Queensland Consolidated Acts

COOPERATIVES ACT 1997 - SECT 11

(1) A regulation may declare any matter relating to cooperatives to be an applied Corporations legislation matter for the Corporations (Ancillary Provisions) Act 2001, part 3 in relation to any excluded Corporations legislation provision or provisions (with any changes specified in the declaration).

Note—

Part 3 of the Corporations (Ancillary Provisions) Act 2001 provides for the application of provisions of the Corporations Act and part 3 of the ASIC Act as laws of the State in respect of any matter declared by a law of the State (whether with or without change) to be an applied Corporations legislation matter for the purposes of that part in relation to those Commonwealth provisions.

(2) Without limiting subsection (1), a regulation made under subsection (1) may—

(a) specify changes to the definitions and other interpretative provisions of the Corporations legislation relevant to any excluded Corporations legislation provision that is the subject of the declaration; and

(b) provide for ASIC to exercise a function under any excluded Corporations legislation provision that is the subject of the declaration, but only if—

(i) ASIC is to exercise the function under an agreement mentioned in the ASIC Act, section 11(8) or (9A)(b); and

(ii) ASIC is authorised to exercise the function under the ASIC Act, section 11; and

(c) specify that a reference to ASIC in any excluded Corporations legislation provision that is the subject of the declaration is to be a reference to another person; and

(d) identify any excluded Corporations legislation provision to which the declaration relates by reference to the provision as in force at a particular time; and

(e) specify a court (other than the Supreme Court) to exercise any function conferred on a court or the Court by any excluded Corporations legislation provision to which the declaration relates.

(3) Words used in this section and also in the Corporations (Ancillary Provisions) Act 2001, part 3 have the same meanings as they have in that part.