital and shares 133
Liability of members to co‑operatives 134
Calls on shares 134
Sale of members’ shares 135
Transfer and transmission of shares 136
Effect of sale, transfer or disposal of shares 138
Forfeiture and cancellations: inactive members 138
Forfeiture of shares 139
Forfeited shares 139
Forfeiture for non‑payment of subscription 140
Death of member 140
Dealings of members with co‑operatives 141
Charges on shares 142
Registration of Official Trustee in Bankruptcy 143
Registration as administrator of estate on incapacity of member 143
Entitlements and liabilities of person registered as trustee, administrator etc. 143
Transfer and transmission of debentures 144
Issue of CCUs 145
Transfer and transmission of CCUs 146
Annual general meetings 146
Special general meetings 146
Notice of general meetings 148
Business of general meetings 148
Quorum at general meetings 149
Chairperson at general meetings 149
Attendance and voting at general meetings 150
Voting on a show of hands 151
Voting on a poll 151
Determining the outcome where equality of votes 152
Proxy votes 152
Postal ballots 154
Special and ordinary resolutions 155
Board of directors 156
Qualifications of directors 156
Independent directors 157
Managing director 158
First and subsequent directors 159
Removal from office of member director 159
Vacation of office of director 159
Filling of casual vacancies 160
Remuneration 160
Proceedings of the board 160
Transaction of business outside board meetings 161
Quorum for board meetings 161
Chairperson of board 162
Delegation and board committees 162
Other committees 163
Minutes 164
Financial year 164
Seal 164
Custody and inspection of records and registers 165
Accounts 166
Safe keeping of securities 166
Appointing an auditor — co‑operatives 166
Appointing an auditor — small co‑operatives 166
Terms of appointment, remuneration and removal of auditors 167
Co‑operative funds 168
Provision for loss 170
Notices 170
Winding‑up 172
Schedule of charges 172
Sch 4
Particulars to be included in registers
Schedule 4 — Particulars to be included in registers
Register of members, directors and shares 174
Register of loans, securities given by, debentures issued by and deposits received by a co‑operative 175
Register of names of persons who have given loans or deposits to or hold securities or debentures given or issued by a co‑operative 176
Register of loans made or guaranteed by and securities taken by a co‑operative 177
4A. Register of CCUs 178
Register of memberships cancelled 179
Sch 6
Undesirable matter for names
Schedule 6 — Undesirable matter for names
Sch 7
Information for explanatory statements
Schedule 7 — Information for explanatory statements
Terms used 186
Information about proposed compromise or arrangement with creditors 186
Information about proposed compromise or arrangement with members or class of members 188
Sch 7A
Forms: notices about acquisition of shares
Schedule 7A — Forms: notices about acquisition of shares
Form 1 — Compulsory acquisition notice (s. 355(1))
Form 2 — Notice to remaining shareholders (s. 357(1)(a))
Sch 7B
Form: notice under section 408(1)
Schedule 7B — Form: notice under section 408(1)
Form 1 — Notice requiring production of documents or attendance to answer questions (s. 408(1))
Sch 9
Holders of prescribed offices
Schedule 9 — Holders of prescribed offices
More sections below
Source text: opening excerpt
Sourced from the Western Australian Legislation website (legislation.wa.gov.au). Not the authorised version.
Western Australia
Co-operatives Act 2009
Co-operatives Regulations 2010
Western Australia
Co-operatives Regulations 2010
Contents
Citation 1
Commencement 1
Documents that are not debentures (section 4(1)) 1
3A. Small co‑operative (section 4(1)) 2
Corresponding co‑operatives laws (section 5A) 4
Content of rules (section 98) 4
Model rules prescribed (section 101) 5
Factors and considerations for determining primary activities, etc. (section 115) 5
Particulars for register of cancelled memberships (section 130) 6
Who is qualified to give certificate of value of assets (section 149) 6
9A. Postal ballots (section 185) 7
Disqualified persons (section 206C) 8
Secretary to ensure these provisions are not contravened (section 207A) 9
Particulars in registers to be kept by co‑operatives (section 230) 10
Inspection of registers etc. (section 232) 10
Notice of appointment etc. of directors and officers (section 234) 11
Unsuitable names (section 238) 12
17A. Use of name by exempted entities (sections 238 and 242) 12
Advertising a change of name of a co‑operative (section 241) 12
18A. Small co‑operative: reports where no members’ direction (section 244H) 13
18B. Small co‑operative: reports where members require audit or review (section 244I) 14
18C. Contents of annual financial report: disclosures required by notes to consolidated financial statements (section 244K) 14
18D. Small co‑operative: annual reports for members (section 244V) 15
18E. Annual return to Registrar (section 244ZB) 15
18F. Synchronising financial years of co‑operative and controlled entities (section 244ZH) 16
Requirements and restrictions on deposit taking co‑operatives obtaining financial accommodation (section 245) 17
They set the fees payable to the Registrar and the late‑filing surcharge (reg. 42 and Schedule 10), and give the Registrar discretion to waive fees in defined circumstances (reg. 43).
