260 Members etc. not required to see to application of money 170 261 Registrar's directions re fundraising 170 262 Subordinated debt 171 263 Application of Corporations Act to issues of debentures 171 264 Disclosure statement 172 265 Approval of board for transfer of debentures 173 266 Application of Corporations Act—re-issue of redeemed debentures 174 267 Compulsory loan by member to co-operative 174 268 Interest payable on compulsory loan 176 Division 1A—Co-operative capital units 177 268A General nature of CCUs 177 268B Priority of CCUs on winding up 178 268C Financial accommodation provisions apply to issue of CCUs 178 268D CCUs can be issued to non-members 178 268E Minimum requirements for rules concerning CCUs 178 268F CCUs not to be issued unless terms of issue approved by Registrar 179 268G Directors' duties concerning CCUs 180 268H Redemption of CCUs 180 268I Capital redemption reserve 181 268J Issue of shares in substitution for redemption 182 Division 2—Repealed 182 269 Repealed 182 Division 3—Receivers and other controllers of property of cooperatives 182 270 Receivers and other controllers of property of cooperatives 182 Division 4—Disposal of surplus from activities 182 271 Retention of surplus for benefit of co-operative 182 272 Application for charitable purposes or members' purposes 183 273 Distribution of surplus or reserves to members 183 274 Application of surplus to other persons 184 Division 5—Acquisition and disposal of assets 184 275 Acquisition and disposal of assets 184
3 Objects of this Act s. 3 The objects of this Act are to— (a) enable the formation, registration and operation of co-operatives; and (b) promote co-operative philosophy, principles, practices and objectives; and (c) protect the interests of co-operatives, their members and the public in the operations and activities of co-operatives; and (d) ensure that the directors of co-operatives are accountable for their actions and decisions to the members of co-operatives; and (e) encourage and facilitate self-management by co-operatives at all levels; and (f) encourage the development, integration and strengthening of co-operatives at local, regional, national and international levels by supporting and fostering State and National peak organisations and co-operative instrumentalities. Division 2—Interpretation 4 Definitions (1) In this Act— S. 4(1) def. of accounting records repealed by No. 44/2001 s. 3(Sch. item 18.1(b)). * * * * * S. 4(1) def. of accounts repealed by No. 44/2001 s. 3(Sch. item 18.1(b)). * * * * *
(c) if the rules provide for a rate to be payable that is higher than the rate applicable under paragraph (a) or (b), at that higher rate. S. 177(4) amended by No. 13/2008 s. 10(3). (4) The deposit, debenture or CCU must be repaid to the member as soon as repayment would not, in the opinion of the board, adversely affect the financial position of the co-operative. S. 177(5) amended by No. 13/2008 s. 10(3). (5) The deposit, debenture or CCU must in any case be repaid within 10 years (or within any shorter period that the rules of the co-operative may require) after the repurchase of the shares concerned. 178 Cancellation of shares s. 178 A co-operative must cancel any share purchased by or forfeited to the co-operative in accordance with this Act or the rules of the co-operative. _______________ Division 1—Voting entitlements 179 Application of Part s. 179 This Part applies to all voting whether at meetings or in ballots (including postal ballots). 180 Voting (1) The right to vote attaches to membership and not shareholding. (2) Except as provided in subsections (3) and (4), each member has only one vote at a meeting of the co-operative. (3) If its rules so provide, a member of an association or federation may have the number of votes up to 5 at a general meeting that is specified in the rules.
(a) the transfer to the transferee of the whole or a part of the undertaking and of the property or liabilities of the transferor; (b) the allotting or appropriation by the transferee of shares, debentures, policies or other interests in the transferee that, under the compromise or arrangement, are to be allotted or appropriated by the transferee to or for any person; (c) the continuation by or against the transferee of any legal proceedings pending by or against the transferor; (d) the dissolution, without winding up, of the transferor; (e) the provision to be made for any persons who, within such time and in such manner as the Court directs, dissent from the compromise or arrangement; (f) the transfer or allotment of any interest in property to any person concerned in the compromise or arrangement; (g) such incidental, consequential and supplemental matters as are necessary to ensure that the reconstruction or merger is fully and effectively carried out. (4) If an order made under this section provides for the transfer of property or liabilities, then, by virtue of the order— s. 352 (a) the property is transferred to and vests in the transferee, free, in the case of any particular property if the order so directs, from any charge that is by virtue of the compromise or arrangement to cease to have effect; and (b) the liabilities are transferred to and become the liabilities of the transferee.
(d) Part 7.10 (Market misconduct and other prohibited conduct relating to financial products and financial services). Division 2—Mutual recognition of foreign cooperatives S. 369 substituted by No. 13/2008 s. 14. 369 Operation of foreign co-operatives in this State s. 369 A foreign co-operative must not carry on business in this State as a co-operative unless it is authorised under this Part to carry on business in this State. 240 penalty units. S. 370 substituted by No. 13/2008 s. 14. 370 Authorisation to carry on business (1) A participating co-operative is, by this Act, authorised to carry on business in this State after notifying the Registrar in accordance with section 371 and section 437 (Lodgment of documents) that the participating cooperative intends to carry on business in this State. (2) The authorisation of a participating cooperative is subject to the same conditions or restrictions that apply to the carrying on of its business under its registration in the participating State. (3) A non-participating co-operative is, by this Act, authorised to carry on business in this State if the Registrar issues the co-operative an authorisation notice. S. 371 substituted by No. 13/2008 s. 14. 371 Notification to Registrar s. 370 (1) A foreign co-operative that proposes to carry on business in this State must lodge with the Registrar a written notice in the form approved by the Registrar.