Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) In this section:
"exempt body" means—
(a) a cooperative, including a foreign cooperative registered under section 373 (Registration of foreign cooperative); or
(b) a building society; or
(c) a credit union; or
(d) an entity prescribed by regulation; or
(e) a company or society in relation to which an exemption under subsection (6) is in force.
(2) A person, other than an exempt body, must not—
(a) trade or carry on business under any name or title including—
(i) the word ‘cooperative' or ‘co-operative'; or
(ii) any other word having a similar meaning; or
(iii) the abbreviation ‘co-op' or ‘co-op.'; or
(b) hold out in any way that its trade or business is cooperative in nature.
Maximum penalty: 50 penalty units.
(3) For subsection (2), it is immaterial whether letters in a word or abbreviation are capital letters or non-capital letters.
(4) A company or society formed or incorporated elsewhere than in the ACT may apply in writing to the registrar to become an exempt body.
Note A fee may be determined under s 465 for this section.
(5) On application under subsection (4), the registrar may issue a certificate of exemption to the applicant if the registrar is satisfied that the applicant trades or carries on business for the purpose of promoting the economic interests of its members in accordance with cooperative principles.
(6) The registrar may issue a certificate of exemption for the period, and subject to the conditions, that the registrar considers appropriate.
(7) A person must not, without reasonable excuse, contravene a condition of a certificate of exemption issued under subsection (5).
Maximum penalty: 50 penalty units.