South Australian Consolidated Regulations

CO-OPERATIVES REGULATIONS 1997 - SCHEDULE 6

Schedule 6—Savings and transitional

1—Definitions

In this Schedule—

repealed Act means the Co-operatives Act 1983 .

2—Saving of exemptions under repealed Act

Subject to the Act, an exemption in force under section 9 of the repealed Act immediately before the commencement of this clause continues in force as a exemption under section 234 of the Act subject to the same conditions of exemption (if any).

3—Removal and resignation of auditor

A consent to the resignation of an auditor given by the Commission under section 53(7) of the repealed Act is deemed to be a consent given by the Commission under section 329(6) of the Corporations Law as adopted by regulation 13 and modified under section 10(3) of the Act.

4—Existing account provisions to apply to transferred co-operatives

For the purposes of clause 24 of Schedule 5 of the Act, the prescribed date is 31 March 1998.

5—Interstate co-operative carrying on business in this State

        (1)         An interstate co-operative that carried on business in this State (within the meaning of section 363 of the Act) immediately before the commencement of this clause must—

            (a)         as soon as practicable after that commencement notify the Commission that it is carrying on business in this State; and

            (b)         if it proposes to continue carrying on business in this State—apply to the Commission, within 6 months after the commencement of this clause (or such longer period as the Commission may allow), for registration under Part 14 of the Act as a foreign co-operative.

        (2)         An interstate co-operative that notifies the Commission in accordance with subregulation (1) is deemed to be registered under Part 14 of the Act as a foreign co-operative for 6 months after the commencement of this clause (or such longer period as the Commission may allow).

        (3)         An interstate co-operative that notifies the Commission and makes an application for registration in accordance with subregulation (1) is deemed to be registered under Part 14 of the Act as a foreign co-operative until—

            (a)         it is registered as such by the Commission on that application; or

            (b)         the Commission gives written notice to the co-operative that the Commission has refused the application.

        (4)         In this clause—

interstate co-operative means a body registered or incorporated as a co-operative in another State.