Co-operative Societies Act 1939 (ACT)

Co-operative Societies Act 1939 (repealed) No 9

Republication No 6

Effective: 5 June 2003

Republication date: 5 June 2003

As repealed by A2002-45

Unauthorised version prepared by the ACT Parliamentary Counsel’s Office

About this republication

The republished law

This is a republication of the Co-operative Societies Act 1939 (repealed) (including any amendment made under the Legislation Act 2001, part 11.3 (Editorial changes)). It also includes any commencement, amendment, repeal or expiry affecting the republished law to 5 June 2003.

The legislation history and amendment history of the republished law are set out in endnotes 3 and 4.

Kinds of republications

The Parliamentary Counsel’s Office prepares 2 kinds of republications of ACT laws (see the ACT legislation register at type="disc">

authorised republications to which the Legislation Act 2001 applies

unauthorised republications.

The status of this republication appears on the bottom of each page.

Editorial changes

The Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial amendments and other changes of a formal nature when preparing a law for republication. Editorial changes do not change the effect of the law, but have effect as if they had been made by an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117). The changes are made if the Parliamentary Counsel considers they are desirable to bring the law into line, or more closely into line, with current legislative drafting practice.

When preparing the authorised version of this republication amendments were not made under part 11.3 (see endnote 1).

Uncommenced provisions and amendments

If a provision of the republished law has not commenced or is affected by an uncommenced amendment, the symbol U appears immediately before the provision heading. The text of the uncommenced provision or amendment appears only in the last endnote.

Modifications

If a provision of the republished law is affected by a current modification, the symbol M appears immediately before the provision heading. The text of the modifying provision appears in the endnotes. For the legal status of modifications, see Legislation Act 2001, section 95.

Penalties

The value of a penalty unit for an offence against this republished law at the republication date is—

(a)if the person charged is an individual—$100; or
(b)if the person charged is a corporation—$500.

Co-operative Societies Act 1939 (repealed)

Contents

Page

Part 1Preliminary

Name of Act 2
Interpretation for Act 2

Part 2Administration

Registrar 8

5AA         Deputy registrar  8
5AInspectors  9
5BInspections  9

Registrar may require certain information or evidence to be given 10
Special meeting and inquiry 10
Certificate about cost of inquiry etc 12

8ARegistrar may require bank to give information 12

Inspection of documents 12
Registrar may administer oath etc 13
Appeal from decisions of registrar 13

Part 3Cooperative trading societies

Objects 14
Prescribed trading societies 14

Part 3CCooperative housing and services societies
14JObjects 15
Part 4Incorporation

Liability and membership 16
Formation and registration of society 16

16AA Prohibited names 18
16A Powers of registered societies 18

Change of name 19
Amalgamation 20
Property to vest on amalgamation 21
Certificate of incorporation 22
Members 23
Shares 24

22A Reserves 26

Surplus from operations 28
Liability of members of society 30
Purchase or repayment of shares 30
Cancellation and reissue of shares 30
Charge and set-off against member 31
Death of member 31
Death of intestate 33
Society a body corporate 33
Use of the word ‘cooperative’ 33
Property 35
Granting of securities 35
Raising of money etc 37
Investments 39
Voluntary transfer of engagements—trading societies 40

38AA Transfer of engagements by direction 40
38A Registration of society as a company 44

Contracts 48
Name and address of society 49

40A Service of documents on society 49

Effect of rules 50
Registers and records 50

42A         Accounts  51
42B         Statement to be attached to accounts  52
42C         Statement to be attached to holding society accounts                  53
42D         Statements in relation to financial year of society  55
42E         Directors report on society other than holding society                  55
42F         Directors report on group holding society  56
42G         Report may omit prejudicial information  58
42H         Reports generally  58

Inspections of documents by members and creditors 59
Returns 59
Dealings with members and applicants 60
Charges payable by members 61
Fines 62
Special resolution 62

Part 5Rules, management and disputes

Rules 64
Alteration of rules 67
Board of directors 68
Meetings 72
Votes of members 72
Minutes 73
Officers 73
Accounts and audit 74
Financial year 75
Disputes 75

Part 6Suspension, administration and winding-up
58A Suspension of operations 78
58B Administrator 80

