South Australian Consolidated Regulations

CO-OPERATIVES REGULATIONS 1997 - SCHEDULE 2A

Schedule 2A—Modification of applied provisions

(Regulation 13)

1—Interpretation of modified provisions

        (1)         The following definitions replace the corresponding definitions under the Corporations Act for the purposes of interpreting provisions of that Act applied or modified by these regulations, as modified by the Act and this Schedule:

Act means the Co-operatives Act 1997 ;

Commission means the Corporate Affairs Commission;

consolidated entity means a co-operative together with all the entities it is required by the accounting standards to include in consolidated financial statements;

Court means the Supreme Court of South Australia;

debenture , in relation to a co-operative, has the same meaning as in section 4 of the Act;

director , in relation to a co-operative, has the same meaning as in section 4 of the Act;

disclosing entity —see section 258 of the Act (which applies Part 1.2A of the Corporations Act);

financial year means a financial year of a co-operative as determined in accordance with section 238 of the Act;

inspector means an inspector appointed under Part 15 of the Act;

member of a co-operative—see Part 4 of the Act;

officer , in relation to a co-operative, has the same meaning as in section 4 of the Act;

related , in the context of related bodies corporate, has the meaning given by Part 3 of Schedule 2 of the Act.

        (2)         Expressions used in the applied provisions of the Corporations Act, as modified, that are not defined in the Corporations Act have the same meaning as in the Act.

        (3)         For the purposes of the applied provisions of the Corporations Act, as modified, the accounting standards in force under the Corporations Act are to apply with any modifications that may be necessary or appropriate for the effectual application of the standards to co-operatives.

2—Specific modifications

The applied provisions of the Corporations Act apply as if all notes (other than those modified by the table below) were struck out and they were further amended as set out in the table below.

