COOPERATIVES ACT 1997

Queensland Consolidated Acts

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COOPERATIVES ACT 1997

TABLE OF PROVISIONS

Long Title

Contents

Part 1--Preliminary

Division 1--Introductory

1. Short title
2. Commencement
3. Purpose
4. Objects of this Act
5. Dictionary
5A. Interpretation

Division 2--Qualified privilege provisions

6. Qualified privilege

Division 3--The cooperative principles

7. Cooperative principles
8. Interpretation to promote cooperative principles

Division 4--Application of Corporations legislation

9. Definition for div 4
10. Excluded matter
11. Applying the Corporations legislation to cooperatives
12. Changes to applied provisions

Part 2--Formation

Division 1--Types of cooperatives

13. Types of cooperatives
14. Trading cooperatives
15. Non-trading cooperatives

Division 2--Formation meeting

16. Formation meeting

Division 3--Approval of disclosure statement and rules

17. Approval of disclosure statement
18. Approval of rules

Division 4--Registration of proposed cooperative

19. Application for registration of proposed cooperative
20. Registration of cooperative
21. Incorporation and certificate of registration

Division 5--Registration of an existing corporation

22. Existing corporation can be registered
23. Formation meeting
24. Application for registration
25. Requirements for registration
26. Certificate of registration
27. Effect of registration

Division 6--Conversion of cooperative

28. Conversion of cooperative

Division 7--Appeals

29. Appeal against refusal to approve disclosure statement
30. Appeal against refusal to approve draft rules
31. Appeal against refusal to register
32. Supreme Court's powers on appeal

Division 8--General

33. Acceptance of money by proposed cooperative
34. Issue of duplicate certificate

Part 3--Legal capacity and powers

Division 1--General powers

35. Effect of incorporation
36. Power to form companies and enter into joint ventures

Division 2--Doctrine of ultra vires abolished

37. Interpretation
38. Doctrine of ultra vires abolished
39. Legal capacity
40. Restrictions on cooperatives in rules
41. Results of contravention of restriction in rules

Division 3--Persons having dealings with cooperatives

42. Assumptions entitled to be made
43. Assumptions
44. Person who knows or ought to know can not make assumptions
45. Filing of documents not to constitute constructive knowledge
46. Effect of fraud

Division 4--Authentication and execution of documents and confirmation of contracts

47. Common seal
48. Official seal
49. Authentication need not be under seal
50. Cooperative may authorise person to execute deed
51. Execution under seal
52. Contractual formalities
53. Other requirements as to consent or sanction not affected
54. Transitional

Division 5--Pre-registration contracts

55. Contracts before registration
56. Person may be released from liability but is not entitled to indemnity
57. This division replaces other rights and liabilities

Part 4--Membership

Division 1--General

58. Becoming a member
59. Members of associations
60. Members of federations
61. Qualification for membership
62. Membership may be joint
63. Members under 18
64. Representatives of corporations
65. Notification of shareholders and shareholdings
66. Circumstances in which membership ceases—all cooperatives
67. Additional circumstances in which membership ceases—cooperatives with share capital
68. Carrying on business with too few members

Division 2--Rights and liabilities of members

69. Rights of membership not exercisable until registered etc.
70. Liability of members to cooperative
71. Cooperative to give information to person intending to become a member
72. Entry fees and regular subscriptions
73. Members etc. may be required to deal with cooperative
74. Fines payable by members
75. Charge and set-off of cooperative
76. Repayment of shares on expulsion

Division 3--Death of member

77. Meaning of interest
78. Transfer of share or interest on death of member
79. Transfer of small shareholdings and interests on death
80. Value of shares and interests
81. Cooperative protected