Winding-up 82
Application of Corporations Law in winding-up 84

‘516 Limit on members’ contributions 85
60A Filling vacancy in position of liquidator—voluntary winding-up 86

Dissolution 86
Cancellation 87

Part 7Evidence and offences

Certificates and documents 88
Rules 88
Registers 88
Minutes 88
Entries 89
Defaults by society 89
Restrictions on powers 90
Too few members 90
Name 91
Seal 91
Allotment of shares 92
False copies of rules 92
Falsification 92
Fraud or misappropriation 92
Commission 93
Contravention of Act 93
Recovery of penalties 94
Civil remedies 94

Part 8Miscellaneous
80A         Review of decisions  95
80B         Notification of decisions  95
80C         Determination of fees  96
80D         Approved forms  96

Regulation-making power 96

Endnotes

About the endnotes 98
Abbreviation key 98
Legislation history 99
Amendment history 105
Earlier republications 116

Co-operative Societies Act 1939 (repealed)

An Act relating to cooperative trading societies and cooperative housing and services societies

Part 1Preliminary

Name of Act
This Act is the Co-operative Societies Act 1939.
Interpretation for Act
In this Act:
NoteA definition applies except so far as the contrary intention appears (see Legislation Act 2001, s 155).
accounts means profit and loss accounts and balance sheets and includes statements, reports and notes, other than auditors’ reports and directors’ reports, attached to or intended to be read with any of those profit and loss accounts or balance sheets.
administrator means a person appointed to be an administrator under section 58B.
authorised bill of exchange means a bill—
(a)that has been accepted by a bank, being a bank within the meaning of the Banking Act 1959 (Cwlth); and
(b)that is payable on demand or not more than 200 days after the day it is transferred to a society; and
(c)in relation to which the society, on the transfer of the bill to it, becomes a holder in due course; and
(d)that has only been endorsed (if at all), before its transfer to the society, by—
(i)an excluded corporation within the meaning of the Corporations Law, section 65 (1); or
(ii)a building society.
bond includes debenture.
commission means the Australian Securities and Investment Commission.
contributory, in relation to a society, means—
(a)a person liable as a member or past member to contribute to the property of the society in the event of its being wound up; and
(b)before the final determination of the persons who are contributories under paragraph (a)—a person alleged to be such a contributory.
deadline, in relation to a financial year of a society, means the end of the 14th day before the last day of the period within which the society is required to hold an annual general meeting in relation to that financial year.
financial year, in relation to a society, means the period in relation to which the accounts of the society are made up.
group, in relation to a holding society at the end of a financial year, means—
(a)the society; and
(b)its subsidiary at the end of the financial year.
group accounts, in relation to a society, means, if the society is a group holding society at the end of the financial year concerned—
(a)a set of consolidated accounts for the group; or
(b)2 or more sets of consolidated accounts together covering the group; or
(c)separate accounts for each subsidiary in the group; or
(d)the combination of 1 or more sets of consolidated accounts, and one or more sets of separate accounts, together covering the group.
holding society means a society that has another society or other corporation as a subsidiary.
housing and services society means a society formed under section 14J.
inspector means an inspector under section 5A.
member means a member of a society.
mortgage includes lien, charge or other security over property.
mortgage-backed security means—
(a)a security specified in the regulations as a mortgage-backed security; and
(b)a security included in a class of securities specified in the regulations as a class of mortgage-backed securities.
officer includes director, secretary, treasurer or other person empowered under the rules to give directions in regard to the business of a society.
prescribed bill of exchange means a bill of exchange—
(a)that is drawn by a society in favour of itself; and
(b)that has been accepted by the person on whom it is drawn; and
(c)under which the date for payment is either fixed or determinable at the time the bill is drawn.
promoter, in relation to a society, means a person who signed the application for membership on the formation of the society.
registered means registered under this Act.
registrar means the Registrar of Co-operative Societies under section 5.
related corporation, in relation to a society, means a corporation (including a registered society) that would be a related corporation in relation to the society under the Corporations Act, section 50 if a society were a corporation within the meaning of that Act.
society means a society registered under this Act.
special resolution—see section 48.
the board means the board of directors of the society in relation to which the term is used.
the court means the Supreme Court.
trading society means a society formed under section 13.
the rules means the rules of the society in relation to which the term is used.
the secretary means the secretary of the society in relation to which the term is used.
withdrawable funds, in relation to a society, means the aggregate of—
(a)the amount of the paid up capital of the society; and
(b)the amount of the deposits held by the society otherwise than as deposits made by members of the society in consideration for shares for which the members were, under the rules of the society, required to subscribe as a condition to obtaining loans from the society.
For this Act, the surplus arising in a financial year of a society from the business of the society shall be calculated—
(a)after making proper allowance for depreciation in value of the property of the society and for contingent liability for loss; and
(b)after making proper allowance for the tax payable by the society under the Income Tax Assessment Act 1936 (Cwlth) in relation to the income of the society for that financial year.

