Northern Territory Consolidated Acts

CO-OPERATIVES ACT - SECT 4

(1) In this Act unless the contrary intention appears:

agreement means an agreement, arrangement or understanding:

(a) whether formal or informal or partly formal and partly informal;

(b) whether written or oral or partly written and partly oral; and

(c) whether or not having legal or equitable force and whether or not based on legal or equitable rights.

alter , in relation to the rules of a co-operative, includes add to, substitute and rescind.

associate has the meaning given by Schedule 2.

association means an association registered under this Act.

board means the board of directors of a co-operative and includes a committee of management of a co-operative.

component co-operative means a member of an association.

co-operative means a body registered under this Act as a
co-operative and includes an association or federation.

debenture means a document issued by a co-operative that evidences or acknowledges indebtedness of the co-operative in respect of money that is or may be deposited with or lent to the
co-operative, whether constituting a charge on property of the
co-operative or not and includes a unit of a debenture but does not include:

(a) a cheque, order for the payment of money or bill of exchange;

(b) a promissory note having a face value of not less than $50,000; or

(c) any other document of a class that is prescribed as exempt from this definition.

deed of arrangement means a deed of arrangement executed under Part 5.3A of the Corporations Act 2001 as applying under this Act or such a deed as varied and in force from time to time.

deposit-taking co-operative means a co-operative that is permitted under section 254 to accept money on deposit.

director , in relation to a co-operative, includes:

(a) a person who occupies or acts in the position of a director or member of the board of a co-operative, whether or not the person is called a director and whether or not the person is validly appointed or duly authorised to act in the position; and

(b) a person in accordance with whose directions or instructions the directors or members of the board of directors of the
co-operative are accustomed to act.

federation means a federation registered under this Act.

financial records includes:

(a) invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes and vouchers;

(b) documents of prime entry; and

(c) working papers and other documents needed to explain:

(i) the methods by which financial statements are made up; and

(ii) adjustments to be made in preparing financial statements.

financial statements means:

(a) a profit and loss statement;

(b) a balance sheet;

(c) a statement of cash flows; and

(d) if required by the accounting standards under the Corporations Act 2001 applying under this Act - a consolidated profit and loss statement, balance sheet and statement of cash flows.

foreign co-operative means a body corporate that is registered, incorporated or formed under, or subject to, a law in force outside the Territory (including outside Australia), that regulates
co-operatives or organisations having attributes the same as or similar to co-operatives but does not include:

(a) a body registered under the Corporations Act 2001; or

(b) an authorised deposit-taking institution or a foreign ADI within the meaning of the Banking Act 1959 of the Commonwealth.

inspector means a person appointed as an inspector under Part 15.

model rules means the model rules approved by the Registrar under Part 5.

mortgage includes a lien, charge or other security over property.

non-trading co-operative means a non-trading co-operative within the meaning of section 15.

officer , in relation to a co-operative, means:

(a) a director, secretary or employee of the co-operative;

(b) a person who is concerned, or takes part, in the management of the co-operative, whether or not as a director;

(c) a receiver and manager, appointed under a power contained in an instrument, of property of the co-operative;

(d) an administrator of a deed of arrangement executed by the
co-operative;

(e) a liquidator or provisional liquidator appointed in a voluntary winding up of the co-operative;

(f) an administrator of the co-operative appointed under:

(i) Part 5.3A of the Corporations Act 2001 as applying under this Act; or

(ii) Division 5 of Part 12 of this Act; or

(g) a trustee or other person administering a compromise or arrangement made between the co-operative and another person.

primary activity has the meaning given by section 114.

principal executive officer , in relation to a co-operative or to a subsidiary of a co-operative, means the principal executive officer of the co-operative or subsidiary from time to time, by whatever name called, and whether or not that officer is a director or the secretary.

records includes books, financial records, financial statements, minutes, registers, deeds, writings, documents and other sources of information compiled, recorded or stored in written form or on microfilm, or by electronic process, or in any other manner or by any other means.

Register means the Register of Co-operatives established under Part 16.

Registrar means the person from time to time holding the office of Registrar of Co-operatives under this Act.

related (in the context of related bodies corporate) has the meaning given by Schedule 2.

relevant interest has the meaning given by Schedule 2.

rule means a registered rule of a co-operative from time to time in force.

seal in relation to a co-operative, means common seal or official seal.

share means a share in the share capital of a co-operative.

subordinated debt has the meaning given by section 257.

subsidiary has the same meaning as in the Corporations Act 2001.

surplus , in relation to a co-operative, means the excess of income over expenditure after making proper allowance for taxation expense, depreciation in value of the property of the co-operative and for future contingencies.

trading co-operative means a trading co-operative within the meaning of section 14.

(2) In this Act:

(a) a reference to a function includes a reference to a power, authority and duty; and

(b) a reference to the exercise of a function includes, in relation to a duty, a reference to the performance of the duty.