Northern Territory Consolidated Acts

CO-OPERATIVES ACT - SECT 9

(1) A co-operative is declared to be an excluded matter for the purposes of section 5F of the Corporations Act 2001 in relation to the whole of the Corporations legislation other than to the extent specified in subsections (2) and (2A).

(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 2001;

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

(c) provisions that relate to substantial shareholdings, 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;

(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, debentures of or deposits with a co-operative;

(h) provisions relating to derivatives;

(i) provision relating to:

(i) financial services licensees (as defined in section 761A of the Corporations Act 2001) whose licence covers dealing in, or providing advice about, securities; or

(ii) regulated principals (as defined in section 1430 of the Corporations Act 2001) when dealing in, or providing advice about securities as authorised by Part 10.2 Division 1 Subdivision D of that Act;

(j) provisions relating to the carrying on of a financial services business (as defined in section 761A of the Corporations Act 2001) 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 2001) whose licence covers dealing in, or providing advice about, securities; or

(ii) regulated principals (as defined in section 1430 of the Corporations Act 2001) when dealing in, or providing advice about, securities as authorised by Part 10.2 Division 1 Subdivision D 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 2001) whose licence covers dealing in, or providing advice about, securities; or

(ii) regulated principals (as defined in section 1430 of the Corporations Act 2001) when dealing in, or providing advice, about securities as authorised by Part 10.2 Division 1 Subdivision D of that Act;

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

(2A) If a co-operative applies under section 301(a) to be incorporated under the Corporations Act 2001, that Act applies to the extent necessary for the co-operative to make the application and become incorporated under Chapter 5B of that Act.

(3) To remove doubt it is declared that subsection (1) does not operate to exclude the operation of the following provisions of the Corporations Act 2001 except in relation to shares in, 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).