(3) For this Act, a corporation shall, subject to subsection (5), be deemed to be a subsidiary of a society if the society—
(a)controls the composition of the board of directors of the corporation; or
(b)is in a position to cast, or control the casting of, more than 1/2 of the maximum number of votes that might be cast at a general meeting of the corporation; or
(c)holds more than 1/2 of the issued share capital of the corporation (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital).

(4) Without limiting by implication the circumstances in which the composition of a corporation’s board of directors is to be taken to be controlled by a society, the composition of a corporation’s board of directors shall be taken to be controlled by a society if the society, by the exercise of some power exercisable whether with or without the consent or concurrence of any other person by the society, can appoint or remove all or a majority of the directors, and, for this subsection, the society shall be deemed to have power to make such an appointment if—
(a)a person cannot be appointed as a director without the exercise in that person’s favour by the society of such a power; or
(b)a person’s appointment as a director follows necessarily from that person being a director or other officer of the society.

(5) In determining whether a corporation is a subsidiary of a society—
(a)any shares held or power exercisable by the society in a fiduciary capacity shall be treated as not held or exercisable by it; and
(b)subject to paragraphs (c) and (d), any shares held or power exercisable—
(i)by any person as a nominee for the society (except if the society is concerned only in a fiduciary capacity); or
(ii)by, or by a nominee for, a subsidiary of the society, other than a subsidiary that is concerned only in a fiduciary capacity;

shall be treated as held or exercisable by the society; and
(c)any shares held or power exercisable by any person under the provisions of any debentures of the corporation, or of a trust deed for securing any issue of any such debentures, shall be disregarded; and
(d)any shares held or power exercisable by, or by a nominee for, the society (other than held or exercisable as mentioned in paragraph (c)) shall be treated as not held or exercisable by the society if the shares are held or the power is exercisable only by way of security given for the purposes of a transaction entered into in the ordinary course of business in connection with the lending of money.

In subsections (3), (4) and (5):
corporation means—
(a)a society; or
(b)a corporation within the meaning of the Corporations Act.

Part 2Administration

Registrar
There may be a Registrar of Co-operative Societies.
The registrar shall exercise the functions as are prescribed by the regulations.
The chief executive shall create and maintain an office in the public service the duties of which include exercising the functions of the registrar.

(4) The registrar shall be the public servant for the time being exercising the duties of the public service office referred to in subsection (3).

The registrar shall have a seal of office.
All certificates, rules and documents required to be registered under this Act or to be transmitted to the registrar for record shall be kept in the office of the registrar.

5AADeputy registrar

There may be a Deputy Registrar of Co-operative Societies.
The deputy registrar may exercise any function of the registrar, subject to any direction of the registrar.
The chief executive shall create and maintain an office in the public service the duties of which include exercising the functions of the deputy registrar.
The deputy registrar shall be the public servant for the time being exercising the duties of the public service office referred to in subsection (3).

5AInspectors

There may be 1 or more inspectors for this Act.
An inspector shall exercise the functions for this Act as the registrar directs, subject to section 5B.
The chief executive shall create and maintain 1 or more offices in the public service the duties of which include exercising the functions of an inspector.
An inspector shall be any public servant for the time being exercising the duties of a public service office referred to in subsection (3).

5BInspections

The registrar or an inspector may, at any reasonable time, inspect and make copies of books, documents and records relating to the affairs of a society.
For the purpose of exercising his or her powers under subsection (1), the registrar or an inspector may—
(a)enter any premises occupied by a society; or
(b)require a person who has custody or control of any books, records or documents relating to the affairs of a society to produce them to the registrar or inspector.
A person shall not refuse or fail to comply with a requirement made under subsection (2).
Maximum penalty: 50 penalty units.

