Tasmanian Consolidated Acts Tasmanian Consolidated Acts
(1) In this Act, unless the contrary intention appears –
"agreement" means an agreement, arrangement or understanding –(a) whether formal or informal or partly formal and partly informal; and
(b) whether written or oral or partly written and partly oral; and
(c) whether or not having legal or equitable force and whether or not based on legal or equitable rights;
"alter", in relation to the rules of a cooperative, includes add to, substitute and rescind;
"associate" has the meaning given by Schedule 1;
"association" means an association registered under this Act;
"authorised deposit-taking institution" means a body corporate that is an authorised deposit-taking institution for the purposes of the Banking Act 1959 of the Commonwealth;
"board" means the board of directors of a cooperative and includes a committee of management of a cooperative;
"Commissioner" means the Commissioner for Corporate Affairs;
"component cooperative" means a member of an association;
"cooperative" means a body registered under this Act as a cooperative and includes an association or federation;
"debenture" means a document issued by a cooperative that evidences or acknowledges indebtedness of the cooperative in respect of money that is or may be deposited with or lent to the cooperative, whether constituting a charge on property of the cooperative or not and includes a unit of a debenture but does not include –(a) a cheque, order for the payment of money or bill of exchange; or
(b) a promissory note having a face value of not less than $50 000; or
(c) any other document of a class that is prescribed as exempt from this definition;
"deed of arrangement" means a deed of arrangement executed under Part 5.3A of the Corporations Act as applying under this Act or such a deed as varied and in force from time to time;
"deposit-taking cooperative" means a cooperative which is permitted under section 260 to accept money on deposit;
"deregistration" means deregistration under section 319 or section 455(1) or clause 14 of Schedule 6;
"director", in relation to a cooperative, includes –(a) a person who occupies or acts in the position of a director or member of the board of a cooperative, whether or not the person is called a director and whether or not the person is validly appointed or duly authorised to act in the position; and
(b) a person in accordance with whose directions or instructions the directors or members of the board of directors of the cooperative are accustomed to act;
"excluded Corporations legislation provision" means any provision of the Corporations legislation that does not apply to cooperatives as a law of the Commonwealth;
"federation" means a federation registered under this Act;
"financial records" includes –(a) invoices, receipts, orders for the payment of money, bills of exchange, cheques, promissory notes and vouchers; and
(b) documents of prime entry; and
(c) working papers and other documents needed to explain –
(i) the methods by which financial statements are made up; and
(ii) adjustments to be made in preparing financial statements;
"foreign cooperative" means a body corporate that is registered, incorporated or formed under, or subject to, a law in force outside Tasmania (including outside Australia) that regulates cooperatives or organisations having attributes the same as or similar to cooperatives but does not include –(a) a body incorporated under the Corporations Act; or
(b) an authorised deposit-taking institution;
"function" includes a power;
"inspector" means a person appointed as an inspector under Part 15;
"model rules" means the model rules approved by the Commissioner under Part 5;
"mortgage" includes lien, charge or other security over property;
"non-trading cooperative" means a non-trading cooperative within the meaning of section 14;
"officer", in relation to a cooperative, means –(a) a director, secretary or employee of the cooperative; or
(b) a person who is concerned, or takes part, in the management of the cooperative, whether or not as a director; or
(c) a receiver and manager, appointed under a power contained in an instrument, of property of the cooperative; or
(d) an administrator of a deed of arrangement executed by the cooperative; or
(e) a liquidator or provisional liquidator appointed in a voluntary winding-up of the cooperative; or
(f) an administrator of the cooperative appointed under –
(i) Part 5.3A of the Corporations Act as applying under this Act; or
(ii) Division 5 of Part 12 of this Act; or
(g) a trustee or other person administering a compromise or arrangement made between the cooperative and another person;
"partner" means the person with whom a person is in a personal relationship, within the meaning of the Relationships Act 2003;
"primary activity" has the meaning given by section 112;
"principal executive officer", in relation to a cooperative or to a subsidiary of a cooperative, means the principal executive officer of the cooperative or subsidiary for the time being, by whatever name called, and whether or not that officer is a director or the secretary;
"records" includes books, accounts, accounting records, minutes, registers, deeds, writings, documents and other sources of information compiled, recorded or stored in written form or on microfilm, or by electronic process, or in any other manner or by any other means;
"Register" means the register continued for the purposes of this Act as the Register of Cooperatives under section 431;
"regulations" means regulations made under this Act;
"related" (in the context of related bodies corporate) has the meaning given by Schedule 1;
"relevant interest" has the meaning given by Schedule 1;
"rule" means registered rule of a cooperative for the time being in force;
"seal", in relation to a cooperative, means common seal or official seal;
"secretary", of a cooperative, means the person appointed under section 219 to be, or to act as, the secretary of the cooperative;
"share" means share in the share capital of a cooperative;
"subordinated debt" has the meaning given by section 263;
"subsidiary" has the same meaning as in the Corporations Act;
"surplus", in relation to a cooperative, means the excess of income over expenditure after making proper allowance for taxation expense, depreciation in value of the property of the cooperative and for future contingencies;
"trading cooperative" means a trading cooperative within the meaning of section 13.
(2) In this Act –
(a) a reference to a function includes a reference to a power, authority and duty; and
(b) a reference to the exercise of a function includes, in relation to a duty, a reference to the performance of the duty.
(3) A reference in this Act to a provision of the Corporations Act applying under this Act (or a part of this Act) is a reference to that provision to the extent that it is declared to apply to a matter for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 as a law of this State.