Provision of Corporations Act amended	How amended
section 198F	Strike out "company" wherever occurring and substitute in each case "co-operative".
Part 2F.3 (Inspection of books)
section 247A(1)	Strike out "company or registered managed investment scheme" and substitute "co-operative".
section 247A(1)(a)	Strike out "company or scheme" and substitute "co-operative".
section 247A(1)(b)	Strike out "company or scheme" and substitute "co-operative".
section 247C(a)	Strike out "ASIC" and substitute "the Commission or an officer of the Commission".
section 247D	Strike out this section.
section 249K(1)	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 249V(1)	Strike out "company's" and substitute "co-operative's".
section 250T(1)	Strike out "company's" and substitute "co-operative's".
Part 2M.2 (Financial records)
section 286(1)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 287	Insert after subsection (3) the following subsection:         (4)         An inspector may, by notice in writing, specify a period within which the translation must be made available to the inspector.
section 288	Insert after subsection (2) the following subsection:         (3)         An inspector may, by notice in writing, specify a period within which the hard copy must be made available to the inspector.
section 289	Strike out this section and substitute: 289—Place where records are kept The financial records must be kept within South Australia but the co-operative may decide where within South Australia to keep them.
section 290(1)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 291	Strike out this section.
Part 2M.3 (Financial reporting)
section 292	Strike out this section and substitute: 292—Who has to prepare annual financial reports and directors' reports A financial report and a directors' report must be prepared for each financial year by all co-operatives.
sections 293 and 294	Strike out these sections.
section 295(4)(c)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 296(1)	Strike out the sentence commencing "However".
section 297(a)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 298(1)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 298(3)	Strike out this subsection.
section 299(2)(a)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 299(3)(a)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 299(3)(b)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative, company or registered scheme".
section 300(1)(c)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 300(1)(ca)(i)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 300(1)(ca)(ii)	Strike out "company, disclosing entity or registered scheme" and substitute "co-operative".
section 300(1)(ca)(iii)	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 300(1)(d)(ii)	Strike out "company" and substitute "co-operative".
section 300(1)	Strike out the sentence commencing "Public companies".
section 300(2)	Strike out "company's" and substitute "co-operative's".
section 300(3)(a)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 300(3)(b)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative, company or registered scheme".
section 300(5)(a)	Strike out "company, registered scheme or disclosing entity" and substitute "entity".
section 300(6)(a)	Strike out "company, registered scheme or disclosing entity" and substitute "entity".
section 300(6)(e)	Strike out "company, registered scheme or disclosing entity" and substitute "entity".
section 300(7)(a)	Strike out "company, registered scheme or disclosing entity" and substitute "entity".
section 300(7)(c)	Strike out "company, registered scheme or disclosing entity" and substitute "entity".
section 300(8)	Strike out "company" and substitute "co-operative".
section 300(8)(a)	Strike out "and that is covered by subsection 199A(2) or (3)". Strike out "of that kind".
section 300(9)	Strike out "company" wherever occurring and substitute, in each case, "co-operative".
section 300(10)	Strike out "public company that is not a wholly-owned subsidiary of another company or of a recognised company" and substitute "co-operative that is not a wholly-owned subsidiary of another co-operative".
section 300(11)	Strike out "company" wherever occurring and substitute, in each case, "co-operative".
section 300(12) and (13)	Strike out these subsections.
section 300(14)	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 300(15)	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 300A(1)	Strike out "company" first occurring and substitute "co-operative that is included in an official list of the Exchange".
section 300A(1)(a)	Strike out "company" and substitute "co-operative".
section 300A(1)(b)	Strike out "company's" and substitute "co-operative's".
section 300A(1)(ba)(iv)	Strike out "company" wherever occurring and substitute in each case "co-operative". Strike out "companies" wherever occurring and substitute in each case "co-operatives".
section 300A(1)(c)	Strike out "company" and substitute "co-operative".
section 300A(1AA)	Strike out "company's" wherever occurring and substitute in each case "co-operative's".
section 300A(1AB)	Strike out "company's" and substitute "co-operative's". Strike out "company" wherever occurring and substitute in each case "co-operative".
section 300A(1B)	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 300A(2)	Strike out this subsection.
section 300A(3)	Strike out "company's constitution" and substitute "co-operative's rules".
section 301(1)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 301(2)	Strike out this subsection.
section 302	Insert "co-operative that is a" after "A".
section 302(c)	Strike out "ASIC" and substitute "the Commission".
section 307(c)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 307(d)	Strike out this paragraph and substitute:             (d)         whether the co-operative has kept registers as required by section 239 of the Act and other records as required by the Act (including provisions of this Law adopted by or under the Act).
section 307B(1)(c)(ii)	Strike out "ASIC" and substitute "the Commission".
section 307B(3)(b)(ii)	Strike out "ASIC" and substitute "the Commission".
section 307B(6)	Strike out "ASIC" and substitute "The Commission".
section 307B(7)	Strike out "ASIC" wherever occurring and substitute in each case "the Commission".