(4) A person shall not obstruct, threaten or intimidate the registrar or an inspector in the exercise of his or her powers under this section.
Maximum penalty: 50 penalty units, imprisonment for 6 months or both.

In this section:
society includes a subsidiary corporation of a society.
Registrar may require certain information or evidence to be given
On any application for registration of a society or of any rules or documents, the registrar may require the applicant to give any information or evidence that is reasonable for the determination of whether the application should be granted.
The registrar may require any society to give proper and sufficient evidence—
(a)that the society is bona fide carrying on business in accordance with this Act; and
(b)in relation to all matters required to be done and in relation to the entries in any document required to be given to the registrar under this Act.
Special meeting and inquiry
The registrar shall, on the application of the majority of the board, or of not less than 1/3 of the members of any society—
(a)call a special meeting of the society; or
(b)hold an inquiry into the affairs of the society;
as the application requires.
The application shall be supported by any evidence that the registrar directs for the purpose of showing that the applicants have good reason for requiring the meeting or inquiry and that the application is made without malicious motive.
The registrar shall forthwith give notice of the application to the society.
The applicants shall give any security for payments of the expenses of the meeting or inquiry that the registrar directs.
The registrar shall direct at what time and place the meeting shall be held and the matters that shall constitute the business of the meeting and shall give to members any notice of the meeting that he or she considers appropriate.
The meeting shall have all the powers of a meeting called in accordance with the rules of the society and, notwithstanding any rule of the society to the contrary, shall have power to elect its own chairperson.
The expense of, or incidental to, any meeting or inquiry held because of an application under this section shall be defrayed—
(a)by the applicants; or
(b)by the society; or
(c)by any officer or member, or former officer or member; or
(d)by some or all of them in proportions determined by the registrar;
as the registrar directs.
The registrar may, although no application has been made under this section, hold an inquiry into the working and financial condition of a society and may require, from any bank where funds of the society are deposited or invested, a statement of the amount of the deposit or investment and any further particulars specified in the requirement.
The registrar may, for any inquiry under this section, appoint an inspector to examine and report on the minutes, books, documents, stock, securities and affairs of any society.

(10) Any inspector appointed under this section may require the production of all or any of the books and documents of the society, and may examine on oath any officer, member, agent or employee of the society and may administer an oath accordingly.

(11) On the completion of any inquiry under this section the registrar may, if the registrar considers appropriate, call a special general meeting of the society.
(12) Subsections (5), (6) and (7) apply to a special general meeting called under subsection (11).

Certificate about cost of inquiry etc
If any special meeting, inquiry or inspection is conducted under section 7, the registrar shall certify the amount of the expenses of and incidental to it, and that amount shall constitute a debt due to the Territory and recoverable in any court of competent jurisdiction.

8ARegistrar may require bank to give information

The registrar may serve on the manager, or other person in charge, of a bank a written demand signed by the registrar requiring the manager or that other person to permit the registrar or an inspector specified in the demand to inspect and make copies of the documents or records of the bank relating to a bank account kept by or on behalf of the society specified in the demand.
The manager, or other person in charge, of a bank shall comply with a requirement made in accordance with subsection (1).
Maximum penalty: 50 penalty units, imprisonment for 6 months or both.
Inspection of documents
Any person may—
(a)inspect at the office of the registrar the registration and rules of a society; and
(b)obtain from the registrar a certificate of the registration of a society and a certified copy of its rules; and
(c)with the permission of the registrar, inspect at the registrar’s office and obtain from the registrar a certified copy of any other registered document or part of it.
NoteA fee may be determined under s 80C (Determination of fees) for this section.
Registrar may administer oath etc
The registrar may, for the purposes of any inquiry or inspection under this Act, administer an oath and may require the attendance of any witness and the production of books and documents relating to the matters of the inquiry or inspection.
Appeal from decisions of registrar
If the registrar—
(a)refuses to register a society; or
(b)refuses to register a society’s rules; or
(c)refuses to register a change of a society’s name; or
(d)directs a change of a society’s name;
the registrar shall give notice to the society of the grounds of that decision, if required by the society.
If subsection (1) applies in relation to a society, the society may apply to the Supreme Court for a review of the relevant decision.
The Supreme Court may direct any fact to be determined in the way it considers appropriate and may make any order, including an order about costs, that it considers proper in the circumstances.

