Source: http://www.legislation.nsw.gov.au/tocview/inforce/act%2B18%2B1992%2Bpt.15-div.2%2B2010-11-29%2BN
Timestamp: 2013-05-25 09:08:55
Document Index: 386418033

Matched Legal Cases: ['art 2', 'art 3', 'art 4', 'art 5', 'art 6', 'art 7', 'art 8', 'art 9', 'art 10', 'art 11', 'art 12', 'art 5', 'art 13', 'art 13', 'art 14', 'art 15', 'art 16', 'art 17']

Contents (1992 - 18)
Co-operatives Act 1992 No 18Status informationLong title
1 Name of Act 2 Commencement 3 Objects of this Act 3A Application to co-operative housing societies and other
bodies Division 2 Interpretation
4 Division of functions under this Act 5 Definitions 5A Qualified privilege 5B Exercise of Registrar’s functions Division 3 The co-operative principles
6 Co-operative principles 7 Interpretation to promote co-operative
principles Division 4 Application of Corporations Act to
8 Definitions 9 Excluded matter 10 Applying the Corporations legislation to
co-operatives 11 Modifications to applied provisions 12 (Repealed) Part 2 Formation
Division 1 Types of co-operatives
13 Types of co-operatives 14 Trading co-operatives 15 Non-trading co-operatives Division 2 Formation meeting
16 Formation meeting Division 3 Approval of disclosure statement and
17 Approval of disclosure statement 18 Approval of rules Division 4 Registration of proposed co-operative
19 Application for registration of proposed
co-operative 20 Registration of co-operative 21 Incorporation and certificate of registration Division 5 Registration of existing body corporate
22 Existing body corporate can be registered 23 Formation meeting 24 Application for registration 25 Requirements for registration 26 Certificate of registration 27 Effect of registration Division 6 Conversion of co-operative
28 Conversion of co-operative Division 7 Appeals
28A Appeal against refusal to approve draft disclosure
statement 28B Appeal against refusal to approve draft rules 28C Appeal against refusal to register 28D Registrar to comply with Court order Division 8 General
28E Stamp duty exemption for certain co-operatives 28F Acceptance of money by proposed co-operative 28G Issue of duplicate certificate Part 3 Legal capacity, powers etc
29 Effect of incorporation 30 Power to form companies, enter into joint ventures
etc Division 2 Doctrine of ultra vires abolished
31 Interpretation 32 Objects of this Division 33 Legal capacity 34 Restrictions on co-operatives in rules 35 Results of contravention of restriction in
rules Division 3 Persons having dealings with
36 Assumptions entitled to be made 37 Assumptions 38 Person who knows or ought to know is not entitled to make
assumptions 39 (Repealed) 40 Lodgment of documents etc not to constitute constructive
notice 41 Effect of fraud Divisions 4, 5 42–44(Repealed)Division 6 Authentication and execution of documents and
confirmation of contracts
45 Contractual formalities 46 Execution under common seal 47 Authentication need not be under seal 48 Co-operative may authorise person to execute
deeds 48A Common seal 49 Official seal 50 Other requirements as to consent or sanction not
affected 51 Transitional Division 7 Pre-registration contracts
52 Contracts before registration 53 Person may be released from liability but is not entitled
to indemnity 54 Division replaces other rights and liabilities 55–61 (Repealed) Part 4 Membership
62 Becoming a member 63 Membership may be joint 64 Qualification for membership—likelihood of being
active member 65 Members under 18 years of age 66 Members of associations 67 Members of federations 68 Representatives of bodies corporate 69 Notification of shareholders and share holdings 70 Circumstances in which membership ceases—all
co-operatives 71 Additional circumstances in which membership
ceases—co-operatives with share capital 72 (Repealed) 73 Carrying on business with too few members Division 2 Rights and liabilities of members
74 Rights of membership not exercisable until registered
etc 75 Liability of members to creditors 76 Liability of members to co-operative 76A Co-operative to provide information to person intending
to become member 77 Entry fees and regular subscriptions 78 Members etc may be required to deal with