Division 4--Disputes involving members

82. Grievance procedure
83. Application to Supreme Court

Division 5--Oppressive conduct of affairs

84. Interpretation
85. Application of division
86. Who may apply for court order
87. Orders the Supreme Court may make
88. Basis on which Supreme Court makes orders
89. Winding-up need not be ordered if oppressed members prejudiced
90. Application of winding-up provisions
91. Changes to rules
92. Copy of order to be filed with registrar

Division 6--Proceedings on behalf of a cooperative by members and others

93. Bringing, or intervening in, proceedings on behalf of a cooperative
94. Applying for and granting leave
95. Substitution of another person for the person granted leave
96. Effect of ratification by members
97. Leave to discontinue, compromise or settle proceedings brought, or intervened in, with leave
98. General powers of the Supreme Court
99. Power of Supreme Court to make costs order

Part 5--Rules

100. Effect of rules
101. Content of rules
102. Purchase and inspection of copy of rules
103. False copies of rules
104. Model rules
105. Rules can only be altered under this Act
106. Approval of alteration of rules
107. Alteration by special resolution
108. Alteration by resolution of board
109. Alteration does not take effect until registered
110. Appeal against refusal to approve alteration
111. Appeal against refusal to register alteration
112. Supreme Court's powers on appeal

Part 6--Active membership

Division 1--Definitions

113. Meaning of primary activity
114. What is active membership
115. What are active membership provisions and resolutions

Division 2--Rules to contain active membership provisions

116. Number of primary activities required
117. Rules to contain active membership provisions
118. Factors and considerations for deciding primary activities etc.
119. Active membership provisions—trading cooperatives
120. Regular subscription—active membership of non-trading cooperative

Division 3--Active membership resolutions

121. Notice of meeting
122. Eligibility to vote on active membership resolution
123. Eligibility of directors to vote on proposal at board meeting
124. Other entitlements of members not affected

Division 4--Cancellation of membership of inactive members

125. Cancellation of membership of inactive member
126. Share to be forfeited if membership cancelled
127. Failure to cancel membership—offence by director
128. Deferral of forfeiture by board
129. Cancellation of membership prohibited in certain circumstances
130. Notice of intention to cancel membership
131. Order of Supreme Court against cancellation
132. Repayment of amounts owing because of cancelled membership
133. Interest on deposits and debentures
134. Repayment of deposits and debentures
135. Register of cancelled memberships

Division 5--Entitlements of former members of trading cooperatives

136. Application of division
137. Former shareholders to be taken to be shareholders for certain purposes
138. Entitlements of former shareholders on mergers etc.
139. Set-off of amounts repaid etc. on forfeited shares
140. Entitlement to distribution from reserves
141. Regulation may exempt cooperatives from provisions

Part 7--Shares

Division 1--Nature of share

142. Nature of share in cooperative

Division 2--Disclosure

143. Disclosure to intending shareholders in trading cooperative
143A. Content of disclosure statement to intending shareholders
143B. Exemptions for disclosure statements

Division 3--Issue of shares

144. Shares—general
144A. Application of Corporations Act for particular share subscriptions
145. Minimum paid up amount
146. Shares not to be issued at a discount
147. Issue of shares at a premium
148. Joint ownership of shares
149. Members may be required to take up additional shares
150. Bonus share issues
151. Restrictions on bonus shares
152. Notice about bonus shares

Division 4--Beneficial and non-beneficial interest in shares

153. Notice of non-beneficial ownership at time of transfer
154. Notice of non-beneficial ownership not notified at time of transfer
155. Registration as beneficial owner of shares notified as non-beneficially transferred
156. Notification of change in nature of shareholding
157. Presumption of awareness
158. Presumption that shares held non-beneficially
159. Noting of beneficial and non-beneficial interests in register of members
160. Registration as trustee etc. on death of owner of shares
161. Registration as administrator of estate on incapacity of shareholder
162. Registration as Official Trustee in Bankruptcy
163. Liabilities of person registered as trustee or administrator
164. Notice of trusts in register of members
165. No notice of trust except as provided by this division

