Queensland Consolidated Acts

COOPERATIVES ACT 1997 - SECT 10

(1) A cooperative is declared to be an excluded matter for the purposes of the Corporations Act, section 5F, in relation to the Corporations legislation other than to the extent specified in subsection (2).

Note—

This section ensures that neither the Corporations Act nor part 3 of the ASIC Act will apply in relation to a cooperative, other than to the extent specified in this section. Section 5F of the Corporations Act provides that if a State law declares a matter to be an excluded matter in relation to the whole of the Corporations legislation other than to a specified extent, then that legislation will not apply, except to the specified extent, in relation to that matter in the State concerned. However, other provisions of this Act apply certain provisions of the Corporations legislation to cooperatives as laws of this State.

(2) Subsection (1) does not exclude the operation of the following provisions of the Corporations legislation to cooperatives to the extent that the provisions would otherwise be applicable to them—

(a) provisions relating to a matter that a regulation provides is not to be excluded from the operation of the Corporations legislation;

(b) provisions relating to the role of a cooperative in the formation of a company;

(c) provisions relating to substantial shareholdings, by or involving a cooperative, in a company;

(d) provisions conferring or imposing functions on a cooperative as a member, or former member, of a corporation;

(e) provisions relating to dealings by a cooperative in securities of a corporation, other than securities of the cooperative itself;

(f) provisions conferring or imposing functions on a cooperative in its dealings with a corporation, other than dealings in securities of the cooperative;

(g) provisions relating to securities of a cooperative, other than shares in, debentures of, or deposits with, a cooperative;

(h) provisions relating to derivatives;

(i) provisions relating to—

(i) financial service licensees whose licence covers dealing in, or providing advice about, securities; or

(ii) regulated principals when dealing in, or providing advice about, securities as authorised by the Corporations Act, part 10.2, division 1, subdivision D;

(j) provisions relating to the carrying on of a financial services business relating to securities;

(k) provisions relating to financial statements, and audit of financial statements, of—

(i) financial service licensees whose licence covers dealing in, or providing advice about, securities; or

(ii) regulated principals when dealing in, or providing advice about, securities as authorised by the Corporations Act, part 10.2, division 1, subdivision D;

(l) provisions relating to money and scrip of clients of—

(i) financial service licensees whose licence covers dealing in, or providing advice about, securities; or

(ii) regulated principals when dealing in, or providing advice about, securities as authorised by the Corporations Act, part 10.2, division 1, subdivision D;

(m) provisions relating to registers of interests in securities.

(3) To remove doubt, it is declared that subsection (1) does not operate to exclude the operation of the following provisions of the Corporations Act, except in relation to shares in, debentures of, or deposits with, a cooperative—

(a) part 1.2A;

(b) chapter 2L;

(c) chapter 6CA;

(d) chapter 6D;

(d) part 7.10.

(4) If the cooperative is directed by an order of the Supreme Court under section 87(1)(i) to become registered as a company under the Corporations Act, subsection (1) does not apply to the extent necessary for a cooperative to be registered as a company under chapter 5B of that Act.