Who this affects
All Western Australian co‑operatives and persons who form, run, advise or lend to them: boards, secretaries, auditors, members and potential investors (see regs. 11, 60–62 and Schedule 10 fees).
Small co‑operatives: the regulations create a clear small‑co‑operative test (revenue/assets/employee thresholds and a special rule for share issues) and tailor reporting/audit obligations for them (reg. 3A; regs. 18A–18F).
Deposit‑taking co‑operatives: they are restricted in who they may take deposits from (reg. 19).
Anyone involved in significant share or voting interest changes must comply with the detailed notice content and timing rules (regs. 26–29).
Why it matters (practical effects, who pays, who decides, and behavioural effects)
Compliance burden and who pays: co‑operatives bear the cost of record‑keeping, notices, lodgments and Registrar fees (reg. 42; Schedule 10). The regulations prescribe inspection fees and maximums for copies (regs. 22–23, 30) which shift modest administrative costs to users requesting information. The Registrar can waive fees for charitable or disadvantaged‑purpose co‑operatives (reg. 43), lowering costs for some.
Reporting and audit incentives: small co‑operatives benefit from simplified reporting and optional audit review unless members direct otherwise (regs. 3A, 18A–18D). This reduces compliance costs for small entities but preserves members’ ability to require more rigorous assurance (reg. 18B).
Funding and ownership choices: deposit‑taking co‑operatives are prohibited from accepting deposits from non‑members (reg. 19) — this limits one source of external funding and channels liquidity to member depositors only. Limits on dividends (reg. 24) and on maximum individual shareholdings (model rules cross‑referencing s. 278) affect return structures and concentration of ownership.
Internal governance and contract freedom: model rules (Schedules 1–3) make a ready‑to‑use constitution available, reducing drafting and legal costs (reg. 6). Co‑operatives can adopt or amend these rules (subject to special resolutions and registration), so default contract terms are available but can be varied by member decisions (see Schedules 1–3 clauses on amendments and s. 106 of the Act cited in those rules).
Procedural clarity and enforcement: the regulations specify forms, times and contents for notices, ballots and registers (e.g. reg. 9A, regs. 26–29, Schedule 7B). That reduces uncertainty for businesses and advisers but increases the administrative checklist directors and secretaries must observe. The secretary has a prescribed duty to take reasonable steps to avoid certain contraventions (reg. 11), shifting practical compliance responsibility to an identified officer.
Registrar discretion and cross‑jurisdictional effects: the Registrar is given targeted discretionary powers (to declare corresponding laws (reg. 4), grant name exemptions (reg. 17A), exempt offers under section 290 in specified circumstances (reg. 30A), or waive fees (reg. 43)). Those powers concentrate decision latitude in a regulator and can affect competitive entry or naming rights when exercised.
Costs, trade‑offs and implementation risks (mechanisms, not value judgments)
Administrative cost vs legal certainty: detailed prescription of registers, forms and notice contents reduces legal uncertainty but increases ongoing administrative cost for co‑operatives (regs. 13, Schedule 4, Schedule 7).
Reduced financing options for deposit‑taking co‑operatives: the prohibition on taking deposits from non‑members (reg. 19) reduces potential external funding but protects member control and may simplify prudential risk management.
Concentrated benefits and diffuse costs: templates and simplified reporting for small co‑operatives (reg. 3A; regs. 18A–18F) mainly benefit small entities by lowering compliance costs; the cost of administering compliance (Registrar oversight, fee collection) is spread across registrants via fees (reg. 42; Schedule 10).
Bureaucratic discretion and capture risk: the Registrar’s powers to exempt names, waive fees, declare corresponding laws and approve certain offers (regs. 4, 17A, 30A, 43) create points where administrative decisions materially affect business choices; those decisions require transparent exercise to limit arbitrary outcomes.
Contract freedom vs standardisation: model rules reduce drafting costs and provide defaults, but using a model may embed trade‑offs (e.g. default voting, dividend and transfer rules) that a co‑operative would have negotiated differently — the Act/regulations preserve the ability to amend rules by special resolution (Schedules 1–3; see clause references to section 106 of the Act).
Key specific provisions to note quickly
Small co‑operative test and relief: reg. 3A and regs. 18A–18F set size thresholds, reporting exemptions and audit pathways.