Division 5--Sale or transfer of shares

166. Sale or transfer of shares
167. Transfer on death of member
168. Restriction on total shareholding
169. Transfer not effective until registered

Division 6--Repurchase of shares

170. Purchase and repayment of shares
171. Deposit or debentures instead of payment when share repurchased
172. Cancellation of shares

Part 8--Voting and meetings

Division 1--Voting entitlements

173. Application of part to voting
174. Voting
175. Voting by proxy
176. Restriction on voting entitlement under power of attorney
177. Restriction on voting by representatives of corporations
178. Inactive members not entitled to vote
179. Control of the right to vote
179A. Effect of disposal of shares on voting rights
180. Effect of relevant share and voting interests on voting rights
181. Rights of representatives to vote
182. Other rights and duties of members not affected by ineligibility to vote
183. Vote of disentitled member to be disregarded

Division 2--Resolutions

184. Decisions to be by ordinary resolution
185. Ordinary resolutions
186. Special resolutions
187. How majority obtained is ascertained
188. Disallowance by registrar
189. Declaration of passing of special resolution
190. Effect of special resolution
191. Registration of special resolution
192. Decision of registrar on application to register special resolution

Division 2A--Resolution by circulated document

192A. Application of div 2A
192B. Resolution by circulation of document—fewer than 50 members

Division 3--Postal ballots

193. Postal ballots
194. Special postal ballots
195. When is a special postal ballot required
196. Holding of postal ballot on requisition
197. Expenses involved in postal ballots on requisition

Division 4--Meetings

198. Annual general meetings
199. Special general meetings
200. Notice of meetings
201. Quorum at meetings
202. Decision at meetings
203. Calling of general meeting on requisition
204. Minutes

Part 9--Management and administration of cooperatives

Division 1--The board

205. Board of directors
206. Election of directors
207. Qualification of directors
208. Disqualified persons
209. Meeting of the board of directors
210. Transaction of business outside meetings
211. Deputy directors
212. Delegation by board
213. Removal from and vacation of office

Division 1A--Secretary

213A. Secretary

Division 2--Duties and liabilities of directors, officers and employees

214. Meaning of officer
215. Officers must act honestly
216. Standard of care and diligence required
217. Improper use of information or position
218. Recovery of damages by cooperative
219. Other duties and liabilities not affected
220. Indemnification of officers and auditors
221. Application of Corporations Act provisions concerning officers of cooperatives

Division 3--Restrictions on directors and officers

222. Directors' remuneration
223. Certain financial accommodation to officers prohibited
224. Financial accommodation to directors and associates
225. Restriction on directors of certain cooperatives selling land to cooperative
226. Management contracts

Division 4--Declaration of interests

227. Declaration of interest
228. Declarations to be recorded in minutes
229. Division does not affect other laws or rules
230. Certain interests need not be declared

Division 5--Financial reports and audit

231. Meaning of entity and control
232. Requirements for financial records and financial reports
233. Power of registrar to grant exemptions
234. Disclosure by directors
235. Protection of auditors etc.
236. Financial year

Division 6--Registers, records and returns

237. Registers to be kept by cooperatives
238. Location of registers
239. Inspection of registers etc.
240. Use of information on registers
241. Notice of appointment etc. of directors and officers
242. Annual report to be filed with registrar
243. List of members to be provided at request of registrar
244. Special return to be given at request of registrar

Division 7--Name and registered office

245. Name to include certain matter
246. Use of abbreviations
247. Name to appear on business documents etc.
248. Change of name of cooperative
248A. Restriction on use of word cooperative or similar words
249. Registered office of cooperative

