CO-OPERATIVES ACT 1996

Victorian Consolidated Legislation

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CO-OPERATIVES ACT 1996

No. 84 of 1996
Version incorporating amendments as at 1 January 2010

TABLE OF PROVISIONS

Section Page

PART 1-PRELIMINARY

Division 1-Introductory

1. Purpose
2. Commencement
3. Objects of this Act

Division 2-Interpretation

4. Definitions
5. Qualified privilege

Division 3-The co-operative principles

6. Co-operative principles
7. Interpretation to promote co-operative principles

Division 4-Application of Corporations Act to co-operatives

8. Definitions
9. Excluded matter
10. Applying the Corporations legislation to co-operatives
11. Modifications to applied provisions
12. Repealed

PART 2-FORMATION

Division 1-Types of co-operatives

13. Types of co-operatives
14. Trading co-operatives
15. Non-trading co-operatives

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 co-operative

19. Application for registration of proposed co-operative
20. Registration of co-operative
21. Incorporation and certificate of registration

Division 5-Registration of an existing body corporate

22. Existing body corporate 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 co-operative

28. Conversion of co-operative

Division 7-Reviews

29. Review of refusal to approve disclosure statement
30. Review of refusal to approve draft rules
31. Review of refusal to register
32. Time limit for applying for review

Division 8-General

33. Repealed
34. Acceptance of money by proposed co-operative
35. Issue of duplicate certificate

PART 3-LEGAL CAPACITY AND POWERS

Division 1-General powers

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

Division 2-Doctrine of ultra vires abolished

38. Interpretation
39. Doctrine of ultra vires abolished
40. Legal capacity
41. Restrictions on co-operatives in rules
42. Results of contravention of restriction in rules

Division 3-Persons having dealings with co-operatives

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

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

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

Division 5-Pre-registration contracts

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

Division 6-Government guarantees

59. Government guarantees
60. Aggregate liability under guarantees
61. Execution of guarantees and entering into of agreements
62. Restrictions on shares of co-operative with guarantee
63. Restriction on transfer of incorporation

PART 4-MEMBERSHIP

Division 1-General

64. Becoming a member
65. Members of associations
66. Members of federations
67. Qualification for membership
68. Membership may be joint
69. Members under 18 years of age
70. Representatives of bodies corporate
71. Notification of shareholders and shareholdings
72. Circumstances in which membership ceases-all co-operatives
73. Additional circumstances in which membership ceases-co-operatives with share capital
74. Carrying on business with too few members

Division 2-Rights and liabilities of members

75. Rights of membership not exercisable until registered etc.
76. Liability of members to co-operative
77. Co-operative to provide information to person intending to become a member
78. Entry fees and regular subscriptions
79. Members etc. may be required to deal with co-operative
80. Fines payable by members
81. Charge and set-off of co-operative
82. Repayment of shares on expulsion

Division 3-Death of member

83. Meaning of interest
84. Transfer of share or interest on death of member
85. Transfer of small shareholdings and interests on death
86. Value of shares and interests
87. Co-operative protected

Division 4-Disputes involving members

88. Grievance procedure
89. Application to Supreme Court

Division 5-Oppressive conduct of affairs

90. Interpretation
91. Application of Division
92. Who may apply for court order?
93. Orders that the Supreme Court may make
94. Basis on which Supreme Court makes orders
95. Winding up need not be ordered if oppressed members prejudiced
96. Application of winding up provisions
97. Changes to rules
98. Copy of order to be lodged with Registrar

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

99. Bringing, or intervening in, proceedings on behalf of a co-operative
100. Applying for and granting leave
101. Substitution of another person for the person granted leave
102. Effect of ratification by members
103. Leave to discontinue, compromise or settle proceedings
brought, or intervened in, with leave
104. General powers of the Supreme Court
105. Power of Supreme Court to make costs order

PART 5-RULES

106. Effect of rules
107. Content of rules
108. Purchase and inspection of copy of rules
109. False copies of rules
110. Model rules
111. Rules can only be altered in accordance with this Act
112. Approval of alteration of rules
113. Alteration by special resolution
114. Alteration by resolution of board
115. Alteration does not take effect until registered
116. Review of refusal to approve alteration
117. Review of refusal to register
118. Time limit for applying for review

PART 6-ACTIVE MEMBERSHIP

Division 1-Definitions

119. Primary activity-meaning
120. What is active membership?
121. What are active membership provisions and resolutions?

