New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 343B

343B Application of Corporations Act concerning insolvent co-operatives

(cf Vic Act s 338)
A co-operative is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of Part 5.7B of the Corporations Act, subject to the following modifications:

(a) those provisions are to be read as if a co-operative were a company,

(b) a reference in those provisions to any provision of sections 286- 290 of the Corporations Act is to be read as a reference to the equivalent provisions of the regulations under section 243 of this Act,

(b1) a reference to the Court or the Court (within the meaning of section 58AA) in Division 2A of Part 5.7B is to be read as a reference to the Supreme Court,

(b2) section 588FK is to be read as if the definition of "PPSA security interest" in section 588FK (4) read as follows and the note to the section were omitted:

"PPSA security interest" (short for Personal Property Securities Act security interest) means a security interest to which the Personal Property Securities Act 2009 applies (including a transitional security interest within the meaning of that Act).

(b3) section 588FL (1) (a) is to be read as if the following subparagraph were inserted after subparagraph (i):

“(ia) a certificate is issued by the Registrar under section 324 of the Co-operatives Act 1992 for the winding up of a co-operative;”,

(b4) the definition of "critical time" in section 588FL (7) is to be read as if the words “(as applied and modified by section 325 of the Co-operatives Act 1992 )” were inserted after “513B” in paragraph (a) of that definition,

(c) such other modifications (within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001 ) as may be prescribed by the regulations.

Note: See the note to section 10 (1).