Tasmanian Numbered Acts

COOPERATIVES ACT 1999 (NO. 85 OF 1999) - SECT 7

7. Corporations Law applying under its own force

      (1) The provisions of the Corporations Law (other than the provisions of the Corporations Law mentioned in subsection (2)) are excluded from applying under their own force to cooperatives.

      (2) The following provisions of the Corporations Law are not excluded from applying under their own force to a cooperative:

(a) provisions that relate to any matter that the regulations provide is not to be excluded from the operation of the Corporations Law;

(b) provisions that relate to the role of a cooperative in the formation of a company;

(c) provisions that relate to substantial shareholdings, by or involving a cooperative, in a company;

(d) provisions that confer or impose functions on a cooperative as a member, or former member, of a corporation;

(e) provisions that relate to dealings by a cooperative in securities of a body corporate, other than securities of the cooperative itself;

(f) provisions that confer or impose functions on a cooperative in its dealings with a corporation, not being dealings in securities of the cooperative;

(g) provisions that relate to securities of a cooperative, other than shares in, debentures of or deposits with a cooperative;

(h) provisions relating to the futures industry;

(i) provisions relating to participants in the securities industry;

(j) provisions relating to the conduct of securities business;

(k) provisions relating to dealers' accounts and audit;

(l) provisions relating to money and scrip of dealers' clients;

(m) provisions relating to registers of interests in securities.

      (3) To remove doubt, it is declared that subsection (1) does not operate to exclude the operation of Parts 1.2A, 7.11 and 7.12 of the Corporations Law, except in relation to shares in, debentures of or deposits with a cooperative.

      (4) This section does not operate to give rise to any operation of the Corporations Law, and does not confer any function under that Law, which that Law would not otherwise have or confer of its own force.

      (5) This section has effect despite any provision of the Corporations (Tasmania) Act 1990 or the applicable provisions of Tasmania within the meaning of that Act.