Division 2-Rules to contain active membership provisions

122. Number of primary activities required
123. Rules to contain active membership provisions
124. Factors and considerations for determining primary
activities etc.
125. Active membership provisions-trading co-operatives
126. Regular subscription-active membership of non-trading co-operative

Division 3-Active membership resolutions

127. Notice of meeting
128. Eligibility to vote on active membership resolution
129. Eligibility of directors to vote on proposal at board meeting
130. Other entitlements of members not affected

Division 4-Cancellation of membership of inactive members

131. Cancellation of membership of inactive member
132. Share to be forfeited if membership cancelled
133. Failure to cancel membership-offence by director
134. Deferral of forfeiture by board
135. Cancellation of membership prohibited in certain
circumstances
136. Notice of intention to cancel membership
137. Order of Supreme Court against cancellation
138. Repayment of amounts due in respect of cancelled
membership
139. Interest on deposits, debentures and CCUs
140. Repayment of deposits, debentures and CCUs
141. Register of cancelled memberships

Division 5-Entitlements of former members of trading
co-operatives

142. Application of Division
143. Former shareholders to be regarded as shareholders for
certain purposes
144. Entitlements of former shareholders on mergers etc.
145. Set-off of amounts repaid etc. on forfeited shares
146. Entitlement to distribution from reserves
147. Registrar may exempt co-operatives from provisions

PART 7-SHARES

Division 1-Nature of share

148. Nature of share in co-operative

Division 2-Disclosure

149. Disclosure to members

Division 3-Issue of shares

150. Shares-general
151. Minimum paid up amount
152. Shares not to be issued at a discount
153. Issue of shares at a premium
154. Joint ownership of shares
155. Members may be required to take up additional shares
156. Bonus share issues
157. Restrictions on bonus shares
158. Notice in respect of bonus shares

Division 4-Beneficial and non-beneficial interest in shares

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

Division 5-Sale or transfer of shares

172. Sale or transfer of shares
173. Transfer on death of member
174. Restriction on total shareholding
175. Transfer not effective until registered

Division 6-Repurchase of shares

176. Purchase and repayment of shares
177. Deposits, debentures or CCUs in lieu of payment when
share repurchased
178. Cancellation of shares

PART 8-VOTING

Division 1-Voting entitlements

179. Application of Part
180. Voting
181. Voting by proxy
182. Restriction on voting entitlement under power of attorney
183. Restriction on voting by representatives of bodies corporate
184. Inactive members not entitled to vote
185. Control of the right to vote
186. Effect of relevant share and voting interests on voting rights
187. Rights of representatives to vote
188. Other rights and duties of members not affected by
ineligibility to vote
189. Vote of disentitled member to be disregarded

Division 2-Resolutions

190. Decisions to be by ordinary resolution
191. Ordinary resolutions
192. Special resolutions
193. How majority obtained is ascertained
194. Disallowance by Registrar
195. Declaration of passing of special resolution
196. Effect of special resolution
197. Lodgment of special resolution
198. Decision of Registrar on application to register special
resolution

Division 3-Postal ballots

199. Postal ballots
200. Special postal ballots
201. When is a special postal ballot required?
202. Holding of postal ballot on requisition
203. Expenses involved in postal ballots on requisition

Division 4-Meetings

204. Annual general meetings
205. Special general meetings
206. Notice of meetings
207. Quorum at meetings
208. Decision at meetings
209. Convening of general meeting on requisition
210. Minutes