co-operative 79 Fines payable by members 80 Charge and set-off of co-operative 81 Repayment of shares on expulsion Division 3 Death of member
81A Meaning of “interest” 82 Transfer of share or interest on death of
member 83 Transfer of small shareholdings and interests on
death 84 (Repealed) 85 (Renumbered as sec
81A) 86 Value of shares and interests 87 Stamp Duties Act
1920 88 Co-operative protected Division 4 Disputes involving members
89 Grievance procedure 90 Application to Court 91–95 (Repealed) Division 5 Oppressive conduct of affairs
95A Extended meaning of “member” 95B Application of Division 96 Who may apply for court order 97 (Repealed) 98 Orders that Court may make 99 Basis on which Court makes orders 100 Winding up not to be ordered if oppressed members
prejudiced 101 Application of winding up provisions 102 Changes to rules 103 Copy of order to be lodged with Registrar 104 Compliance with orders Division 6 Proceedings on behalf of co-operative by members
105 Bringing, or intervening in, proceedings on behalf of
co-operative 105A Applying for and granting leave 105B Substitution of another person for person granted
leave 105C Effect of ratification by members 105D Leave to discontinue, compromise or settle proceedings
brought, or intervened in, with leave 105E General powers of the Court 105F Power of Court to make costs order Part 5 Rules
106 Effect of rules 107 Content of rules 108 Purchase and inspection of copy of rules 109 (Repealed) 109A Model rules 110 Rules can only be altered in accordance with this
Act 111 Alteration by special resolution 112 Alteration by resolution of the board 113 Alteration does not take effect until
registered 113A Appeal against refusal to register alteration 113B Registrar to comply with Court order 114 False copies of rules Part 6 Active membership requirements
Division 1 Definitions etc
115 Primary activity—meaning 116 Active membership—explanation 117 Active membership provisions and
resolutions—explanation Division 2 Rules to contain active membership
118 Number of primary activities required 119 Rules to contain active membership provisions 120 Failure to have active membership provisions 121 Factors and considerations for determining primary
activities etc 122 Regular subscription—active membership of
non-trading co-operative 123 Active membership provisions—trading
co-operatives Division 3 Active membership resolutions
124 Prior approval of active membership
resolutions 125 Appeal against refusal of approval 126 Notice of meeting 126A Eligibility to vote on active membership
resolution 126B Eligibility of directors to vote on proposal at board
meeting 126C Other entitlements of members not affected Division 4 Cancellation of membership etc of inactive
127 Cancellation of membership of inactive member 128 Shares to be forfeited if membership cancelled 129 Order of Council against cancellation 130 Deferral of forfeiture by board 131 Cancellation of membership prohibited in certain
circumstances 132 Notice of intention to cancel membership 133 Failure to cancel membership—offence by
director 134 Repayment of amounts due in respect of cancelled
membership 135 Interest on deposits, debentures and CCUs 136 Repayment of deposits, debentures and CCUs 137 Register of cancelled memberships 138 (Repealed) Division 5 Entitlements of former members
139 Former shareholders to be regarded as shareholders for
certain purposes 140 Entitlements of former shareholders on mergers
etc 141 Set-off of amounts repaid etc on forfeited
shares 142 Entitlement to distribution from reserves 143 Minister may exempt co-operatives from
provisions Part 7 Shares
144 Share capital required except for non-profit
co-operatives 145 Restrictions on conversion to co-operative without share
capital 146 Nature of share in co-operative Division 1A Disclosure
146A Disclosure to intending members in trading
co-operative 146B Content of disclosure statement to intending
members 146C Exemptions from disclosure requirements Division 2 Issue of shares
146D Adoption of certain Corporations Act provisions about
shares 147 Shares—general 148 Minimum number of shares to be subscribed for 149 Minimum paid up amount 150 Shares not to be issued at a discount 151 Issue of shares at a premium 152 Joint ownership of shares 153 Dividends etc 154 Issue of shares to active members in exchange for
