Tasmanian Consolidated Acts

COOPERATIVES ACT 1999 - SECT 319

The winding-up or deregistration of a cooperative, and a deregistered cooperative, are declared to be applied Corporations legislation matters for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to the provisions of Parts 5.4 to 5.7 and Chapter 5A of the Corporations Act, subject to the following modifications:

(a) a reference in any of those provisions to a special resolution or an extraordinary resolution is to be read as a reference to a special resolution within the meaning of this Act;

(b) a reference in any of those provisions to ASIC is to be read as a reference to the Commissioner;

(c) section 461(1)(h) is to be considered to be amended by substituting for "ASIC has stated in a report prepared under Division 1 of Part 3 of the ASIC Act that, in its opinion:" , "the Commissioner has, as a result of an inquiry conducted under Division 2 or Division 4 of Part 15 of the Cooperatives Act 1999, stated that –" ;

(d) section 464(1) is to be considered to be amended by substituting for "Where ASIC is investigating, or has investigated, under Division 1 of Part 3 of the ASIC Act:" , "Where the Commissioner is holding or has held an inquiry under Division 2 or Division 4 of Part 15 of the Cooperatives Act 1999 in relation to –"

(e) section 513B is to be considered to be amended by inserting after paragraph (d) –

(da) if the winding-up is on the certificate of the Commissioner, on the date that the certificate is given; or

(f) section 516 is to be considered to be amended by inserting after the words "past member" the words "together with any charges payable by him or her to the cooperative in accordance with the rules";

(g) section 542(3) is to be considered to be amended by inserting after paragraph (c) –

and

(d) in the case of a winding-up on a certificate of the Commissioner under section 317 of the Cooperatives Act 1999 – with the consent of the Commissioner.

(h) a reference in any of those provisions to a registered liquidator is to be read as including a reference to a person approved by the Commissioner as a liquidator of a cooperative;

(i) a reference in any of those provisions to section 233 of the Corporations Act is to be read as a reference to Division 5 of Part 4 of this Act;

(j) for the purposes of the application of those provisions to a winding-up on the certificate of the Commissioner, the winding-up is to be considered to be a voluntary winding-up (but section 490 of the Corporations Act does not apply);

(k) those provisions are to be read subject to section 69 (Liability of members to cooperative) and section 325 (Liability of member to contribute in a winding-up where shares forfeited, &c.) of this Act for the purposes of determining the liability of members and former members to contribute on a winding-up of a cooperative;

(l) any other modifications (within the meaning of the Corporations (Ancillary Provisions) Act 2001) that are prescribed by the regulations.