Part 3Cooperative trading societies

Objects
A trading society may be formed for all or any of the following objects:
(a)to carry on in the ACT any business, trade or industry specified in or authorised by its rules, whether wholesale or retail; and
(b)to acquire and distribute information as to the markets of the world and as to cooperative trading in general; and
(c)to establish agencies in the ACT and elsewhere for any objects of the society; and
(d)to do all other things calculated to promote the economic interests of its members in relation to the objects mentioned that are prescribed.
Prescribed trading societies
In their application to trading societies, sections 22A, 35, 36, 37, 46 and 47 apply only to the trading societies that are prescribed by regulation.

Part 3CCooperative housing and services societies

14JObjects
A housing and services society may be formed for all or any of the following objects—
(a)to acquire land on which to erect a building or buildings suitable for residential purposes, or on which such a building has been or is being erected, and to dispose of or lease that land or let part of such a building; and
(b)to erect on a member’s land, or to erect on its own land for sale or letting, buildings suitable for residential purposes; and
(c)to provide services in relation to land acquired by the society; and
(d)to provide and maintain on land acquired by the society buildings and grounds for any purpose incidental to the use of that land for residential purposes.

Part 4Incorporation

Liability and membership
A society shall be formed with limited liability.
Unless otherwise provided by the rules, every person shall be qualified to become a member of a society.
If a member is under 18 years old, he or she may execute all necessary instruments and give all necessary acquittances, but shall not be competent to vote or hold any office in the society or to be one of the 7 or more persons by whom a society may be formed.
Formation and registration of society
A society may be formed by any 7 or more persons who are over 18 years old and are qualified to be members of a society.
No society shall be registered unless there has been a meeting, where there have been present 7 or more such persons, and the meeting has been conducted in accordance with the requirements of this section.
There shall have been presented at the meeting—
(a)a written statement setting out the objects of the society and the reasons for believing that, when registered, it will be able to carry out its objects successfully; and
(b)a copy of the rules that it is proposed to tender for registration.
If at the same, or any subsequent or adjourned meeting, after consideration of the statement and rules, 7 or more persons, qualified to form a society, approved the rules with or without amendment and sign an application form for membership, they shall proceed to elect the first directors of the society in accordance with the rules as so approved.
Within 2 months after the election of directors an application shall be made in the prescribed way to the registrar for registration of the society.
The application for registration shall be accompanied by—
(a)a statutory declaration from the chairman and the secretary of the meeting about compliance with the requirements of this section; and
(b)a copy of the statement submitted at that meeting; and
(c)2 copies of the proposed rules signed by not less than 7 applicants for membership, each of whose signatures shall be attested by a witness; and
(d)a list containing the full name and the occupation and address of each director; and
(e)a list containing the full name and the occupation and address of each applicant for membership and showing the number of shares subscribed for by each applicant; and
(f)any other particulars prescribed.

(7) The statutory declaration accompanying the application for registration may be accepted by the registrar as sufficient evidence of compliance with the requirements of this section as mentioned in it.

Subject to this part, the registrar shall, if satisfied that the society has complied with the provisions of this Act and that the proposed rules of the society are not contrary to this Act, register the society and its rules and shall issue a certificate that the society is incorporated under this Act.
Note A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including regulations (see Legislation Act 2001, s 104).

(9) If an application for the registration of a society is made in accordance with this section and the proposed rules of the society are amended, under a requisition by the registrar, and 2 copies of the proposed rules, as so amended, are lodged with the registrar within 30 days after the date of the requisition, those copies of the proposed rules shall be deemed, for the section, to have accompanied the application.
(10) The registrar shall not register a society if he or she is of the opinion that—
(a)the proposed society has no reasonable prospects of carrying out its objects successfully; or
(b)the proposed society is not designed or intended to serve equitably the interests of its members and prospective members.

