New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 9

9 Excluded matter

(cf Vic Act s 9)

(1) A co-operative is declared to be an excluded matter for the purposes of section 5F of the Corporations Act in relation to the whole of the Corporations legislation other than to the extent specified in this section.

Note: This section ensures that neither the Corporations Act nor Part 3 of the Australian Securities and Investments Commission Act 2001 of the Commonwealth will apply to a co-operative, other than to the extent specified in this section. Section 5F of the Corporations Act provides that if a State law declares a matter to be an excluded matter in relation to the whole of the Corporations legislation other than to a specified extent, then that legislation will not apply, except to the specified extent, in relation to that matter in the State concerned. However, other provisions of this Act apply certain provisions of the Corporations legislation to co-operatives as laws of this State.

(2) Subsection (1) does not exclude the application of the following provisions of the Corporations legislation to co-operatives to the extent that those provisions would otherwise be applicable to them:

(a) provisions that relate to any matter that the regulations provide is not to be excluded from the operation of the Corporations Act,

(b) provisions that relate to the role of a co-operative in the formation of a company,

(c) provisions that relate to substantial holdings of shares, by or involving a co-operative, in a company,

(d) provisions that confer or impose functions on a co-operative as a member, or former member, of a corporation,

(e) provisions that relate to dealings by a co-operative in securities of a body corporate, other than securities of the co-operative itself,

(f) provisions that confer or impose functions on a co-operative in its dealings with a corporation, not being dealings in securities of the co-operative,

(g) provisions that relate to securities of a co-operative, other than shares in, CCUs issued by, debentures of or deposits with a co-operative,

(h) provisions relating to derivatives,

(i) provisions relating to:

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

(ii) regulated principals (as defined in section 1430 of the Corporations Act) when dealing in, or providing advice about, securities as authorised by Subdivision D of Division 1 of Part 10.2 of that Act,

(j) provisions relating to the carrying on of a financial services business (as defined in section 761A of the Corporations Act) relating to securities,

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

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

(ii) regulated principals (as defined in section 1430 of the Corporations Act) when dealing in, or providing advice about, securities as authorised by Subdivision D of Division 1 of Part 10.2 of that Act,

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

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

(ii) regulated principals (as defined in section 1430 of the Corporations Act) when dealing in, or providing advice about, securities as authorised by Subdivision D of Division 1 of Part 10.2 of that Act,

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

(n) provisions relating to powers of a Court to cure procedural irregularities and to make other orders.

(3) It is declared that subsection (1) does not operate to exclude the operation of the following provisions of the Corporations Act except in relation to shares in, CCUs issued by, debentures of or deposits with a co-operative:

(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).

(4) Subsection (1) does not apply if the co-operative is directed by an order of the Court under section 98 (j), or applies in accordance with the provisions of Division 3 of Part 12, to become registered as a company under the Corporations Act to the extent necessary for a co-operative to be registered as a company under Chapter 5B of that Act.