South Australian Consolidated Acts

SOUTH AUSTRALIAN CO-OPERATIVE AND COMMUNITY HOUSING ACT 1991 - SECT 73

73—Power to compromise with creditors

        (1)         A registered housing co-operative is declared to be an applied Corporations legislation matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to Part 5.1 of the Corporations Act 2001 of the Commonwealth, subject to the following modifications:

            (a)         the modifications necessary to give effect to the succeeding provisions of this Part;

            (b)         such other modifications (within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001 ) as may be prescribed by the regulations.

        (2)         A registered housing co-operative may not reach a compromise or enter into an arrangement with any member of the co-operative.