Notwithstanding any other provision of this section, an association or union may be registered as prescribed.
The expenses of and incidental to the formation of a society, association or union may be paid either out of capital or income.

16AAProhibited names

A society shall not be registered under a name that is—
(a)undesirable, in the registrar’s opinion; or
(b)not available to the society under the Corporations Law, section 367;
except with the consent of the Ministerial Council.
In this section:
Ministerial Council—see the Corporations Law.

16APowers of registered societies

A society has power to do all things necessary for the purpose of carrying out its objects and, for that purpose, a society may, if so authorised by its rules—
(a)raise money (whether on loan or by negotiating prescribed bills of exchange) or obtain other financial accommodation; and
(b)receive money on deposit; and
(c)acquire shares in another society.
Change of name
A society may, by special resolution and with the approval of the registrar, change its name to a name by which the society could be registered without contravention of section 16AA.
If the name of a society is (whether through inadvertence or otherwise and whether originally or by change of name) a name by which the society could not be registered without contravention of section 16AA, the registrar may, by written notice, direct the society to change its name to a name by which the society could be registered without contravention of that section.
If a society has been registered under this Act by the same name since before the commencement of this section, the registrar shall not direct the society to change that name unless directed to do so by the Minister.

(4) A society to which a notice under subsection (2) is given that does not change its name as directed by the notice within the time specified in the notice commits, unless the Minister by written order annuls the direction, an offence, which offence shall be deemed to continue until the name of the society is so changed.
Maximum penalty: 25 penalty units.
(5) A society that has been directed under this section to change its name may change its name, for the purpose of complying with the direction, without obtaining the approval of the registrar.