PART 9-MANAGEMENT AND ADMINISTRATION OF CO-OPERATIVES

Division 1-The Board

211. Board of directors
212. Election of directors
213. Qualification of directors
214. Disqualified persons
215. Meeting of the board of directors
216. Transaction of business outside meetings
217. Deputy directors
218. Delegation by board
219. Removal from and vacation of office

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

220. Meaning of officer
221. Officers must act honestly
222. Standard of care and diligence required
223. Improper use of information or position
224. Court may order payment of compensation
225. Recovery of damages by co-operative
226. Other duties and liabilities not affected
227. Indemnification of officers and auditors
228. Application of Corporations Act provisions concerning
officers of co-operatives

Division 3-Restrictions on directors and officers

229. Directors' remuneration
230. Certain financial accommodation to officers prohibited
231. Financial accommodation to directors and associates
232. Restriction on directors of certain co-operatives selling land
to co-operative
233. Management contracts

Division 4-Declaration of interests

234. Declaration of interest
235. Declarations to be recorded in minutes
236. Division does not affect other laws or rules
237. Certain interests need not be declared

Division 5-Financial statements, reports and audit

238. Requirements for financial records, statements and reports
239. Power of Registrar to grant exemptions
240. Meaning of entity and control
241. Disclosure by directors
242. Protection of auditors etc.
243. Financial year

Division 6-Registers, records and returns

244. Registers to be kept by co-operatives
245. Location of registers
246. Inspection of registers etc.
247. Use of information on registers
248. Notice of appointment etc. of directors and officers
249. Annual report
250. List of members to be furnished at request of Registrar
251. Special return to be furnished at request of Registrar

Division 7-Name and registered office

252. Name to include certain matter
253. Use of abbreviations
254. Name to appear on business documents etc.
255. Change of name of co-operative
256. Registered office of co-operative

PART 10-FUNDS AND PROPERTY

Division 1-Power to raise money

257. Meaning of obtaining financial accommodation
258. Fund raising to be in accordance with Act and regulations
259. Limits on deposit taking
260. Members etc. not required to see to application of money
261. Registrar's directions re fundraising
262. Subordinated debt
263. Application of Corporations Act to issues of debentures
264. Disclosure statement
265. Approval of board for transfer of debentures
266. Application of Corporations Act-re-issue of redeemed debentures
267. Compulsory loan by member to co-operative
268. Interest payable on compulsory loan

Division 1A-Co-operative capital units

268A. General nature of CCUs
268B. Priority of CCUs on winding up
268C. Financial accommodation provisions apply to issue
of CCUs
268D. CCUs can be issued to non-members
268E. Minimum requirements for rules concerning CCUs
268F. CCUs not to be issued unless terms of issue approved by Registrar
268G. Directors' duties concerning CCUs
268H. Redemption of CCUs
268I. Capital redemption reserve
268J. Issue of shares in substitution for redemption

Division 2-Charges

269. Registration of charges

Division 3-Receivers and other controllers of property of co-operatives

270. Receivers and other controllers of property of co-operatives

Division 4-Disposal of surplus from activities

271. Retention of surplus for benefit of co-operative
272. Application for charitable purposes or members' purposes
273. Distribution of surplus or reserves to members
274. Application of surplus to other persons

Division 5-Acquisition and disposal of assets

275. Acquisition and disposal of assets

PART 11-RESTRICTIONS ON THE ACQUISITION OF INTERESTS IN CO-OPERATIVES

Division 1-Restrictions on share and voting interests

276. Application of Part
277. Notice required to be given of voting interest
278. Notice required to be given of substantial share interest
279. Requirements for notices
280. Maximum permissible level of share interest
281. Shares to be forfeited to remedy contravention
282. Powers of board in response to suspected contravention
283. Powers of Supreme Court with respect to contravention
284. Co-operative to inform Registrar of interest over 20%
285. Co-operative to keep register
286. Unlisted companies to provide list of shareholders etc.
287. Excess share interest not to affect loan liability
288. Extent of operation of Division
289. Registrar may grant exemption from Division

