Tasmanian Numbered Acts

COOPERATIVES ACT 1999 (NO. 85 OF 1999) - SECT 319

319. Application of Corporations Law to winding-up and deregistration

      (1) Parts 5.4, 5.4A, 5.4B, 5.5, 5.6, 5.7 and Chapter 5A of the Corporations Law are adopted by this section and apply, subject to this Division, to –

(a) the winding-up or deregistration of a cooperative; and

(b) a deregistered cooperative.

      (2) For the purposes of the application of those provisions to a winding-up on the certificate of the Commissioner, the winding-up is to be considered to be a voluntary winding-up (but section 490 of the Corporations Law does not apply).

      (3) Provisions of the Corporations Law are adopted with any modifications that are prescribed and as if –

(a) a reference in any of those provisions to a special resolution or an extraordinary resolution were a reference to a special resolution within the meaning of this Act; and

(b) a reference in any of those provisions to the Commission or ASIC were a reference to the Commissioner; and

(c) section 513B were amended by inserting after paragraph (d) the following paragraph:

(da) if the winding-up is on the certificate of the Commissioner – on the date that the certificate is given; or

(d) section 516 were amended by inserting after the words "past member" the words "together with any charges payable by him or her to the cooperative in accordance with the rules" ; and

(e) a reference in any of those provisions to a registered liquidator included a reference to a person approved by the Commissioner as a liquidator of a cooperative; and

(f) a reference in any of those provisions to section 246AA of the Corporations Law were a reference to Division 5 of Part 4 of this Act.

      (4) The provisions of the Corporations Law adopted by this section are to be read subject to sections 70 and 316 for the purposes of determining the liability of members and former members to contribute on a winding-up of a cooperative.