South Australian Consolidated Acts South Australian Consolidated Acts9—Exclusion of operation of Corporations Act
(1) A co-operative is
declared to be an excluded matter for the purposes of section 5F of the
Corporations Act in relation to the whole of the Corporations legislation
other than to the extent specified in subsection (2).
(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; or
(ab)
provisions that relate to the registration of a co-operative as a company
under Part 5B.1 of the Corporations Act; or
(b)
provisions that relate to the role of a co-operative in the formation of a
company; or
(c)
provisions that relate to substantial shareholdings, by or involving a
co-operative, in a company; or
(d)
provisions that confer or impose functions on a co-operative as a member, or
former member, of a corporation; or
(e)
provisions that relate to dealings by a co-operative in securities of a body
corporate, other than securities of the co-operative; or
(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; or
(g)
provisions that relate to securities of a co-operative, other than shares in,
debentures of or deposits with a co-operative; or
(h)
provisions relating to derivatives; or
(i)
provisions relating to—
(i)
financial services licensees (as defined in section 761A
of the Corporations Act) whose licence covers dealing in, or providing advice
about, securities; or
(ii)
regulated principals (as defined in section 1430 of the
Corporations Act) when dealing in, or providing advice about, securities as
authorised by Subdivision D of Division 1 of Part 10.2 of that Act; or
(j)
provisions relating to the carrying on of financial services business (as
defined in section 761A of the Corporations Act) relating to securities; or
(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) whose licence covers dealing in, or providing advice
about, securities; or
(ii)
regulated principals (as defined in section 1430 of the
Corporations Act) when dealing in, or providing advice about, securities as
authorised by Subdivision D of Division 1 of Part 10.2 of that Act; or
(l)
provisions relating to money and scrip of clients of—
(i)
financial services licensees (as defined in section 761A
of the Corporations Act) whose licence covers dealing in, or providing advice
about, securities; or
(ii)
regulated principals (as defined in section 1430 of the
Corporations Act) when dealing in, or providing advice about, securities as
authorised by Subdivision D of Division 1 of Part 10.2 of that Act; or
(m)
provisions relating to registers of interests in securities.
(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 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 and other prohibited conduct relating to financial
products and services).