If a society changes its name, it shall forward to the registrar notice of the change of name and its certificate of incorporation.
NoteA fee may be determined under s 80C (Determination of fees) for this section.
The registrar shall, on notice of a society’s change of name, register the change, and either note the change on the certificate of incorporation or issue to the society a new certificate of incorporation.
NoteIf a form is approved under s 80D (Approved forms) for a certificate of incorporation, the form must be used.
A change in the name of a society shall be advertised in the prescribed way.
No right or obligation of a society, or of any member or any other person, shall be affected by a change in the name of the society, and no legal proceedings by or against the society shall be rendered defective by the change.
Any legal proceedings that might have been continued or begun against a society by its former name may be continued or begun against it by its changed name.
Amalgamation
Any 2 or more registered trading societies may, by special resolution of both or all the societies apply in the prescribed way for registration as an amalgamated society, with or without any winding up or any division of the funds of the societies or any of them.
An application under this section shall be accompanied by—
(a)2 copies of the proposed rules of the amalgamated society;
(b)any other particulars prescribed.
NoteA fee may be determined under s 80C (Determination of fees) for this section.
If the registrar is satisfied that the applicant societies have complied with this Act and that the proposed rules of the amalgamated society are not contrary to this Act, the registrar must—
(a)register the amalgamated society and its rules; and
(b)issue a certificate that the society is incorporated as an amalgamated society; and
(c)prepare a written notice about the incorporation of the amalgamated society.
NoteIf a form is approved under s 80D (Approved forms) for a notice, the form must be used.
The notice is a notifiable instrument.
NoteA notifiable instrument must be notified under the Legislation Act 2001.
Property to vest on amalgamation
On notification under the Legislation Act 2001 of a notice about the incorporation of an amalgamated society, the property of the societies that have amalgamated shall, as from the date of that notification because of this Act, without any transfer, conveyance or assignment, except as otherwise provided in this section, vest in the amalgamated society.
For this section the property of the societies shall include all estates and interests in property, whether real or personal, vested or contingent, including all rights and choses in action, whether by law assignable or not, that at the date of the notification under the Legislation Act 2001 of the incorporation belonged to, or were vested in, any trustee or person for the use or benefit of any of the societies, or to which any trustee or person was contingently entitled for the use and benefit of any of the societies.
For any property of the societies a transfer of which is required by law relating to that property to be registered, that property shall not vest in the amalgamated society until the appropriate transfer is executed and registered so that the property is duly transferred.
For any property that is only transferable in books kept by a corporation, company, or other body, or in a way directed by or under a law relating to that property, the property shall not vest in the amalgamated society until it is duly transferred.
If any property does not vest under this section until transfer or registration, the amalgamated society shall have the right to require a transfer of the property to itself or to any person that the board directs and to sue for or recover the property.
Any property which is vested in or transferred to an amalgamated society under this section shall be subject to any debt, liability or obligation specially charged on or affecting the same.
All debts and liabilities, whether certain or contingent, and whether then existing or capable of arising at a future time, to or with which any of the societies that have been incorporated as an amalgamated society, or any trustee or person for and on account of any of those societies, is, at the date of notification under the Legislation Act 2001 of that incorporation, liable or charged, shall become and be debts of the amalgamated society.
The amalgamation of any societies shall not prejudice the rights of any creditor of a society that is a party to the amalgamation.
Certificate of incorporation
A certificate of incorporation under this Act shall be in accordance with the nature and objects of the society, and shall contain a statement that the incorporation does not imply any approval by the registrar of the policy of its rules or any guarantee of its good management or its financial stability.
NoteIf a form is approved under s 80D (Approved forms) for a notice, the form must be used.
The certificate shall be conclusive evidence that all the requirements of this Act in relation to registration have been complied with.
However, subsection (2) does not affect any provisions of this Act for the winding-up or dissolution of the society or the cancellation of its registration.
If a certificate of incorporation under this Act is lost, stolen, destroyed or defaced, the person to whom it was issued may apply to the registrar for the issue of a replacement certificate in the same terms.
An application mentioned in subsection (4) must be accompanied by a statement signed by the applicant setting out the reasons for the application.
NoteA fee may be determined under s 80C (Determination of fees) for this section.
If the registrar receives an application in accordance with this section, he or she shall issue the replacement certificate to the applicant.
Members
The members of a society formed under this Act shall be the persons who sign the application for membership on the formation of the society and any other persons admitted to membership in accordance with the rules.
The members of an amalgamated society shall be the persons who at the date of amalgamation were members of any of the societies parties to the amalgamation, together with any persons admitted to membership in accordance with the rules of the amalgamated society.
No rights of membership shall be exercised by any member of a society who has not made any payment to the society or acquired any share or interest that is provided for by the rules of that society.
A person shall cease to be a member of a society in any of the following circumstances:
(a)if the member’s share is transferred to another person in accordance with the rules of the society and the transferee is registered as holder of the share;
(b)if the member’s share is forfeited in accordance with the rules of the society;
(c)if, under a power given by the rules of the society, the member’s share is sold by the society and the purchaser is registered as holder of the share;
(d)if, under this Act, the society purchases the member’s share;
(e)if the member is expelled in accordance with the rules of the society;
(f)if the member becomes bankrupt and the trustee disclaims under the Bankruptcy Act 1966 (Cwlth), section 133;
(g)on death, provided that the member’s estate shall remain liable until the member’s nominee, executor or administrator or some other person is registered as holder in the member’s place, or until the society pays the value of the member’s share in accordance with the provisions of this Act;
(h)if the contract of membership is rescinded on the ground of misrepresentation or mistake;
(i)if the value of the member’s share is repaid to him or her in accordance with the rules of the society.
Shares

(1) In this section:
fixed share, in relation to a society, means a share in the share capital of a society that, under the society’s rules (subject to this Act)—
(a)is not withdrawable by the member owning the share; or
(b)is not withdrawable by that member except at the direction of the society or with the society’s approval;

but does not include a share prescribed by the regulations.
withdrawable share, in relation to a society, means a share in the share capital of the society that—
(a)under the rules of the society (subject to this Act), is withdrawable by the member owning the share; or
(b)is prescribed by the regulations.

The capital of a society shall vary in amount according to the nominal value of shares from time to time subscribed.
The capital shall be divided into shares of a fixed amount that shall be specified in the rules.
Subject to this section, the shares shall be of one class, all ranking equally.

(5) A society may, if authorised by the rules, issue different classes of shares described in the rules.
(6) The rules of a society may provide for—
(a)the payment of different rates of dividend or interest; and
(b) different conditions relating to issue;

as determined from time to time by the board of the society in relation to the different classes of shares that the society may issue.
(7) If different classes of shares have been issued by a society, in the event of the winding-up of the society—
(a)all fixed shares shall rank equally; and

(b)all withdrawable shares shall rank equally; and
(c)withdrawable shares shall rank in priority to fixed shares.

