Victorian Consolidated Legislation

Co-operatives Act 1996 - SCHEDULE 8

Section 386 MODIFICATIONS TO CORPORATIONS ACT Modifications to winding up
provisions Parts 5.4B and 5.6 of the Corporations Act apply with the following
modifications-

   (a)  a reference in those Parts to ASlC is to be read as a reference to the
        Registrar; and

   (b)  a reference in those Parts to an application to wind up a company
        under section 464 or Part 5.4A is to be read as a reference to an
        application by the Registrar under Division 4 of Part 14 of this Act;
        and

   (c)  a reference in those Parts to a winding up ordered by the Court under
        a provision of Part 5.4A is a reference to a winding up ordered by the
        Court under Division 4 of Part 14 of this Act; and

   (d)  a reference in those Parts to an order under a provision of Part 5.4A
        is a reference to an order under section 385 of this Act; and

   (e)  for the purposes of an application by the Registrar to wind up a
        foreign co-operative, those Parts apply, with such modifications as
        the circumstances require, as if a winding up application had been
        made by the co-operative; and

   (f)  those Parts apply as if a ground specified in section 385 of this Act
        were a ground for winding up by the Court specified in section 461 of
        the Corporations Act; and

   (g)  a reference in those Parts to an official liquidator is to be read as
        a reference to a person approved by the Registrar as a liquidator of a
        co-operative; and

   (h)  sections 467(4) and (5), 480(d), 481(5)(b), 513B, 517, 518, 523 and
        524 do not apply; and

        (i)    a reference in section 485(2) to persons entitled to any
               surplus is a reference to a person entitled to the surplus
               under section 387 of this Act; and

   (j)  section 516 is to be read as if the words "together with any charges
        payable by the member to the co-operative in accordance with the
        rules" were inserted after "past member"; and

   (k)  Subdivision C of Division 6 of Part 5.6 does not apply; and

(1) a reference in those Parts to section 233 (Orders the Court can make) is
to be read as a reference to Division 5 (Oppressive conduct of affairs) of
Part 4 of this Act; and

   (m)  those Parts are to be read subject to sections 76 (Liability of
        members to co-operative) and 322 (Liability of member to contribute in
        a winding up where shares forfeited etc) of this Act for the purposes
        of determining the liability of members and past members to contribute
        on a winding up of a co-operative; and

   (n)  any other modifications (within the meaning of Part 3 of the
        Corporations (Ancillary Provisions) Act 2001) that are prescribed by
        the regulations.

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