Postal ballots: minimum 21‑day notice and independent returning officer; electronic voting allowed but must not disadvantage members without access (reg. 9A).
Deposit taking: deposit‑taking co‑operatives may only accept deposits from members and employees (reg. 19) — penalty $2,000.
Limited dividend and rebate loans: limited dividend calculated by reference to a 10% base plus the CBA 5‑year term deposit rate (reg. 24); minimum interest for rebate loans tied to the RBA cash rate (reg. 24A).
Registers and inspection: detailed register content (Schedule 4) and capped fees for inspection and copies (regs. 22–23, 30).
Fees and waivers: Schedule 10 lists Registrar fees and a late‑filing surcharge; Registrar can waive fees for charitable or disadvantaged‑purpose co‑operatives (reg. 43).
What changes mechanically before considering stated policy reasons
The instrument mainly fills out operational detail the Act left to regulation: who counts as a small co‑operative (reg. 3A), what model rules look like (Schedules 1–3), precise notice and register content (Schedule 4), and the exact fees and forms the Registrar will use (Schedule 10). The statutory policy rationales (for example, lowering cost for small entities, protecting member deposits) are stated in the Act; the regulations implement those aims by setting thresholds, exceptions and administrative processes.
Relevant section citations in this summary: regs. 1–2 (commencement); reg. 3 and 3A (debentures and small co‑operative); reg. 4 (corresponding laws); reg. 5 (content of rules/fines); reg. 6 and Schedules 1–3 (model rules); reg. 9A (postal ballots); reg. 11 (secretary duties); regs. 13–15 and Schedule 4 (registers and notices); reg. 19 (deposit restrictions); regs. 20, 24, 24A (member loans, limited dividend and interest); regs. 26–29 (share interest notices); reg. 30A (offer exemptions); reg. 32 (liquidator security); regs. 35–36 and Schedules 7A/7B (statutory forms); reg. 42 and Schedule 10 (fees); reg. 43 (fee waiver).
Compulsory loan by member to co‑operative (section 255) 17
Inspection of register of charges (section 267) 18
Copies of register of charges (section 267) 18
Limited dividend (section 271) 18
24A. Distribution of surplus or reserves to members: minimum rate of interest for loan when rebate paid as loan to co‑operative (section 271) 18
Acquisition and disposal of assets that require special postal ballots (section 273) 19
Particulars in notice of change of voting interest (section 275) 19
Particulars in notice of substantial share interest (section 276(1)) 20
Particulars in notice of change in substantial share interest (section 276(2)) 21
Particulars in notice of cessation of substantial share interest (section 276(3)) 22
Maximum fee for inspection of notifiable interests register (section 284) 23
30A. Requirements to be satisfied before offer can be made (section 290) 23
Application for transfer — prescribed law (section 305) 24
Security to be given by liquidator (section 314) 24
Information to be set out in an explanatory statement (section 349) 25
Manner of giving notice to dissenting shareholder (section 355) 25
Manner of giving notice to remaining shareholders (section 357) 25
Restrictions on advertising and publicity: shares (section 380C) 25
Restrictions on advertising and publicity: debentures or CCUs (section 380D) 26
38A. Information to appear on business and other documents (section 380) 27
38B. Form of notice requiring production of documents or attendance to answer questions (section 408) 27
Allowances and expenses for an involved person (section 429) 28
Documents relating to a co‑operative (section 457) 28
Exclusions — holders of prescribed offices 29
Fees 29
Registrar may waive fees in some circumstances 29
Schedule 1 — Model rules of a non‑distributing co‑operative without share capital
Terms used 30
Rules 30
Powers 31
Name 31
Active membership provisions 32
Qualifications for membership 32
Membership, subscriptions, periodic fees 33
Ceasing membership 33
Expulsion of members 34
Payments upon expulsion of member 35
Payments upon resignation of member 35
Suspension of members 36
Disputes and mediation 36
Fines payable by members 38
Liability of members to co‑operatives 38
Forfeiture and cancellations — inactive members 39
Death of member 39
Dealings of members with co‑operatives 40
Registration of Official Trustee in Bankruptcy 41
Registration as administrator of estate on incapacity of member 41
Entitlements and liabilities of person registered as trustee, administrator etc. 41
Transfer and transmission of debentures 42
Issue of CCUs 43
Transfer and transmission of CCUs 44
Annual general meetings 44
Special general meetings 44
Notice of general meetings 45
Business of general meetings 46
Quorum at general meetings 47
Chairperson at general meetings 47
Attendance and voting at general meetings 48
Voting on a show of hands 49
Voting on a poll 49
Determining the outcome where equality of votes 49
Proxy votes 50