Division 2-Restrictions on certain share offers

290. Share offers to which Division applies
291. Requirements to be satisfied before offer can be made
292. Some offers totally prohibited if they discriminate
293. Offers to be submitted to board first
294. Announcements of proposed takeovers concerning
proposed company
295. Additional disclosure requirements for offers involving conversion to company
296. Consequences of prohibited offer
297. Registrar may grant exemptions

PART 12-MERGER, TRANSFER OF ENGAGEMENTS, WINDING UP

Division 1-Mergers and transfers of engagements

298. Application of Division
299. Mergers and transfers of engagements of local co-operatives
300. Requirements before application can be made
301. Disclosure statement required
302. Making an application
303. Approval of merger
304. Approval of transfer of engagements
305. Transfer of engagements by direction of Registrar

Division 2-Transfer of incorporation

306. Application for transfer
307. Requirements before application can be made
308. Meaning of new body and transfer
309. New body ceases to be registered as co-operative
310. Transfer not to impose greater liability etc.
311. Effect of new certificate of registration
312. New body is a continuation of the co-operative
313. Stamp duty

Division 3-Winding up

314. Methods of winding up
315. Winding up on Registrar's certificate
316. Application of Corporations Act to winding up
317. Restrictions on voluntary winding up
318. Commencement of members' voluntary winding up
319. Distribution of surplus-non-trading co-operatives
320. Liquidator-vacancy may be filled by Registrar
321. Review of liquidator's remuneration
322. Liability of member to contribute in a winding up where
shares forfeited etc.

Division 4-Administration of co-operative-application of Corporations Act

323. Application of Corporations Act to administration

Division 5-Appointment of administrator

324. Appointment of administrator
325. Effect of appointment of administrator
326. Revocation of appointment
327. Expenses of administration
328. Liabilities arising from administration
329. Additional powers of Registrar
330. Stay of proceedings
331. Administrator to report to Registrar

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

332. How this Division applies to a merger
333. How this Division applies to a transfer of engagements
334. How this Division applies to a transfer of incorporation
335. Effect of merger etc on property, liabilities etc.

Division 7-Miscellaneous

336. Grounds for winding up, transfer of engagements,
appointment of administrator
337. Adoption of Corporations Law concerning reciprocity
with other jurisdictions
338. Application of Corporations Act concerning insolvent co-operatives

PART 13-ARRANGEMENTS AND RECONSTRUCTIONS

Division 1-General requirements

339. Requirements for binding compromise or arrangement
340. Supreme Court ordered meeting of creditors
341. Registrar to be given notice and opportunity to make
submissions
342. Results of 2 or more meetings
343. Persons disqualified from administering compromise etc.
344. Application of Corporations Act to person appointed
345. Copy of order to be attached to rules
346. Directors to arrange for reports
347. Power of Supreme Court to restrain further proceedings
348. Supreme Court need not approve compromise or
arrangement takeovers

Division 2-Explanatory statements

349. Explanatory statement required to accompany notice of meeting etc.
350. Requirements for explanatory statement
351. Contravention of Division-offence by co-operative
352. Provisions for facilitating reconstructions and mergers

Division 3-Acquisition of shares of dissenting shareholders

353. Definitions
354. Schemes and contracts to which Division applies
355. Acquisition of shares pursuant to notice to dissenting
shareholder
356. Restrictions when excluded shares exceed 10%
357. Remaining shareholders may require acquisition
358. Transfer of shares pursuant to compulsory acquisition
359. Disposal of consideration for shares compulsorily acquired

Division 4-Miscellaneous

360. Notification of appointment of scheme manager
361. Power of Supreme Court to require reports
362. Effect of out-of-jurisdiction compromise or arrangement
363. Jurisdiction to be exercised in harmony with Corporations
Act jurisdiction
364. Registrar may appear etc.

