Australian Capital Territory Consolidated Acts

COOPERATIVES ACT 2002 - SECT 15

    (1)     A cooperative is declared to be an excluded matter for the purposes of the Corporations Act, section 5F in relation to the whole of the Corporations legislation to which the Corporations Act, part 1.1A (Interaction between Corporations Legislation and State and Territory laws) applies, other than to the extent specified in subsections (3) to (5).

Note     This section ensures that neither the Corporations Act nor the ASIC Act, pt 3 will apply in relation to a cooperative, other than to the extent specified in this section. The Corporations Act, s 5F provides that, if a State or territory law declares a matter to be an excluded matter in relation to all or part of the Corporations legislation to which the Corporations Act, pt 1.1A applies (see s 5D), that legislation does not apply, except to the extent specified, in relation to that matter in the State or Territory. However, other provisions of this Act apply certain provisions of the Corporations Act to cooperatives as ACT laws.

    (2)     Without limiting subsection (1) and to remove any doubt, an act or omission by an entity in relation to a cooperative is declared to be an excluded matter for the purposes of the Corporations Act, section 5F in relation to the whole of the Corporations legislation to which the Corporations Act, part 1.1A applies, other than to the extent specified in subsections (3) to (5).

    (3)     Subsections (1) and (2) do not exclude the application of the following provisions of the Corporations legislation to cooperatives to the extent that those provisions would otherwise apply to them:

        (a)     provisions that relate to anything that the regulations provide is not to be excluded from the operation of the Corporations legislation;

        (b)     provisions that relate to the role of a cooperative in the formation of a company;

        (c)     provisions that relate to substantial shareholdings, by or involving a cooperative, in a company;

        (d)     provisions that give functions to a cooperative as a member, or former member, of a corporation;

        (e)     provisions relating to dealings by a cooperative in securities of a body corporate, other than securities of the cooperative itself;

        (f)     provisions that give functions to a cooperative in its dealings with a corporation, other than dealings in securities of the cooperative;

        (g)     provisions that relate to securities of a cooperative, other than shares in, debentures of or deposits with a cooperative;

        (h)     provisions relating to derivatives;

              (i)     provisions relating to—

              (i)     financial services licensees (within the meaning of the Corporations Act, section 761A) whose licence covers dealing in, or providing advice about, securities; or

              (ii)     regulated principals (within the meaning of the Corporations Act, section 1430) when dealing in, or providing advice about, securities as authorised by that Act, part 10.2 (Transitional provisions relating to the Financial Services Reform Act 2001 ), division 1, subdivision D;

        (j)     provisions relating to the carrying on of a financial services business (within the meaning of the Corporations Act, section 761A) relating to securities;

        (k)     provisions relating to financial statements and audits of financial statements, of—

              (i)     financial services licensees (within the meaning of the Corporations Act, section 761A) whose licence covers dealing in, or providing advice about, securities; or

              (ii)     regulated principals (within the meaning of the Corporations Act, section 1430) when dealing in, or providing advice about, securities as authorised by that Act, part 10.2 (Transitional provisions relating to the Financial Services Reform Act 2001 ), division 1, subdivision D;

        (l)     provisions relating to money and scrip of clients of—

              (i)     financial services licensees (within the meaning of the Corporations Act, section 761A) whose licence covers dealing in, or providing advice about, securities; or

              (ii)     regulated principals (within the meaning of the Corporations Act, section 1430) when dealing in, or providing advice about, securities as authorised by that Act, part 10.2 (Transitional provisions relating to the Financial Services Reform Act 2001 ), division 1, subdivision D;

        (m)     provisions relating to registers of interests in securities.

    (4)     To remove any doubt, subsections (1) and (2) do not exclude the operation of the following provisions of the Corporations Act, except in relation to shares in, debentures of or deposits with a cooperative:

        (a)     part 1.2A (Disclosing entities);

        (b)     chapter 2L (Debentures);

        (c)     chapter 6D (Fundraising);

        (d)     part 7.10 (Market misconduct and other prohibited conduct relating to financial products and financial services).

    (5)     If a cooperative is directed by an order of the Supreme Court under section 88 (i) (Orders that Supreme Court may make) to become registered as a company under the Corporations Act, subsections (1) and (2) do not exclude the application of that Act to the cooperative to the extent necessary for the cooperative to be registered as a company under that Act, chapter 5B (Bodies corporate registered as companies, and registrable bodies).