Postal ballots 51
Special and ordinary resolutions 53
Board of directors 54
Qualifications of directors 54
Independent directors 54
Managing director 56
First and subsequent directors 56
Removal from office of member director 57
Vacation of office of director 57
Filling of casual vacancies 57
Remuneration 58
Proceedings of the board 58
Transaction of business outside board meetings 59
Quorum for board meetings 59
Chairperson of board 59
Delegation and board committees 60
Other committees 61
Minutes 61
Financial year 62
Seal 62
Custody and inspection of records and registers 62
Accounts 63
Safe keeping of securities 63
Appointing an auditor — co‑operatives 64
Appointing an auditor — small co‑operatives 64
Terms of appointment, remuneration and removal of auditors 64
Co‑operative funds 66
Provision for loss 67
Notices 67
Winding‑up 68
Schedule of charges 69
Schedule 2 — Model rules of a non‑distributing co‑operative with share capital
Terms used 71
Rules 71
Powers 72
Name 72
Active membership provisions 73
Qualifications for membership 73
Membership, subscriptions, periodic fees 74
Ceasing membership 75
Expulsion of members 76
Monetary consequences of expulsion 77
Suspension of members 78
Payments upon resignation of member 79
Disputes and mediation 80
Fines payable by members 81
Capital and shares 82
Liability of members to co‑operatives 82
Calls on shares 83
Sale of members’ shares 84
Transfer and transmission of shares 85
Effect of sale, transfer or disposal of shares 86
Forfeiture and cancellations: inactive members 87
Forfeiture of shares 88
Forfeited shares 88
Forfeiture for non‑payment of subscription 88
Death of member 89
Dealings of members with co‑operatives 90
Charges on shares 91
Registration of Official Trustee in Bankruptcy 92
Registration as administrator of estate on incapacity of member 92
Entitlements and liabilities of person registered as trustee, administrator etc. 92
Transfer and transmission of debentures 93
Issue of CCUs 94
Transfer and transmission of CCUs 95
Annual general meetings 95
Special general meetings 95
Notice of general meetings 96
Business of general meetings 97
Quorum at general meetings 98
Chairperson at general meetings 98
Attendance and voting at general meetings 99
Voting on a show of hands 100
Voting on a poll 100
Determining the outcome where equality of votes 100
Proxy votes 101
Postal ballots 102
Special and ordinary resolutions 104
Board of directors 105
Qualifications of directors 105
Independent directors 105
Managing director 107
First and subsequent directors 107
Removal from office of member director 108
Vacation of office of director 108
Filling of casual vacancies 108
Remuneration 109
Proceedings of the board 109
Transaction of business outside board meetings 110
Quorum for board meetings 110
Chairperson of board 110
Delegation and board committees 111
Other committees 112
Minutes 112
Financial year 113
Seal 113
Custody and inspection of records and registers 113
Accounts 114
Safe keeping of securities 115
Appointing an auditor — co‑operatives 115
Appointing an auditor — small co‑operatives 115
Terms of appointment, remuneration and removal of auditors 116
Co‑operative funds 117
Provision for loss 118
Notices 118
Winding‑up 120
Schedule of charges 121
Schedule 3 — Model rules of a distributing co‑operative with share capital
Terms used 122
Rules 122
Powers 123
Name 123
Active membership provisions 124
Qualifications for membership 124
Membership, subscriptions, periodic fees 125
Ceasing membership 126
Expulsion of members 127
Monetary consequences of expulsion 128
Suspension of members 129
Payments upon resignation of member 130
Disputes and mediation 131
Fines payable by members 132
Capital and shares 133
Liability of members to co‑operatives 134
Calls on shares 134
Sale of members’ shares 135
Transfer and transmission of shares 136
Effect of sale, transfer or disposal of shares 138
Forfeiture and cancellations: inactive members 138
Forfeiture of shares 139
Forfeited shares 139
Forfeiture for non‑payment of subscription 140
Death of member 140
Dealings of members with co‑operatives 141
Charges on shares 142
Registration of Official Trustee in Bankruptcy 143
Registration as administrator of estate on incapacity of member 143
Entitlements and liabilities of person registered as trustee, administrator etc. 143
Transfer and transmission of debentures 144
Issue of CCUs 145
Transfer and transmission of CCUs 146
Annual general meetings 146
Special general meetings 146
Notice of general meetings 148
Business of general meetings 148
Quorum at general meetings 149
Chairperson at general meetings 149
Attendance and voting at general meetings 150
Voting on a show of hands 151
Voting on a poll 151
Determining the outcome where equality of votes 152
Proxy votes 152
Postal ballots 154
Special and ordinary resolutions 155
Board of directors 156
Qualifications of directors 156
Independent directors 157
Managing director 158
First and subsequent directors 159