section 307C(1)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 307C(1)(c)(i)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 307C(1)(d)(i)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 307C(3)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 307C(3)(c)(i)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 307C(3)(d)(i)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 307C(5)(a)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 310(a)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 311(1)(a)(i)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 311(1)(c)	Strike out "ASIC" and substitute "the Commission".
section 311(2)(a)(i)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 311(2)(c)	Strike out "ASIC" and substitute "the Commission".
section 311(3)(b)(i)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 311(3)(d)	Strike out "ASIC" and substitute "the Commission".
section 311(4)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 311(4)(b)	Strike out "company, registered scheme or disclosing entity" wherever occurring and substitute in each case "co-operative".
section 312	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 312(a)	Strike out "company, scheme or entity" and substitute "co-operative".
section 314(1)	Strike out "either". Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 314(1)(c)	Insert after paragraph (b) the following word and paragraph: or             (c)         in the case of a non-trading co-operative—                   (i)         giving members notice—         •         that the reports referred to in paragraph (a) may be inspected at the registered office of the co-operative; or         •         that a concise report of the kind referred to in paragraph (b) may be inspected at the registered office of the co-operative; and                   (ii)         making the report or reports (as the case requires) available for inspection.
section 314(4)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 314(5)	Strike out "company, registered scheme or disclosing entity" wherever occurring and substitute in each case "co-operative".
section 315	Strike out this section and substitute: 315—Deadline for reporting to members A co-operative must report to members under section 314 by the earlier of—             (a)         21 days before the next AGM after the end of the financial year; or             (b)         21 days less than 5 months after the end of the financial year.
section 316(1)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 316(1A)	Insert after subsection (1) the following subsection:         (1A)         Paragraph (1)(b) does not apply to a member of a non-trading co-operative.
section 317	Strike out "public company" and substitute "co-operative".
section 318(1)	Strike out "company or disclosing entity" and substitute "co-operative". Insert "prescribed" before "debenture holders".
section 318(2)	Strike out "company or disclosing entity" and substitute "co-operative". Insert "prescribed" before "debenture holder".
section 318(2)(a)	Insert "or made available" after "sent".
section 318(3)	Strike out this subsection and substitute:         (3)         The co-operative must, as soon as practicable after the request—             (a)         if the terms of the debenture issue so provide—make the copies available for inspection free of charge at the registered office of the co-operative;             (b)         in any other case—give the prescribed debenture holder the copies free of charge.
section 318(4)	Insert "prescribed" before "debenture holders".
section 318	Insert after subsection (5) the following subsection:         (6)         In this section— prescribed debenture holder means a person who holds debentures of a co-operative but is not a member of the co-operative.
Division 5 heading	Strike out "ASIC" and substitute "Commission".
section 319	Strike out this section and substitute: 319—Lodgment of annual reports with Commission Under the regulations made under the Act, a co-operative that has to prepare or obtain a report for a financial year under this Law (as adopted by or under the Act) must include in its annual report to the Commission for that year a copy of each such report.
section 320	Insert "co-operative that is a" after "A". Strike out "ASIC" and substitute "the Commission".
section 321(1)	Strike out this subsection and substitute:         (1)         The Commission may give a co-operative a direction to lodge with the Commission a copy of reports prepared or obtained by it under Division 1 or 2.
section 322(1)	Strike out "ASIC, the company, registered scheme or disclosing entity" and substitute "the Commission, the co-operative".
section 322(1)(a)	Strike out "ASIC" and substitute "the Commission".
section 322(1)(b)	Strike out this paragraph and substitute the following paragraphs:             (b)         in the case of a non-trading co-operative—make a copy of the amended report available for inspection at the registered office of the co-operative and inform any member who asks of its availability; and             (c)         in any other case—give a copy of the amended report free of charge to any member who asks for it.
section 322(2)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 322(2)(b)	Insert "or inspect" after "obtain".
section 323	Strike out "company, registered scheme or disclosing entity" twice occurring and substitute, in each case, "co-operative".
section 323A(2)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 323B	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 323B(1)(a)	Strike out "company, scheme or entity" and substitute "co-operative".
section 323C	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 323D(1) and (2)	Strike out these subsections.
section 323D(3)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
section 323D(5)	Strike out "company, registered scheme or disclosing entity" and substitute "co-operative".
Division 8 (section 323DA)	Strike out this Division.
Division 9 (section 323EA to 323EM)	Strike out "ASIC" wherever occurring and substitute in each case "the Commission" or "The Commission" (as the case requires). Strike out "ASIC's" wherever occurring and substitute in each case "the Commission's".
section 323EA(1)	Strike out "company, disclosing entity or registered scheme" and substitute "co-operative".
section 323EA(2)	Strike out "company, the disclosing entity or the responsible entity of the registered scheme" and substitute "co-operative".
Part 2M.4 (Auditor)
Division 1 heading	Strike out "company or registered scheme" and substitute "co-operative".
section 324AA	Strike out "company or a registered scheme" and substitute "co-operative". Strike out "company or registered scheme" and substitute "co-operative".