Part 10--Funds and property

Division 1--Power to raise money

250. Meaning of obtaining financial accommodation
251. Fund raising to be in accordance with Act and regulations
252. Limits on deposit taking
253. Members etc. not required to see to application of money
254. Registrar's directions about fundraising
255. Subordinated debt
256. Application of Corporations Act to issues of debentures
256A. Application of Corporations Act to particular issues of debentures
257. Disclosure statement
258. Approval of board for transfer of debentures
259. Application of Corporations Act—reissue of redeemed debentures
260. Compulsory loan by member to cooperative
261. Interest payable on compulsory loan

Division 2--Charges

262. Registration of charges

Division 3--Receivers and other controllers of property of cooperatives

263. Receivers and other controllers of property of cooperatives

Division 4--Disposal of surplus from activities

264. Retention of surplus for benefit of cooperative
265. Application for charitable purposes or members' purposes
266. Distribution of surplus or reserves to members
267. Application of surplus to other persons

Division 5--Acquisition and disposal of assets

268. Acquisition and disposal of assets

Part 11--Restrictions on the acquisition of interests in cooperatives

Division 1--Restrictions on share and voting interests

269. Application of part
270. Notice required to be given of voting interest
271. Notice required to be given of substantial share interest
272. Requirements for notices
273. Maximum permissible level of share interest
274. Shares to be forfeited to remedy contravention
275. Powers of board in response to suspected contravention
276. Powers of Supreme Court about contravention
277. Cooperative to inform registrar of interest over 20%
278. Cooperative to keep register
279. Unlisted companies to provide list of shareholders etc.
280. Excess share interest not to affect loan liability
281. Extent of operation of division
282. Registrar may grant exemption from division

Division 2--Restrictions on certain share offers

283. Share offers to which division applies
284. Requirements to be satisfied before offer can be made
285. Some offers totally prohibited if they discriminate
286. Offers to be submitted to board first
287. Announcements of proposed takeovers about proposed company
288. Additional disclosure requirements for offers involving conversion to company
289. Consequences of prohibited offer
290. Registrar may grant exemptions

Part 12--Merger, transfer of engagements, winding-up

Division 1--Mergers and transfers of engagements

291. Application of division
292. Mergers and transfers of engagements of local cooperatives
293. Requirements before application can be made
294. Disclosure statement required
295. Making an application
296. Approval of merger
297. Approval of transfer of engagements
298. Transfer of engagements by direction of registrar

Division 2--Transfer of incorporation

299. Meaning of new body and transfer
300. Application for transfer
301. Requirements before application can be made
302. New body ceases to be registered as cooperative
303. Transfer not to impose greater liability etc.
304. Effect of new certificate of registration
304A. New body must give copy of new certificate of registration or incorporation to registrar
305. New body is a continuation of the cooperative

Division 3--Winding-up and deregistration

306. Methods of winding-up
307. Winding-up on registrar's certificate
307A. Method of deregistration
308. Application of Corporations Act to winding-up and deregistration
309. Restrictions on voluntary winding-up
310. Start of members' voluntary winding-up
311. Distribution of surplus-non-trading cooperatives
312. Liquidator—vacancy may be filled by registrar
313. Review of liquidator's remuneration
314. Liability of member to contribute in a winding-up if shares forfeited etc.
Division 4 Administration of cooperative--application of Corporations Act
315. Application of Corporations Act to administration of cooperative

Division 5--Appointment of administrator

316. Appointment of administrator
317. Effect of appointment of administrator
318. Revocation of appointment
319. Expenses of administration
320. Liabilities arising from administration
321. Additional powers of registrar
322. Stay of proceedings
323. Administrator to report to registrar

Division 6--Effect of merger etc. on property, liabilities etc.

324. How this division applies to a merger
325. How this division applies to a transfer of engagements
326. How this division applies to a transfer of incorporation
327. Effect of merger etc. on property, liabilities etc.