Removal from office of member director 159
Vacation of office of director 159
Filling of casual vacancies 160
Remuneration 160
Proceedings of the board 160
Transaction of business outside board meetings 161
Quorum for board meetings 161
Chairperson of board 162
Delegation and board committees 162
Other committees 163
Minutes 164
Financial year 164
Seal 164
Custody and inspection of records and registers 165
Accounts 166
Safe keeping of securities 166
Appointing an auditor — co‑operatives 166
Appointing an auditor — small co‑operatives 166
Terms of appointment, remuneration and removal of auditors 167
Co‑operative funds 168
Provision for loss 170
Notices 170
Winding‑up 172
Schedule of charges 172
Schedule 4 — Particulars to be included in registers
Register of members, directors and shares 174
Register of loans, securities given by, debentures issued by and deposits received by a co‑operative 175
Register of names of persons who have given loans or deposits to or hold securities or debentures given or issued by a co‑operative 176
Register of loans made or guaranteed by and securities taken by a co‑operative 177
4A. Register of CCUs 178
Register of memberships cancelled 179
Schedule 6 — Undesirable matter for names
Schedule 7 — Information for explanatory statements
Terms used 186
Information about proposed compromise or arrangement with creditors 186
Information about proposed compromise or arrangement with members or class of members 188
Schedule 7A — Forms: notices about acquisition of shares
Form 1 — Compulsory acquisition notice (s. 355(1))
Form 2 — Notice to remaining shareholders (s. 357(1)(a))
Schedule 7B — Form: notice under section 408(1)
Form 1 — Notice requiring production of documents or attendance to answer questions (s. 408(1))
Schedule 9 — Holders of prescribed offices
Schedule 10 — Fees
Fees and late filing fee 201
Notes
Compilation table 207
Defined terms
Co-operatives Act 2009
Co-operatives Regulations 2010
1. Citation
These regulations are the *Co-operatives Regulations 2010*.
2. Commencement
These regulations come into operation as follows —
(a) regulations 1 and 2 — on the day on which these regulations are published in the Gazette;
(b) the rest of the regulations — on the day on which the Co‑operatives Act 2009 section 489 comes into operation.
3. Documents that are not debentures (section 4(1))
For the purposes of the definition of debenture in section 4(1) of the Act, a document is exempt from the definition if it is —
(a) a document that —
(i) contains all or some of the conditions on which deposits are accepted by, or withdrawn from, a co‑operative; and
(ii) acknowledges the receipt of a deposit with a co‑operative; and
(iii) enables further deposits to be made adding to the balance of an existing deposit; and
(iv) enables all or part of the balance of a deposit to be withdrawn, whether at call or on the giving of a fixed period of notice; and
(v) acknowledges the amount of the withdrawal and the balance remaining;
or
(b) a document acknowledging a debt incurred by a co‑operative —
(i) in the ordinary course of carrying on so much of a business as is not, or is not part of, a business of borrowing money and providing finance; and
(ii) in relation to money that is or may be deposited with or lent to the co‑operative by a person in the ordinary course of a business carried on by the co‑operative;
or
(c) a document issued by a company that is evidence of a debt owed by the company to a co‑operative that is a holding company (within the meaning of the Corporations Act) of the company; or
(d) a document issued by a co‑operative that is evidence of a debt owed by the co‑operative to a corporation that is a subsidiary of the co‑operative.
3A. Small co‑operative (section 4(1))
(1) For the purposes of the definition of small co‑operative in section 4 of the Act, a co‑operative is a small co‑operative for a financial year if —
(a) subregulation (2) does not apply to the co‑operative for the financial year and it satisfies at least 2 of the following subparagraphs —
(i) the consolidated revenue of the co‑operative and the entities it controls (if any) is less than $8 million for the financial year;
(ii) the value of the consolidated gross assets and the entities it controls (if any) is less than $4 million at the end of the financial year;
(iii) the co‑operative and the entities it controls (if any) had fewer than 30 employees at the end of the financial year;
or
(b) it is a co‑operative declared under subregulation (5) to be a small co‑operative for the financial year (regardless of whether or not subregulation (2) would apply to the co‑operative).
(2) This subregulation applies to a co‑operative for a financial year for the purposes of this regulation, if it issues shares to more than 20 prospective members during that year and the amount raised in that year by the issue of those shares exceeds $2 million.
(3) In counting e
This is an opening excerpt, not the complete document.