property 155 Members may be required to take up additional
shares 156 Bonus share issues Division 3 Beneficial and non-beneficial interests in
157 Notice of non-beneficial ownership at time of
transfer 158 Notice of non-beneficial ownership not notified at time
of transfer 159 Registration as beneficial owner of shares notified as
non-beneficially transferred 160 Notification of change in nature of
shareholding 161 Presumption of awareness 162 Presumption that shares held non-beneficially 163 Noting of beneficial and non-beneficial interests in
register of members 164 Registration as trustee etc on death of owner of
shares 165 Registration as administrator of estate on incapacity of
shareholder 166 Registration as Official Trustee in Bankruptcy 167 Liabilities of person registered as trustee or
administrator 168 Notification of trusts in register of members 169 No notice of trust except as provided by this
Division Division 4 Sale etc of shares
170 Sale or transfer of shares 170A Transfer on death of member 170B Restriction on total shareholding 171 Transfer not effective until registered Division 5 Repurchase etc of shares
172 Purchase and repayment of shares 173 Deposits, debentures or CCUs in lieu of payment when
share repurchased 174 Cancellation of shares Part 8 Voting
Division 1 Voting entitlements
175 Voting to which this Part applies 176 Voting 177 Rules of certain co-operatives formed to carry on club
may restrict voting rights 178 Effect of relevant share and voting interests on voting
rights 179 Voting by proxy 180 Effect of unpaid borrowings 181 Inactive members not entitled to vote 181A Control of the right to vote 182 Effect of sale etc of shares 183 Restriction on voting entitlement under power of
attorney 183A Restriction on voting by representatives of bodies
corporate 184 Rights of representatives to vote etc 185 Other entitlements etc of members unaffected by
ineligibility to vote 186 Vote of disentitled member to be disregarded Division 2 Resolutions
187 Decisions of co-operative usually to be by ordinary
resolution 188 Ordinary resolutions 189 Special resolutions 190 How majority obtained is ascertained 190A Disallowance by Registrar 190B Effect of special resolution 191 Declaration of passing of special resolution 192 Lodgment of special resolution 192A Decision of Registrar on application to register special
resolution 193 Postal ballots 194 Special postal ballots 194A When is a special postal ballot required? 195 Holding of postal ballot on requisition 195A Expenses involved in postal ballots on
requisition 196 Resolution by circulation of document—fewer than 50
members 197 Circulation of members resolutions etc Division 3 Meetings
198 Annual general meetings 199 Special general meetings 199A Notice of meetings 199B Quorum at meetings 200 No entitlement to be present at meetings where membership
required to be cancelled 201 Decision at meetings 202 Convening of general meeting on requisition 203 Minutes Part 9 Management and administration of
Division 1 The Board
204 Board of directors 205 Election of directors 206 Qualification of directors 206A (Repealed) 207 Qualifications for directors of associations and
federations 208 Disqualified persons 209 Meeting of the board of directors 210 Transaction of business outside meetings 211 Deputy directors 212 Filling of vacancies on board 213 Delegation by board 214 Exercise of functions on behalf of board 215 Minister may appoint director 216 Election of employees as directors 217 Revocation of approval etc 218 Removal from and vacation of office Division 1A Secretary of a co-operative
219 Secretary Division 2 Duties and liabilities of directors, officers and
220 Meaning of “officer” 221 Officers must act honestly 222 Standard of care and diligence required 223 Improper use of information or position 224 Court may order payment of compensation 225 Recovery of damages by co-operative 226 Other duties and liabilities not affected 227 (Repealed) 228 Indemnification of officers and auditors 229 Application of Corporations Act provisions concerning
officers of co-operatives Division 3 Restrictions on directors and officers