section 324AB	Strike out "company or registered scheme" wherever occurring and substitute in each case "co-operative".
section 324AB(2)	Strike out "company or scheme" and substitute "co-operative".
section 324AB(4)	Strike out "the Corporations legislation" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 324AC	Strike out "company or registered scheme" wherever occurring and substitute in each case "co-operative".
section 324AC(2)	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 324AD(1)	Strike out "company or registered scheme" and substitute "co-operative".
section 324AE	Strike out "company or registered scheme" and substitute "co-operative".
section 324AE(b)(iii)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 324AF	Strike out "company or registered scheme" wherever occurring and substitute in each case "co-operative".
section 324BA	Strike out "company or registered scheme" wherever occurring and substitute in each case "co-operative".
section 324BA(a)(iii)	Strike out "this Act" and substitute "the provisions of the Corporations Act adopted by or under the Act".
section 324BB	Strike out "company or registered scheme" wherever occurring and substitute in each case "co-operative".
section 324BB(1)(a)(iii)	Strike out "this Act" and substitute "the provisions of the Corporations Act adopted by or under the Act".
section 324BB(2)(a)(iii)	Strike out "this Act" and substitute "the provisions of the Corporations Act adopted by or under the Act".
section 324BB(6)	Strike out subsection (6) and substitute:         (6)         The firm satisfies this subsection if—             (a)         the business name under which the firm is carrying on business is registered under the Business Names Act 1996 of South Australia; or             (b)         a return (in a form approved by the Commissioner for the purpose) has been lodged showing, in relation to each member of the firm, the member's full name and address as at the time when the firm so consents, acts or prepares a report.
section 324BC	Strike out "company or registered scheme" wherever occurring and substitute in each case "co-operative".
section 324BC(1)(a)(iii)	Strike out "this Act" and substitute "the provisions of the Corporations Act adopted by or under the Act".
section 324BC(2)(a)(iii)	Strike out "this Act" and substitute "the provisions of the Corporations Act adopted by or under the Act".
section 324BC(3)(a)(iii)	Strike out "this Act" and substitute "the provisions of the Corporations Act adopted by or under the Act".
section 324BD(1)	Strike out subsection (1) and substitute:         (1)         An individual who is not a registered auditor may be appointed as an auditor of a co-operative if the Commission—             (a)         is satisfied that the individual is suitably qualified or experienced; and             (b)         approves the individual for the purposes of the provisions of the Corporations Act adopted by or under the Act in relation to the audit of the co-operative's financial reports.         (1a)         An appointment under subsection (1) is subject to such terms and conditions as are specified in the approval under subsection (1)(b).
section 324BD(2)(a)	Strike out "company's" and substitute "co-operative's".
section 324BD(2)(b)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 324BD(3) and (4)	Strike out "company" wherever occurring and substitute in each case "co-operative"
section 324BD(3)	Strike out "ASIC" wherever occurring and substitute in each case "the Commission".
section 324CA	Strike out "ASIC" wherever occurring and substitute in each case "the Commission".
section 324CA(1A), Note 2	Strike out "public company or a registered scheme" and substitute "co-operative". Strike out "(public company) or 331AAA(2A) or (2C) (registered scheme)".
section 324CA(6)(a)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 324CB	Strike out "ASIC" wherever occurring and substitute in each case "the Commission".
section 324CB(1A), Note 2	Strike out "public company or a registered scheme" and substitute "co-operative". Strike out "(public company)". Strike out "(registered scheme)".
section 324CB(7)(a)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 324CC	Strike out "ASIC" wherever occurring and substitute in each case "the Commission".
section 324CC(1A), Note 2	Strike out "public company or a registered scheme" and substitute "co-operative". Strike out "(public company)". Strike out "(registered scheme)".
section 324CC(7)	Strike out "this Act" and substitute "the Act (including provisions of the Corporations Act adopted by or under the Act)".
section 324CD(2), table	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 324CE	Strike out "ASIC" wherever occurring and substitute in each case "the Commission".
section 324CE(1A), Note	Strike out "public company or a registered scheme" and substitute "co-operative". Strike out "(public company)". Strike out "(registered scheme)".
section 324CF	Strike out "ASIC" wherever occurring and substitute in each case "the Commission".
section 324CF(1A), Note	Strike out "public company or a registered scheme" and substitute "co-operative". Strike out "(public company)". Strike out "(registered scheme)".
section 324CG	Strike out "ASIC" wherever occurring and substitute in each case "the Commission".
section 324CG(1A), Note	Strike out "public company or a registered scheme" and substitute "co-operative". Strike out "(public company)". Strike out "(registered scheme)".
section 324CH(1), table, item 6	Strike out "company" first and second occurring and substitute in each case "co-operative".
section 324CL	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 324CL(2)	Strike out "ASIC" first and third occurring and substitute in each case "the Commission". Strike out "ASIC" second occurring and substitute "The Commission".
section 324CM(1)(a)	Strike out "company or registered scheme" and substitute "co-operative".
section 324CM(1)(c)	Strike out "company or scheme" and substitute "co-operative".
section 324CM(2)(a)	Strike out "company or a registered scheme" and substitute "co-operative".
section 324CM(2)(c)	Strike out "company or scheme" and substitute "co-operative".
section 324CM(3)(d)	Strike out "company or a registered scheme" and substitute "co-operative".
section 324CM(3)(f)	Strike out "company or scheme" and substitute "co-operative".
Division 6 heading	Strike out "companies" and substitute "co-operatives".
Division 6 Subdivision A heading	Strike out "company" and substitute "co-operative".
section 325	Strike out this section.