Division 7--Miscellaneous

328. Grounds for winding-up, transfer of engagements, appointment of administrator
329. Adoption of Corporations Law about reciprocity with other jurisdictions
330. Application of Corporations Act for insolvent cooperatives

Part 13--Arrangements and reconstructions

Division 1--General requirements

331. Requirements for binding compromise or arrangement
332. Supreme Court ordered meeting of creditors
333. Registrar to be given notice and opportunity to make submissions
334. Results of 2 or more meetings
335. Persons disqualified from administering compromise etc.
336. Application of Corporations Act to person appointed
337. Copy of order to be attached to rules
338. Directors to arrange for reports
339. Power of Supreme Court to restrain further proceedings
340. Supreme Court need not approve compromise or arrangement takeovers

Division 2--Explanatory statements

341. Explanatory statement required to accompany notice of meeting etc.
342. Requirements for explanatory statement
343. Contravention of division—offence by cooperative
344. Provisions for facilitating reconstructions and mergers

Division 3--Acquisition of shares of dissenting shareholders

345. Definitions
346. Schemes and contracts to which division applies
347. Acquisition of shares pursuant to notice to dissenting shareholder
348. Restrictions when excluded shares are more than 10%
349. Remaining shareholders may require acquisition
350. Transfer of shares pursuant to compulsory acquisition
351. Disposal of consideration for shares compulsorily acquired

Division 4--Miscellaneous

352. Notification of appointment of scheme manager
353. Power of Supreme Court to require reports
354. Effect of out-of-jurisdiction compromise or arrangement
355. Jurisdiction to be exercised in harmony with Corporations Act jurisdiction
356. Registrar may appear etc.

Part 14--Foreign cooperatives

Division 1--Introductory

357. Definitions for part
358. Cooperatives law

Division 2--Registration of foreign cooperatives

359. Operation of foreign cooperatives in Queensland
360. Meaning of carrying on business
361. Application for registration of participating cooperative

362. Application for registration of non-participating cooperative

363. Registrar to approve rules of non-participating cooperative

364. Name of foreign cooperative
365. Registration of foreign cooperative
366. Application of Act to foreign cooperatives
367. Registrar to be notified of certain changes
368. Balance sheets
369. Cessation of business
370. Cooperative proposing to register as a foreign cooperative

Division 3--Mergers and transfers of engagements

371. Who is the appropriate registrar
372. Authority for merger or transfer of engagements
373. Requirements before application can be made
374. Disclosure statement required
375. Making an application
376. Approval of merger
377. Approval of transfer of engagements
378. Effect of merger or transfer of engagements
379. Division applies instead of certain other provisions of this Act

Part 15--Supervision and protection of cooperatives

Division 1--Supervision and inspection

380. Definitions for part
381. Cooperative includes subsidiaries, foreign cooperatives and cooperative ventures
382. Appointment of inspectors
383. Registrar and investigators have functions of inspectors
384. Inspector's identity card
385. Production or display of inspector's identity card
386. Powers of inspector
387. Inspector's appointment conditions
388. Entry of place
389. Consent to entry
390. Inspectors may require certain persons to appear, answer questions and produce documents
391. Powers of inspectors on place entered
392. Functions of inspectors in relation to relevant documents
393. Protection from incrimination
394. Warrants
395. Warrants—applications made other than in person
396. General powers after entering places
397. Power to seize evidence
398. Receipt for seized things
399. Return of seized things
400. Power to require name and address
401. False or misleading statements
402. Power to require production of documents
403. False or misleading documents
404. Obstruction of inspectors
405. Copies or extracts of records to be admitted in evidence
406. Privilege

Division 2--Inquiries

408. Definitions for division
409. Appointment of investigators
410. Powers of investigators
411. Examination of involved person
412. Privilege
413. Offences by involved person
414. Offences relating to documents
415. Record of examination
416. Report of investigator
417. Proceedings following inquiry
418. Admission of investigator's report as evidence
419. Costs of inquiry

Division 3--Prevention of fraud etc.

420. Falsification of records
421. Fraud or misappropriation
422. Offering or paying commission
423. Accepting commission
424. False statements in loan application etc.