230 Directors’ remuneration 231 (Repealed) 232 Financial accommodation to directors and
associates 233 Restriction on directors of certain co-operatives selling
land to co-operative 233A Management contracts Division 4 Directors’ interests in contracts
234 Declaration of interest 235–237 (Repealed) 238 Declarations to be recorded in minutes 239 Division does not affect other laws or rules 240 (Repealed) 241 Certain interests need not be declared 242 (Repealed) Division 5 Financial statements, reports and
243 Requirements for financial records, statements and
reports 244 Power of Registrar to grant exemptions 245 Meaning of “entity” and
“control” 246 Disclosure by directors 247 Protection of auditors etc 248 Financial year Division 6 Registers, records and returns
249 Registers to be kept by co-operatives 250 Location of registers 251 Inspection of registers etc 251A Use of information on registers 251B Notice of appointment etc of directors and
officers 252 Annual report 253 List of members to be furnished at request of
Registrar 254 Special return to be furnished at request of
Registrar Division 7 Name and registered office
255 Name to include certain matter 256 Approval for omission of “Limited” 257 Use of abbreviations 258 Name to appear on business documents etc 259 Change of name of co-operative 260 Restriction on use of word “co-operative” or
similar words 261 Registered office of co-operative Part 10 Funds, property etc
Division 1 Power to raise money etc
262 Meaning of obtaining financial accommodation 263 Fund raising to be in accordance with Act and
regulations 263A Limits on deposit taking 263B Members etc not required to see to application of
money 264 Registrar’s directions concerning fund
raising 265 Subordinated debt 266 Application of Corporations Act to issues of
debentures 266A Disclosure statement 266B Approval of board for transfer of debentures 267 Application of Corporations Act—re-issue of
redeemed debentures 268 Compulsory loan by member to co-operative 268A Interest payable on compulsory loan Division 2 Co-operative capital units (CCUs)
269 General nature of CCU 269A Priority of CCUs on winding up 270 Division 1 applies to issue of CCUs 271 CCUs can be issued to non-members 272 Minimum requirements for rules concerning CCUs 273 CCUs not to be issued unless terms of issue approved by
Registrar 274 Directors’ duties concerning CCUs 275 Redemption of CCUs 276 Capital redemption reserve 277 Issue of shares in substitution for redemption Division 3 Charges
278 Registration of charges 279 Receivers and managers Division 4 Disposal of surplus from activities
280 Retention of surplus for benefit of
co-operative 281 Application for charitable purposes or members’
purposes 282 Distribution of surplus or reserves to members 283 Application of surplus to other persons Division 5 Prudential standards etc
284 Prudential standards may be prescribed 285 Acquisition and disposal of assets Part 11 Restrictions on the acquisition of interests in
Division 1 Restrictions on share and voting
286 Notice required to be given of voting interest 287 Notice required to be given of substantial share
interest 288 Requirements for notices 289 Maximum permissible level of share interest 290 Shares to be forfeited to remedy contravention 291 Powers of board in response to suspected
contravention 292 Powers of Court with respect to contraventions 293 Co-operative to inform Registrar of interest over
20% 294 Co-operative to keep register 295 Unlisted companies to provide list of shareholders
etc 296 Excess share interest not to affect loan
liability 297 Extent of operation of Division 298 Registrar may grant exemption from Division Division 2 Restrictions on certain share offers
299 Share offers to which Division applies 300 Requirements to be satisfied before offer can be
made 301 Some offers totally prohibited if they
discriminate 302 Offers to be submitted to board first 303, 304 (Repealed) 305 Announcements of proposed takeovers concerning proposed
company 306 Additional disclosure requirements for offers involving
conversion to company 307 Consequences of prohibited offer 308 Council may grant exemptions Part 12 Merger, transfer of engagements, winding up
Division 1 Merger and transfer of engagements
