Western Australian Consolidated Acts

CO-OPERATIVES ACT 2009 - SCHEDULE 6

[s. 387]

1 .         Modifications to winding-up provisions

                The Corporations Act Parts 5.4B and 5.6 apply with the following modifications —

            (a)         a reference in those Parts to ASIC is to be read as a reference to the Registrar;

            (b)         a reference in those Parts to an application to wind-up a company under section 464 or Part 5.4A is to be read as a reference to an application by the Registrar under Part 14 Division 4;

            (c)         a reference in those Parts to a winding-up ordered by the Court under a provision of Part 5.4A is a reference to a winding-up ordered by the Court under Part 1 Division 4;

            (d)         a reference in those Parts to an order under a provision of Part 5.4A is a reference to an order under section 386;

            (e)         for the purposes of an application by the Registrar to wind-up a foreign co-operative, those Parts apply, with such modifications as the circumstances require, as if a winding-up application had been made by the co-operative;

            (f)         those Parts apply as if a ground specified in section 386 were a ground for winding-up by the Court specified in the Corporations Act section 461;

            (g)         a reference in those Parts to an official liquidator is to be read as a reference to a person approved by the Registrar as a liquidator of a co-operative;

            (h)         sections 467(4) and (5), 480(d), 481(5)(b), 513B, 517, 518, 523 and 524 do not apply;

                  (i)         a reference in section 485(2) to persons entitled to any surplus is a reference to a person entitled to the surplus under section 388 of this Act;

            (j)         section 516 is to be read as if “together with any charges payable by the member to the co-operative in accordance with the rules” were inserted after “past member”;

            (k)         Part 5.6 Division 6 Subdivision C does not apply;

            (l)         a reference in those Parts to section 233 is to be read as a reference to Part 4 Division 5 of this Act;

            (m)         those Parts are to be read subject to sections 76 and 331 of this Act for the purposes of determining the liability of members and past members to contribute on a winding-up of a co-operative;

            (n)         any other modifications, within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001 , that are prescribed by the regulations.