PART 14-FOREIGN CO-OPERATIVES

Division 1-Introductory

365. Definitions
366. What constitutes carrying on business
367. Co-operatives law
368. Excluded matter

Division 2-Mutual recognition of foreign co-operatives

369. Operation of foreign co-operatives in this State
370. Authorisation to carry on business
371. Notification to Registrar
372. Authorisation notices for participating co-operatives

373. Authorisation notices for non-participating co-operatives

374. Name of foreign co-operative
375. When foreign co-operative not authorised to carry on
business
376. Withdrawal of authority to carry on business
377. Appeals
378. Application of Act and regulations to foreign co-operatives

Division 3-General

379. Name and place of origin to appear on seal and in business
and other documents
380. Supply of information to participating Registrars
381. Registrar to be notified of changes
382. Cessation of business
383. Functions conferred on Registrar under co-operatives laws

Division 4-Winding up of foreign co-operatives in this State

384. Winding up to relate to State activities
385. Court may order winding up
386. Application of Corporations Act to winding up of foreign co-operatives
387. Outstanding property of foreign co-operative

Division 5-Mergers and transfers of engagements affecting
foreign co-operatives

387A. Definitions
387B. Authority for merger or transfer of engagements
387C. Requirements before application can be made
387D. Disclosure statement required
387E. Making an application
387F. Approval of merger
387G. Approval of transfer of engagements
387H. Effect of merger or transfer of engagements
387I. Division applies instead of certain other provisions of
this Act

Division 6-Liability of foreign co-operatives and State
co-operatives operating in other States

387J. Offences under this Act and co-operatives law

Division 7-Savings and transitional provisions

387K. Application of Part to registered foreign co-operatives

PART 15-SUPERVISION AND PROTECTION OF CO-OPERATIVES

Division 1-Supervision and inspection

388. Definitions
389. Co-operative includes subsidiaries, foreign co-operatives and co-operative ventures
390. Appointment of inspectors
391. Registrar and investigators have functions of inspectors
392. Inspector's identity card
393. Inspectors may require certain persons to appear, answer questions and produce documents
394. Inspectors' powers of entry
395. Powers of inspectors on premises entered
396. Functions of inspectors in relation to relevant documents
397. Offence-failing to comply with requirements of inspector
398. Protection from incrimination
399. Search warrants
400. Copies or extracts of records to be admitted in evidence
401. Privilege
402. Police aid for inspectors

Division 2-Inquiries

403. Definitions
404. Appointment of investigators
405. Powers of investigators
406. Examination of involved person
407. Privilege
408. Offences by involved person
409. Offences relating to documents
409A. Retention of records
410. Record of examination
411. Report of investigator
412. Proceedings following inquiry
413. Admission of investigator's report as evidence
414. Costs of inquiry

Division 3-Prevention of fraud etc.

415. Falsification of records
416. Fraud or misappropriation
417. Offering or paying commission
418. Accepting commission
419. False statements in loan application etc.

Division 4-Miscellaneous powers of the Registrar

420. Application for special meeting or inquiry
421. Holding of special meeting
422. Expenses of special meeting or inquiry
423. Power to hold special inquiry into co-operative
424. Special meeting following inquiry
425. Information and evidence
426. Extension or abridgment of time
427. Power of Registrar to intervene in proceedings

PART 16-ADMINISTRATION OF THIS ACT

Division 1-The Registrar

428. Employment of Registrar
429. Registrar's functions
430. Deputy Registrar and other staff
431. Delegation by Registrar
432. Register of Co-operatives
433. Keeping of registers
434. Disposal of records by Registrar
435. Inspection of Register
436. Approvals by Registrar
437. Lodgment of documents
438. Method of lodgment
438A. Signing of documents
438B. Approval of special lodging arrangements
439. Power of Registrar to refuse to register or reject
documents