309 Application of Division 310 Mergers and transfers of engagements of local
co-operatives 311 Requirements before application can be made 311A Disclosure statement required 311B Making an application 311C Approval of merger 312 Exemptions concerning mergers 313 Approval of transfer of engagements 314 Transfer of engagements by direction of
Registrar 315 Representations to Council on direction to transfer
engagements Division 3 Transfer of incorporation
316 Application for transfer 317 Meaning of “new body” and
“transfer” 318 New body ceases to be registered as
co-operative 319 Transfer not to impose greater liability etc 320 Effect of new certificate of incorporation 321 New body is a continuation of the co-operative 321A Registration under the Associations Incorporation Act
2009 322 Stamp duty Division 4 Winding up
323 Methods of winding up 324 Winding up on Registrar’s certificate 325 Application of Corporations Act to winding up 326 Restrictions on voluntary winding up 327 Commencement of members’ voluntary winding
up 328 Distribution of surplus—non-trading
co-operatives 329 Liquidator—vacancy may be filled by
Registrar 330 Review of liquidator’s remuneration 331 Liability of member to contribute in a winding up where
shares forfeited etc Division 5 Administration of co-operative—application
of Corporations Act
332 Adoption of Part 5.3A of Corporations Act 332A Appointment of administrator by Registrar Division 6 Appointment of administrator
333 Appointment of administrator of co-operative 334 Effect of appointment of administrator 335 Revocation of appointment 336 Expenses of administration 337 Liabilities arising from administration 337A Additional powers of Registrar 337B Stay of proceedings 337C Administrator to report to Registrar 338 Council may direct revocation of administrator’s
appointment Division 7 Effect of merger etc on property, liabilities
339 How this Division applies to a merger 340 How this Division applies to a transfer of
engagements 341 How this Division applies to a transfer of
incorporation 342 Effect of merger on property, liabilities etc Division 8 Miscellaneous
343 Grounds for winding up, transfer of engagements,
appointment of administrator 343A (Repealed) 343B Application of Corporations Act concerning insolvent
co-operatives Part 13 Arrangements and reconstructions
344 Requirements for binding compromise or
arrangement 345 Court ordered meeting of creditors 346 Registrar to be given notice and opportunity to make
submissions 347 Results of 2 or more meetings 348 Persons disqualified from administering compromise
etc 349 Application of provisions of Corporations Act to person
appointed 350 Copy of order to be attached to rules 351 Directors to arrange for reports 352 Power of Court to restrain further proceedings 353 Court need not approve compromise or arrangement
takeovers Division 2 Explanatory statements
354 Explanatory statement required to accompany notice of
meeting etc 355 Requirements for explanatory statement 356 Contravention of Division—offence by
co-operative 357 Provisions for facilitating reconstructions and
mergers Division 3 Acquisition of shares of dissenting
358 Definitions 359 Schemes and contracts to which Division
applies 360 Acquisition of shares pursuant to notice to dissenting
shareholder 361 Restrictions when excluded shares exceed 10% 362 Remaining shareholders may require acquisition 363 Transfer of shares pursuant to compulsory
acquisition 364 Disposal of consideration for shares compulsorily
acquired Division 4 Miscellaneous
365 Notification of appointment of scheme manager 366 Power of Court to require reports 367 Effect of out-of-jurisdiction compromise or
arrangement 368 Jurisdiction to be exercised in harmony with Corporations
Act jurisdiction 369 Registrar may appear etc Part 13A Foreign co-operatives
369A Definitions 369B Co-operatives law Division 2 Registration of foreign co-operatives
369C Operation of foreign co-operatives in New South
Wales 369D What constitutes carrying on business 369E Application for registration of participating
co-operative 369F Application for registration of non-participating
co-operative 369G Registrar to approve rules of non-participating
