(1)  The provisions of Parts 2F.3, 2M.2, 2M.3, 2M.4 and 2M.7 of the Corporations Law are adopted by this regulation and apply to and in respect of a cooperative.

(2)  The provisions apply with the modifications prescribed by the Act and Schedule 3 .

(3)  For the purposes of section 238(1) of the Act, a cooperative must –

(a) keep accounting records and prepare accounts and consolidated accounts as required by the provisions adopted by this regulation (as modified); and

(b) ensure that those accounts are audited in accordance with the provisions adopted by this regulation (as modified).