section 327A(1)	Strike out "public company" and substitute "co-operative". Strike out "company" second, third and fourth occurring and substitute in each case "co-operative"
section 327A(2)	Strike out "company's" and substitute "co-operative's".
section 327A(3)	Strike out "company" and substitute "co-operative".
section 327B(1)	Strike out "public company" and substitute "co-operative".
section 327B(1)(a) and (b)	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 327B(2A), (2B), (2C), (3) and (4)	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 327B	Strike out "ASIC" wherever occurring and substitute in each case "the Commission".
section 327C(1)	Strike out "public company" and substitute "co-operative". Strike out "company" second and third occurring and substitute in each case "co-operative".
section 327C(2)	Strike out "company's" and substitute "co-operative's".
section 327C(3)	Strike out "public company" and substitute "co-operative".
section 327D(1)	Strike out "company" and substitute "co-operative".
section 327D(2)	Strike out "company" first and third occurring and substitute in each case "co-operative".
section 327D(3)	Strike out "company" second, fourth, fifth, sixth and eighth occurring and substitute in each case "co-operative".
section 327D(5)	Strike out "company's" and substitute "co-operative's".
section 327E(1)	Strike out "public company" and substitute "co-operative".
section 327E(2), (3), (4) and (5)	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 327E(6)	Strike out "company's" and substitute "co-operative's".
section 327E	Strike out "ASIC" wherever occurring and substitute in each case "the Commission".
section 327F(1)	Strike out "ASIC" first occurring and substitute "The Commission". Strike out "company" wherever occurring and substitute in each case "co-operative". Strike out "ASIC" second occurring and substitute "the Commission".
section 327F(2)	Strike out "company" second and third occurring and substitute "co-operative".
section 327G(1)	Strike out "ASIC" and substitute "The Commission". Strike out "company" second occurring and substitute "co-operative".
section 327G(2)	Strike out "ASIC" first occurring and substitute "The Commission". Strike out "company" wherever occurring and substitute in each case "co-operative". Strike out "ASIC" second occurring and substitute "the Commission".
section 327G(3)	Strike out "ASIC" first occurring and substitute "The Commission". Strike out "company" wherever occurring and substitute in each case "co-operative". Strike out "ASIC" second and third occurring and substitute in each case "the Commission".
section 327H	Strike out "public company" and substitute "co-operative".
section 327H(a)	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 327I	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 328A(1)	Strike out "company, the directors of a company or the responsible entity of a registered scheme" and substitute "co-operative or the directors of a co-operative". Strike out "company" fourth occurring and substitute "co-operative". Strike out "the company, the directors or the responsible entity of the scheme" and substitute "the co-operative or the directors of the co-operative".
section 328A(3)	Strike out "company" wherever occurring and substitute in each case "co-operative". Strike out "company's" and substitute "co-operative's".
section 328A(4)	Strike out "company, directors of a company or the responsible entity of a registered scheme appoints" and substitute "co-operative or the directors of a co-operative appoint". Strike out "company" fourth occurring and substitute "co-operative".
section 328A(4)(b)	Strike out "company or responsible entity" wherever occurring and substitute in each case "co-operative".
section 328B(1)	Strike out subsection (1) and substitute:         (1)         Subject to this section, a co-operative may appoint an individual, firm or company as auditor of the co-operative at its AGM only if a member of the co-operative gives the co-operative written notice of the nomination of the individual, firm or company for appointment as auditor—             (a)         before the meeting is convened; or             (b)         not less than 21 days before the meeting. This subsection does not apply if an auditor is removed from office at the AGM.
section 328B(2)	Strike out "company" first, third, fourth and fifth occurring and substitute in each case "co-operative".
section 328B(3)	Strike out "company" first, third and fourth occurring and substitute in each case "co-operative".
section 328B(3)(b) and (c)	Strike out "company" wherever occurring and substitute in each case "co-operative".
section 329	Strike out "company" wherever occurring and substitute, in each case, "co-operative".
section 329(1A)	Striking out the note at the foot of this subsection.
section 329(1B)	Insert after subsection (1A) of section 329 the following subsection:         (1B)         Despite subsection (1A), it is still necessary to give at least 21 days notice of a meeting of a co-operative at which a resolution will be moved to remove an auditor under this section.
section 329(8)	Strike out "Subject to subsection (9), the" and substitute "The".
section 329(9)	Strike out this subsection.
section 330	Strike out this section and substitute: 330—Effect of winding up on office of auditor An auditor of a co-operative ceases to hold office if—             (a)         a special resolution is passed in accordance with section 312 of the Act for the voluntary winding up of the co-operative; or             (b)         a certificate is issued by the Commission for the winding up of the co-operative; or             (c)         an order is made by the Court for the winding up of the co-operative.
section 331	Strike out "company" twice occurring and substitute, in each case, "co-operative".
Part 2M.7 (Sanctions for contraventions of Chapter)
section 344(1)	Strike out subsection (1) and substitute:         (1)         A director of a co-operative contravenes this section if the director fails to take all reasonable steps to comply with, or to secure compliance with—             (a)         Part 2M.2 or 2M.3; or             (b)         if the co-operative, or a director or auditor of the co-operative, has been granted an exemption, or the co-operative is of a class of co-operatives that has been granted an exemption, from specified provisions of Part 2M.2 or 2M.3—a provision of those Parts from which the co-operative or director or auditor is not exempt or a condition attached to the exemption.