Queensland Consolidated Acts

COOPERATIVES ACT 1997 - SECT 256

(1) The debentures of a cooperative are declared to be applied Corporations legislation matters for the Corporations (Ancillary Provisions) Act 2001, part 3 in relation to the provisions of the Corporations Act, part 1.2A, chapters 2L, 6CA and 6D and part 7.10, subject to the following changes—

(a) the provisions apply as if a cooperative were a company;

(b) a reference in the provisions to a corporation includes a reference to a cooperative;

(c) a reference in the provisions to ASIC is to be read as a reference to the registrar;

(d) any other changes (within the meaning of the Corporations (Ancillary Provisions) Act 2001, part 3) that are prescribed under a regulation.

Note—

See note under section 11(1).

(2) However, the provisions of the Corporations Act applying to the debentures of a cooperative by this section do not apply to the following—

(a) a loan to which section 260 applies;

(b) an issue of debentures of a cooperative that is made—

(i) solely to members; or

(ii) solely to members and employees of the cooperative; or

(iii) to a person who on becoming an inactive member of the cooperative has had his or her share capital converted to debt.

(3) Words used in this section that are not defined in this Act have the same meaning as in the Corporations Act.