co-operative 369H Name of foreign co-operative 369I Registration of foreign co-operative 369J Application of Act and regulations to foreign
co-operatives 369K Registrar to be notified of certain changes 369L Balance sheets 369M Cessation of business 369N Co-operative proposing to register as a foreign
co-operative Division 3 Mergers and transfers of engagements
369O Who is the appropriate Registrar? 369P Authority for merger or transfer of
engagements 369Q Requirements before application can be made 369R Disclosure statement required 369S Making an application 369T Approval of merger 369U Approval of transfer of engagements 369V Effect of merger or transfer of engagements 369W Division applies instead of certain other provisions of
this Act Part 14 Supervision and protection of
Division 1 Supervision and inspection
370 Definitions 371 “Co-operative” includes subsidiaries, foreign
co-operatives and co-operative ventures 372 Appointment of inspectors 373 Registrar and investigators have functions of
inspectors 374 Inspector’s certificate of authority 375 Inspectors may require certain persons to appear, answer
questions and produce documents 376 Inspectors’ powers of entry 377 Powers of inspectors on premises entered 378 Functions of inspectors in relation to relevant
documents 379 Offence—failing to comply with requirements of
inspector 380 Protection from incrimination 381 Search warrants 382 Copies or extracts of records to be admitted in
evidence 383 Privilege 384 Police aid for inspectors Division 2 Inquiries
385 Definitions 386 Appointment of investigators 387 Powers of investigators 388 Examination of involved person 389 Privilege 390 Offences by involved person 391 Offences relating to documents 392 Record of examination 393 Report of investigator 394 Proceedings following inquiry 395 Admission of investigator’s report as
evidence 396 Costs of inquiry Division 3 Prevention of fraud etc
397 Falsification of records 398 Fraud or misappropriation 399 Offering or paying commission 400 Accepting commission 401 False statements in loan application etc Division 4 Miscellaneous powers of the Registrar
402 Application for special meeting or inquiry 403 Holding of special meeting 404 Expenses of special meeting or inquiry 405 Power to hold special inquiry into
co-operative 406 Special meeting following inquiry 407 Information and evidence 408 Extension or abridgment of time 408A Power of Registrar to intervene in
proceedings Part 15 Administration of this Act
409 Registrar’s functions 410 Register of Co-operatives 410A Keeping of registers 411 Delegation by Registrar 412 Approvals by Registrar 413 Disposal of records by Registrar 413A Inspection of Register 413B Lodgment of documents 413C Method of lodgment 413D Power of Registrar to refuse to register or reject
documents Division 2 The Council
414 Constitution of Council 415 Nominations 416 Minister and Registrar may attend meetings 417 Functions of the Council 418 Delegation by Council to Registrar 419 Appeal to Court from decision of Council Division 3 Evidence
420 Certificate of incorporation 421 Certificate evidence 422 Orders etc published in the Gazette 423 Records kept by co-operatives 424 Minutes 425 Official certificates etc 426 The Registrar and proceedings 427 Rules 428 Registers Part 16 Offences and proceedings
429 Offences by officers of co-operatives 430 Notice to be given of conviction for offence 431 Secrecy 432 False or misleading statements 433 Further offence for continuing failure to do required
act 434 Civil remedies 435 Proceedings for offences etc Part 17 General
436 (Renumbered as sec 10) 436A (Renumbered as sec 11) 436B (Renumbered as sec 12) 437 Exemption from stamp duty 438 (Repealed) 439 Co-operative ceasing to exist 440 Service of documents on co-operative 440A Service on member of co-operative 441 Reciprocal arrangements 442 Translations of documents 443 Injunctions 443A Power of Court to punish for contempt 444 Savings and transitional provisions 445 (Repealed) 446 Regulations Schedule 1 Matters for which rules must make
Schedule 2 Relevant interests, associates, related
Schedule 3 Registration etc of charges
Schedule 4 Receivers, and other controllers, of property of
Schedule 5 Members and procedure of the Council