New South Wales Consolidated Acts

CO-OPERATIVE HOUSING AND STARR-BOWKETT SOCIETIES ACT 1998 - SECT 16

16 Excluded matter

(1) The following matters are declared to be excluded matters 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 by this section:

(a) co-operative housing bodies,

(b) securities of such bodies.

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 co-operative housing bodies, 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-operative housing bodies and the securities of such bodies to the extent they would otherwise be applicable to such bodies and securities:

(a) provisions applying to, or about, the following:

(i) bodies,

(ii) bodies corporate,

(iii) disclosing entities,

(iv) eligible bodies,

(v) persons,

(vi) securities, including securities of a particular type,

(vii) securities, including securities of a particular type (for example, shares or debentures) of a body corporate,

(b) provisions applying to or about bodies or bodies corporate included in the official list of any prescribed financial market (including provisions of Chapter 6 applying to or about a company as defined for that Chapter),

(c) Chapter 2L (Debentures),

(d) Chapter 6D (Fundraising),

(e) Part 7.10 (Market misconduct and other prohibited conduct relating to financial products and financial services),

(f) provisions:

(i) about the interpretation of a provision mentioned in paragraphs (a)-(e) ( "non-excluded Corporations Act provision"), including a provision defining a word used in the non-excluded Corporations Act provision, or

(ii) vesting power in the Australian Securities and Investments Commission, but only to the extent that they vest power for the purposes of a non-excluded Corporations Act provision, or

(iii) empowering a court to make an order (including an order curing a procedural irregularity), but only to the extent that they empower the court to make an order for the purposes of a non-excluded Corporations Act provision, or

(iv) otherwise about the administration of a non-excluded Corporations Act provision.

(3) The expressions used in subsection (2) (a), (b) and (f) have the meanings given by the Corporations Act.