Division 4--Miscellaneous powers of the registrar

425. Application for special meeting or inquiry
426. Holding of special meeting
427. Expenses of special meeting or inquiry
428. Power to hold special inquiry into cooperative
429. Special meeting following inquiry
430. Information and evidence
431. Extension or abridgment of time
432. Power of registrar to intervene in proceedings

Part 16--Administration of this Act

Division 1--The registrar and other staff, and registers

433. Appointment of registrar
434. Registrar's functions
435. Deputy registrar and other staff
436. Delegation by registrar
437. Register of cooperatives
438. Keeping of registers
439. Disposal of records by registrar
440. Inspection of register
441. Approvals by registrar
442. Filing of documents
443. Way of filing
444. Power of registrar to refuse to register or reject documents

Division 2--Protection from liability

445. Particular officials protected from liability

Division 3--Evidence

446. Certificate of registration
447. Certificate evidence
448. Records kept by cooperatives
449. Minutes
450. Official certificates
451. The registrar and proceedings
452. Rules
453. Registers

Part 17--Offences and proceedings

454. Offences by officers of cooperatives
455. Notice to be given of conviction for offence
456. Secrecy
457. False or misleading statements
458. Further offence for failure to do required act
459. Civil remedies
460. Injunctions
461. Proceedings for offences etc.

Part 18--General

462. Cooperative ceasing to exist
463. Service of documents on cooperative
464. Service on member of cooperative
465. Reciprocal arrangements
466. Translations of documents
466A. Exemptions may be on conditions
466B. Notes in text
467. Approval of forms
468. Regulation making power

Part 19--Repeals, savings and transitional

469. Repeal of Cooperative and Other Societies Act 1967
470. Repeal of Primary Producers' Cooperative Associations Act 1923
471. Savings and transitional provisions
SCHEDULE 1 MATTERS FOR WHICH RULES MUST MAKE PROVISION
1. Requirements for all cooperatives
2. Additional matters—cooperatives with share capital
3. Additional matters—non-trading cooperatives
SCHEDULE 2 RELEVANT INTERESTS, ASSOCIATES, RELATED BODIES

Part 1--Relevant interests
1. Terminology used in this part
2. Basic rules—relevant interests
3. Control of corporation having power in relation to a share
4. Control of 20% of voting power in corporation having power in relation to a share
5. Deemed relevant interest in advance of performance of agreement that will give rise to a relevant interest
6. Control of corporation having a relevant interest by virtue of s 5
7. Matters not affecting application of part
8. Corporation may have a relevant interest in its own shares
9. Exclusions—money-lenders
10. Exclusions—certain trustees
11. Exclusions—instructions to securities dealer to dispose of share
12. Exclusions—honorary proxies
13. Exclusions—holders of prescribed offices
14. Prescribed exclusions
15. Effect of schedule
16. Relevant interest—corporation other than cooperative

Part 2--Associates
17. Effect of part
18. Associates of a corporation
19. Matters relating to voting rights
20. General
21. Exclusions

Part 3--Related corporations
22. Related corporations
SCHEDULE 3 REGISTRATION ETC. OF CHARGES

Part 1--Preliminary
1. Interpretation
2. Application to charges mentioned in s 17
3. Filing of documents

Part 2--Registration

Division 1--Charges
4. To which charges does schedule apply
5. Excluded charges
6. Personal chattels
7. Book debts
8. Crops or stock
9. Deposit of documents of title
10. Charges on land or fixtures on land
11. What if other property is also charged
12. Effect of failure to file or give notice or document

Division 2--Notice of charge
13. Filing of notice of charge and copy of instrument
14. Series of debentures
15. Operation of priority provisions in relation to issue of debentures
16. Discounts
17. Acquisition of property subject to charge

