Australian Capital Territory Repealed Acts

This legislation has been repealed.

CO-OPERATIVE SOCIETIES ACT 1939 (REPEALED) NO 9 - SECT 60

    (1)     The Corporations Law, parts 5.4, 5.5 and 5.6 (except section 544), sections 597 and 598 and section 1289 (2) apply in relation to the winding-up of a society, subject to this part.

    (2)     The Corporations Law, part 9.4 applies in relation to the winding-up of a society to the extent necessary to enforce any provisions of the Corporations Law or the Corporations Regulations applying (because of this Act) in relation to that winding-up.

Note      A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including regulations (see Legislation Act 2001 , s 104).

    (3)     In the application of the Corporations Law in relation to the winding-up of a society—

        (a)     a reference to a company is a reference to the society; and

        (b)     a reference in the Corporations Law, section 541, 597 or 598 or part 9.4 to a corporation is a reference to the society; and

        (c)     a reference to a special resolution is a reference to a special resolution as defined by this Act, section 48; and

        (d)     a reference to the commission is a reference to the registrar; and

        (e)     a reference to the articles of a company is a reference to the rules of the society; and

        (f)     a reference to a contributory, to a promoter or to a related corporation is a reference to a contributory, a promoter or a related corporation, respectively, within the meaning of this Act; and

        (g)     the following section is substituted for the Corporations Law, sections 516 and 517:

‘516     Limit on members' contributions

A contribution shall not be required from a member of a society in excess of the sum of the following amounts:

        (a)     any amount unpaid on the shares in relation to which he or she is liable as a member or past member;

        (b)     the amount of any contingent liability attached to those shares;

        (c)     the amount of any charge payable by the member to the society in accordance with the society's rules.'; and

        (h)     nothing in the Corporations Law, section 545 shall be taken to affect the operation of this Act, section 44 in relation to the society;

              (i)     the references in the Corporations Law, sections 577 (3) and (4) to the Minister are references to the Minister administering this Act;

        (j)     the words ‘to be dealt with under part 9.7' are omitted from section 577 (4); and

        (k)     for a winding-up on the certificate of the registrar—the winding-up shall be deemed to be a voluntary winding-up and, without in any way limiting the generality of any provision of this part, the Corporations Law, sections 507, 508 and 509 apply in relation to the winding-up as if it were a members' voluntary winding-up within the meaning of that Law.