Division 2-Evidence

440. Certificate of registration
441. Certificate evidence
442. Orders published in the Government Gazette
443. Records kept by co-operatives
444. Minutes
445. Official certificates
446. The Registrar and proceedings
447. Rules
448. Registers

PART 17-OFFENCES AND PROCEEDINGS

Division 1-General enforcement provisions

449. Offences by officers of co-operatives
450. Notice to be given of conviction for offence
451. Secrecy
452. False or misleading statements
453. Further offence for continuing failure to do required act
454. Civil remedies
455. Injunctions
456. Proceedings for offences etc.

Division 2-Infringement notices

456A. Definition
456B. Power to serve a notice
456C-456I. Repealed

PART 18-GENERAL

457. Exemption from stamp duty
458. Co-operative ceasing to exist
459. Service of documents on co-operative
460. Service on member of co-operative
461. Reciprocal arrangements
462. Translations of documents
463. Regulations

PART 19-REPEALS, AMENDMENTS, SAVINGS AND TRANSITIONAL

464. Repeal of Co-operation Act 1981.
465. Repeal of Part VI of the Housing Act 1983.
466. Savings and transitional provisions
467. Repealed
__________________
SCHEDULE 1-Matters for which Rules must make Provision
1. Requirements for all co-operatives
2. Additional matters-co-operatives with share capital
3. Additional matters-non-trading co-operatives
SCHEDULE 2-Relevant Interests, Associates, Related Bodies

PART 1-RELEVANT INTERESTS
1. Terminology used in this Schedule 2. Basic rules-relevant interests
3. Control of body corporate having power in relation to a
share
4. Control of 20% of voting power in body corporate 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 body corporate having a relevant interest by
virtue of clause 5.
7. Matters not affecting application of Schedule 8. Body corporate 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-body corporate other than co-operative

PART 2-ASSOCIATES
17. Effect of Part
18. Associates of a body corporate
19. Matters relating to voting rights
20. General
21. Exclusions

PART 3-RELATED BODIES
22. Related bodies corporate
SCHEDULE 3-Registration etc. of Charges

PART 1-PRELIMINARY
1. Interpretation
2. Application to charges referred to in clause 17.
3. Lodgment 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 lodge or give notice or document

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

Division 3-Registration
18. Register of Co-operative Charges
19. Registration of documents relating to charge
20. Provisional registration if stamp 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. Lodgment of notices
39. Lodgment offences
40. Co-operative to keep documents relating to charges
41. Co-operative to keep register
42. Certificates
43. Power of Supreme Court to rectify Register
44. Power to 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 Co-operatives
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 co-operative
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 co-operative's business
during winding up
11. Controller's duties in relation to bank accounts and
financial records
12. Managing controller to report within 2 months about co-operative'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 co-operative's
affairs
21. Controller may require reports
22. Controller may inspect books
23. Lodging 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 clauses 26 and 27.
SCHEDULE 5-Savings and Transitional
1. Definitions
2. General savings
3. Regulations
4. Saving of existing co-operatives
5. Saving of Co-operative Federation of Victoria Ltd
6. Society or co-operative started to be formed before commencement
7. Mergers
8. Rules to conform with Act
9. Modification of certain rules
10. Rules to contain active membership provisions
11. Special resolutions and majority resolutions
12. Documents
13. Existing accounts provisions to apply to transferred
co-operatives
14. Receivers and managers
15. Winding up
16. Investigation
17. Registrar
18. Superseded references
19. Transitional provision-Corporations (Consequential Amendments) Act 2001.
SCHEDULE 6-Infringement Offences
SCHEDULE 7-Applied Co-operatives provisions
1. Provisions applicable to participating co-operatives
SCHEDULE 8-Modifications to Corporations Act
---------------
ENDNOTES
1. General Information
2. Table of Amendments
3. Explanatory Details

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