Division 3--Registration
18. Register of cooperative charges
19. Registration of documents relating to charge
20. Provisional registration if duty not paid
21. Provisional registration if required particulars not supplied
22. Effect of provisional registration
23. What if 2 or more charges relate to the same property
24. Registration of assignment or variation of charge
25. Standard time for the purposes of this division

Division 4--Certain charges void against liquidator or administrator
26. Definitions
27. Certain charges void against liquidator or administrator
28. Certain varied charges void against liquidator or administrator
29. Supreme Court may extend required period
30. Certain later charges void
31. Effect of provisions on purchaser in good faith

Division 5--Certain charges in favour of persons void
32. Definitions
33. Charges in favour of certain persons void in certain cases
34. Supreme Court may give leave for enforcement of charge
35. Certain transactions excluded

Division 6--Assignment, variation or satisfaction of charges
36. Assignment and variation of charges
37. Satisfaction of, and release of property from, charges

Division 7--General
38. Filing of notices
39. Filing offences
40. Cooperative to keep documents relating to charges
41. Cooperative to keep register
42. Certificates
43. Power of Supreme Court to rectify register
44. Registrar may exempt from compliance with certain requirements of part

Part 3--Order of priority

Division 1--General
45. Definitions
46. Priorities of charges

Division 2--Priority rules
47. General priority rules in relation to registered charges
48. General priority rule in relation to unregistered charges
49. Special priority rules
SCHEDULE 4 RECEIVERS, AND OTHER CONTROLLERS, OF PROPERTY OF COOPERATIVES
1. Interpretation
2. Application of schedule
3. Persons not to act as receivers
4. Supreme Court may declare whether controller is validly acting
5. Liability of controller
6. Liability of controller under pre-existing agreement about property used by cooperative
7. Powers of receiver
8. Controller's duty of care in exercising power of sale
9. Supreme Court may authorise managing controller to dispose of property despite prior charge
10. Receiver's power to carry on cooperative's business during winding-up
11. Controller's duties in relation to financial institution accounts and financial records
12. Managing controller to report within 2 months about cooperative's affairs
13. Reports by receiver
14. Supervision of controller
15. Controller may apply to Supreme Court
16. Power of Supreme Court to fix receiver's remuneration
17. Controller has qualified privilege in certain cases
18. Notification of matters relating to controller
19. Statement that receiver appointed or other controller acting
20. Officers to report to controller about cooperative's affairs
21. Controller may require reports
22. Controller may inspect books
23. Filing controller's accounts
24. Payment of certain debts, out of property subject to floating charge, in priority to claims under charge
25. Enforcement of controller's duty to make returns
26. Supreme Court may remove controller for misconduct
27. Supreme Court may remove redundant controller
28. Effect of ss 26 and 27
SCHEDULE 5 SAVINGS AND TRANSITIONAL
1. Definitions
2. General savings
3. Saving of existing cooperatives
4. Society, association or federation started to be formed
5. Amalgamation between societies or associations
6. Amalgamation between societies and associations
7. Conversion of association or company into a society or society or company into an association
8. Rules to conform with Act
9. Changes to certain rules
10. Rules to contain active membership provisions
11. Special resolutions
12. Documents
13. Existing accounts provisions apply to transferred cooperatives
14. Winding-up
15. Inspection or inquiry
16. Registrar
17. Superseded references
18. Capital reserve fund
19. Application for certificate of registration
20. Securities
21. Conversion to a company
22. Cooperative companies
23. Transferred cooperatives maximum permissible level of share interest
SCHEDULE 6 TRANSITIONAL PROVISIONS FOR TRADING COOPERATIVES WITHOUT SHARE CAPITAL
1. Purpose of schedule
2. Application of schedule
3. Definitions
4. Cooperative without share capital taken to be trading cooperative
5. Certain provisions do not apply to cooperatives without share capital
6. Additional matters for rules
7. Application of ss 137 and 138 to trading cooperatives without share capital
SCHEDULE 8 DICTIONARY
Endnotes

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