CORPORATIONS (NEW SOUTH WALES) ACT 1990 - SECT 85
National scheme laws prevail over co-operative scheme laws
CORPORATIONS (NEW SOUTH WALES) ACT 1990 - SECT 85
National scheme laws prevail over co-operative scheme laws
(1) This section provides for the national scheme laws of this jurisdiction to
supersede the co-operative scheme laws, which are to continue to operate of
their own force only in relation to: (a) matters arising before the
commencement of this section, and
(b) matters arising, directly or
indirectly, out of such matters,
in so far as the national scheme laws or the
Corporations legislation do not deal with those matters.
(2) Where a
co-operative scheme law is inconsistent with a
national scheme law of this jurisdiction, the national scheme law prevails
and, to the extent of the inconsistency, the co-operative scheme law does not
operate.
(3) For the purposes of subsection (2), a co-operative scheme law is
inconsistent with a national scheme law if it would be inconsistent within the
meaning of section 109 of the Constitution of the Commonwealth of Australia if
the national scheme law were an Act of the Commonwealth.
(4) In this section:
"Corporations legislation" means the Corporations legislation to which Part
1.1A of the Corporations Act 2001 of the Commonwealth applies.
