Co-operation (Amendment) Act 1983 (NSW)

CO-OPERATION (AMENDMENT) ACT, 1983, No. 120

Jleto &outf) Males;

ANNO TRICESIMO SECUNDO

ELIZABETHS O REGINiE

Act No. 120, 1983.

An Act to amend the Co-operation Act, 1923, in relation to loans by, and
liquid funds of, certain societies; and to provide for the making of

[Assented to, 15th December, 1983.1

arrangements or compromises by societies with creditors or members.

Act No. 120, 1983. :

Co-operation {Amendment).

BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows:—

Short title.

1. This Act may be cited, as the "Co-operation (Amendment) Act,

1983".

Amendment of Act No. 1, 1924.

2. The Co-operation Act, 1923, is amended in the manner set forth

in Schedule 1.

SCHEDULE 1.

(Sec. 2.)

AMENDMENTS TO THE CO-OPERATION ACT, 1923.

(1) Section 2—

After the matter relating to Part IVA, insert:—

PART IVB.—ARRANGEMENTS.

(2) (a) Section 16 (1) (a)—

Omit "or" where secondly occurring.

(b) Section 16(1) (b)—

Omit "Crown.", insert instead "Crown; or".

1. Act No. 120. 1983.

   Co-operation (A mendment).

SCHEDULE 1 —continued.

AMENDMENTS TO THE CO-OPERATION ACT, 1923—continued.

(c) Section 16(1) (c) —

After section 16 (1) (b), insert: —

(c) in relation to a particular member, upon the security of the paid up share capital and deposits of that member.

(3) (a) Section 16o (2) (c) —

Omit "and".

(b) Section 16D (2) ( c l ) —

After section 16D (2) (c), insert:—

(c l ) as investments in such other securities as are prescribed under section 68 (1A) (d) and as are prescribed for the purposes of this paragraph; and

(c) Section 16D (2) —

Omit "and (c)" wherever occurring, insert instead ", (c) and

(c l )" .

(4) Part I V B —

After Part IVA, insert: — PART IVB.

ARRANGEMENTS.

Part VIII of Companies (New South Wales) Code to apply.

91B. (1) The provisions of Part VIII of the Companies (New South Wales) Code, and the other provisions of the Companies (New South Wales) Code applied pursuant to that Part, as

Act No. 120. 19S3.

Co-operation	(Amendment) .
SCHEDULE	{—continued.

A M E N D M E N T S TO THE CO-OPERATION A C T , 1923—continued

respectively construed in accordance with subsection ( 2 ) , apply, with such adapt,itions as are necessary and with such modifications, if any, as may be prescribed, lo and in respect of a society in the same way as they apply to and in respect of a company.

(2) For the purposes of subsection (1 ) . the provisions

referred to therein shall be construed as if—

(a) a reference therein to a company (other than where thirdly

occurring in section 318 (7) and where secondly and thirdly occurring in the definition of "prescribed shares" in section 31 S (16 ) ) were a reference to a society;

(h) a reference therein to the Commission were a reference to

the registrar;

(c) a reference therein to a shareholder were a reference to a

member;

(d)	section 315 (7) (b) were amended by inserting after the word "company" the words ". not being an administrator appointed under section 9 5 A (1) of the Co-operation Act. 1923";
(e)	section 315 (13) were amended by omitting the words "memorandum of the company issued after the order has been
company" and by inserting instead the words "rules of the to every copy so issued of the constituent documents of the made or, in the case of a company not having a memorandum,

society issued after the order has been made";

(f)	section 315 (15) were amended by inserting after the word "directors" where firstly occurring the words "or an administrator";
(g)	section 315 (15) (a) were amended by inserting after the word "directors" the words "or the administrator, as the case may be,";

(h) section 315 (19) and (20) were omitted;

5   Act No. 120, 1983.

Co-operation {Amendment).

SCHEDULE 1—continued.

AMENDMENTS TO THE CO-OPERATION ACT, 1923—continued.

(i)   section 315 (22) were amended by omitting the definition of "company";

(j) section 317 were omitted;

(k) section 318 (11), (12), (13) and (15) were amended by omitting the words "Unclaimed Moneys Act, 1917" wherever occurring and by inserting instead the words "Unclaimed Money Act, 1982";

(1) section 318 (12) were amended by inserting after the word "corporation" the words "or a society".

(m)	section 318 (13) were amended by inserting after the word "corporation" where firstly occurring the words "or a society"; and
(n)	section 319 (2) (a) were amended by omitting the word "corporation" and by inserting instead the words "society, corporation, societies".

(5) Third Schedule-

After "Sections", insert "16 (1) (c),".