Northern Territory Consolidated Regulations Northern Territory Consolidated RegulationsFor the purposes of section 311 of the Act, the following modifications are prescribed:
(a) a reference in any applied provisions of the Corporations Act 2001 to a special resolution or an extraordinary resolution is to be read as a reference to a special resolution within the meaning of the Act;
(b) a reference in any of the applied provisions of the Corporations Act 2001 to ASIC is to be read as a reference to the Registrar;
(c) section 461(1)(h) of the Corporations Act 2001 applies as if the words "ASIC has stated in a report prepared under Division 1 of Part 3 of the ASIC Act that, in its opinion:" were omitted and "the Registrar has, as the result of an inquiry conducted under Part 15 of the Act, stated that –" were substituted in their place;
(d) section 464 of the Corporations Act 2001 applies as if:
(i) subsection (1) were omitted and the following were substituted in its place:
"(1) Where the Registrar is investigating, or has investigated, under Part 15 of the Act:
(a) matters being, or connected with, the affairs of a co-operative; or
(b) matters including such matters,
the Registrar may apply to the Court for the winding up of the co-operative."; and
(ii) subsection (3) were omitted and the following were substituted in its place:
"(3) The Registrar must give a copy of an application made under subsection (1) to the co-operative.";
(e) section 513B of the Corporations Act 2001 applies as if the following paragraph were inserted after paragraph (d):
(ad) if the winding up is on the certificate of the Registrar – on the date that the certificate is given. or. .
(f) section 516 of the Corporations Act 2001 applies as if the words "together with any charges payable by him or her to a co-operative in accordance with the rules" were inserted after "past member";
(g) section 532 of the Corporations Act 2001 applies as if:
(i) subsection (1) were omitted and the following were substituted in its place:
"(1) Subject to this section, a person must not consent to be appointed, and must not act, as liquidator of a co-operative unless he or she:
(a) is a registered liquidator; or
(b) is or is to be appointed or nominated for appointment as the liquidator of a co-operative under section 310 of the Act."; and
(ii) subsection (4) were omitted;
(h) section 542 of the Corporations Act 2001 applies as if the following were inserted after subsection (3)(c):
"and
(d) in the case of a winding up on the certificate of the Registrar under section 310 of the Act – with consent of the Registrar.";
(i) section 1341 of the Corporations Act 2001 applies as if:
(i) the words "or subsection 1339(3)" were omitted;
(ii) a reference to the Consolidated Revenue Fund of the Commonwealth were a reference to the Central Holding Authority of the Northern Territory; and
(ii) a reference to the Court were a reference to the Local Court;
(j) a reference in any of the applied provisions of the Corporations Act 2001 to a registered liquidator includes a reference to a person approved by the Registrar as a liquidator of a co-operative;
(k) a reference in any of the applied provisions of the Corporations Act 2001 to section 233 of that Act is to be read as a reference to Part 2F.1 of that Act;
(l) for the purposes of the application of the applied provisions of the Corporations Act 2001 to winding up on the certificate of the Registrar, the winding up is to be considered to be a voluntary winding up (but section 490 of the Corporations Act 2001 does not apply);
(m) the applied provisions of the Corporations Act 2001 are to be read subject to sections 71 and 317 of the Act for the purposes of determining the liability of members and past members to contribute on a winding up of a co-operative.