Western Australian Consolidated Acts Western Australian Consolidated Acts (1) In this
Act —
active member has the meaning given to that term
in section 111;
active membership provision has the meaning given
to that term in section 112;
agreement means an agreement, arrangement or
understanding —
(a)
whether formal or informal or partly formal and partly informal; and
(b)
whether written or oral or partly written and partly oral; and
(c)
whether or not having legal or equitable force and whether or not based on
legal or equitable rights;
alter , in relation to the rules of a
co-operative, includes to add to, substitute or rescind;
associate has the meaning given to that term in
Schedule 2 Division 2;
board means the board of directors of a
co-operative and in circumstances where a person or committee is exercising a
power of the board delegated under the rules of a co-operative, includes that
person or committee;
chief executive officer , of a co-operative or a
subsidiary of a co-operative, means the principal executive officer of the
co-operative or subsidiary for the time being, by whatever name called, and
whether or not that officer is a director or the secretary;
constitution , of a co-operative, includes the
articles of association, memorandum, rules and other constituent documents;
co-operative means a body registered under this
Act as a co-operative;
co-operative capital unit has the meaning given to
that term in section 257(1);
co-operative group means a co-operative that has a
membership as described in section 57;
corporation has the meaning given to that term in
the Corporations Act;
Corporations Act means the Commonwealth
Corporations Act 2001 ;
debenture means a document issued by a
co-operative that evidences or acknowledges indebtedness of the co-operative
in respect of money that is or may be deposited with or lent to the
co-operative, whether constituting a charge on property of the co-operative or
not, and includes a unit of a debenture, except that it does not
include —
(a) a
cheque, order for the payment of money or bill of exchange; or
(b) a
promissory note having a face value of not less than $50 000; or
(c) any
other document of a class that is prescribed by the regulations as exempt from
this definition;
deed of arrangement means a deed of company
arrangement in force under the Corporations Act Part 5.3A as that Part
applies under this Act or a deed of that type as varied and in force from time
to time;
deposit taking co-operative means a co-operative
that is permitted under section 246 to accept money on deposit;
distributing co-operative means a co-operative as
described in section 13;
eligible member means a person considered by the
board of a co-operative to be eligible to become a member of that
co-operative;
financial records includes —
(a)
invoices, receipts, orders for the payment of money, bills of exchange,
cheques, promissory notes and vouchers;
(b)
documents of prime entry;
(c)
working papers and other documents needed to explain —
(i)
the methods by which financial statements are made up;
and
(ii)
adjustments to be made in preparing financial statements;
financial report means an annual financial report
or a half-year financial report prepared under the Corporations Act Chapter
2M;
financial services business has the meaning given
to that term in the Corporations Act section 761A;
financial services licensee has the meaning given
to that term in the Corporations Act section 761A;
financial statements means annual financial
statements under the Corporations Act section 295 or half-year financial
statements applying under the Corporations Act section 303;
foreign co-operative means a corporation that is
registered, incorporated or formed under, or subject to, a law in force
outside this State, including outside Australia, that regulates co-operatives
or organisations having attributes the same as or similar to co-operatives
except that it does not include —
(a) a
body incorporated under the Corporations Act or under another law of the
Commonwealth; or
(b) an
authorised deposit-taking institution as defined in the Commonwealth Banking
Act 1959 section 5;
inspector means a person appointed as an inspector
under Part 15;
model rules means the model rules prescribed by
the regulations under section 101;
mortgage includes lien, charge or other security
over property;
non-distributing co-operative means a co-operative
as described in section 14;
officer , of a co-operative, means —
(a) a
director or secretary of the co-operative; or
(b) a
person who is concerned, or takes part, in the management of the co-operative,
whether or not as a director; or
(c) a
receiver and manager, appointed under a power contained in an instrument, of
property of the co-operative; or
(d) an
administrator of a deed of arrangement executed by the co-operative; or
(e) a
liquidator or provisional liquidator appointed in a voluntary winding-up of
the co-operative; or
(f) an
administrator of the co-operative appointed under —
(i)
the Corporations Act Part 5.3A as applying under
this Act; or
(ii)
Part 12 Division 5 of this Act;
or
(g) a
trustee or other person administering a compromise or arrangement made between
the co-operative and another person;
primary activity , of a co-operative, means an
activity stated in the rules of the co-operative to be a primary activity of
the co-operative;
records includes books, financial records,
financial statements, minutes, registers, deeds, writings, documents and other
sources of information compiled, recorded or stored in written form or on
microfilm, or by electronic process, or in any other manner or by any other
means;
Registrar means the Registrar of Co-operatives
under section 451;
related corporation has the meaning given to that
term in Schedule 2 Division 3;
relevant interest in —
(a) a
right to vote has the meaning given to that term in Schedule 2
Division 1 clause 2(1); and
(b) a
share has the meaning given to that term in Schedule 2 Division 1
clause 2(2);
rules , of a co-operative, means the rules of the
co-operative for the time being applying under this Act;
seal , of a co-operative, means the common seal or
official seal of the co-operative;
share means share in the share capital of a
co-operative;
subsidiary has the meaning given to that term in
the Corporations Act;
surplus , in relation to a co-operative, means the
excess of income over expenditure after making proper allowance for taxation
expense, for depreciation in value of the property of the co-operative and for
future contingencies;
transfer day , for a particular transferred
co-operative, means the day on which that co-operative became registered under
this Act;
transferred co-operative means a co-operative that
immediately before the commencement of this Act was registered as a
co-operative company under the Companies (Co-operative) Act 1943 or as a
registered society under the Co-operative and Provident Societies
Act 1903 .
(2) A reference in
this Act to the Corporations Act or a provision of the Corporations Act
applying under this Act (or a part of this Act) is a reference to that Act or
provision to the extent that it is declared to apply to a matter for the
purposes of the Corporations (Ancillary Provisions) Act 2001 Part 3
as a law of this State.