Any balance unpaid in relation to shares at the time of allotment shall be paid by periodic subscriptions or in the way specified in the rules of the society.
No member shall hold more than 1/5 of the shares of a society or more than any less proportion of the shares prescribed in the rules of the society.
A member shall subscribe for any minimum number of shares specified in the rules of the society and the number may be determined by the use made by the member of the society or in any way specified in those rules.
Any dividend, rebate or bonus to a member shall be applied to paying off any subscription or calls on shares that at the same time the dividend, rebate or bonus becomes payable are due by the member and unpaid.
A share may be held by 2 or more persons jointly.

(13) A share in a society shall not be sold without the consent of the board.
22AReserves

A society shall, at the end of each financial year of the society, subject to subsection (3), transfer to a reserve fund, out of the surplus arising in that financial year from the business of the society, the amount required to be transferred under this section.
Maximum penalty: 10 penalty units.
The amount required to be transferred to a reserve fund by a society in relation to a financial year of the society is—
(a)an amount that is not less than—
(i)if the society does not have a reserve fund—the required amount for that financial year; or
(ii)if the society has a reserve fund but the fund is less than the required reserve amount for that financial year—
(A)the required amount for that financial year; or
(B)the amount necessary to increase the reserve fund to the required reserve amount for that financial year;
whichever is the lesser; or
(b)subject to subsection (5), an amount that is not less than the amount that would result in the proportion that the reserve fund for that financial year bears to the withdrawable funds of the society at the end of that financial year being not less than the proportion that the reserve fund in relation to the immediately previous financial year had to the withdrawable funds of the society at the end of the immediately previous financial year;
whichever is the greater.
Notwithstanding subsection (1), if a society is unable to comply with that subsection—
(a)the society shall forthwith notify the registrar of the reasons for its inability so to comply; and
(b)the registrar shall, as soon as possible after being so notified, by written notice given to the society, direct that the transfer required by subsection (1) be made by the society—
(i)from the funds of the society specified in the notice; and
(ii)within the period specified in the notice, being a period of not less than 7 days from the date the notice is given to the society.
A society shall comply with a direction of the registrar given under subsection (3).
Maximum penalty: 50 penalty units.
Nothing in this section requires a society to transfer to a reserve fund at the end of a financial year of the society an amount that would result in the reserve fund exceeding the required reserve amount for that financial year.
Money transferred to a reserve fund of a society under this section shall not be distributed among the members of the society except in the event of the winding-up of the society.
Money transferred to a reserve fund of a society under this section may at any time be applied for any purpose for which the capital of the society may be applied.
It is a defence to a prosecution for an offence against subsection (1) if the society proves—
(a)that it has notified the registrar in accordance with subsection (3) (a); and
(b)that it has not received a notice under subsection (3) (b) or, if it has received a notice under that paragraph, that the period specified in the notice has not ended.
In this section:
required amount, in relation to a financial year of a society, means an amount equal to—
(a)0.3% of the withdrawable funds of the society at the beginning of that financial year; or
(b)0.3% of the withdrawable funds of the society at the end of that financial year;
whichever is the lesser.
required reserve amount, in relation to a financial year of a society, means an amount equal to 2.5% of the withdrawable funds of the society at the end of that financial year.
Surplus from operations
Subject to section 22A, any part of the surplus arising in a financial year of a society from the business of the society may, if authorised by the rules of the society—
(a)be paid to a member by way of dividend in relation to the shares held by him or her; or
(b)be paid to a member by way of bonus or rebate on the business done by him or her with the society; or
(c)be credited to an employee who is not a member, but is qualified to be a member, by way of bonus in proportion to the employee’s salary or wages at a rate equal to the rate of bonus or rebate paid to a member on the business done by the member with the society; or
(d)be credited to a person who is not a member, but is qualified to be a member, by way of bonus or rebate in proportion to the business done by the person with the society.
A bonus or rebate shall only be credited to an employee or person who is not a member if the amount credited does not exceed the nominal value of the minimum number of shares for which a member is required by the rules to subscribe and is to be applied in or towards payment for that minimum number of shares to be issued to him or her on application in accordance with the rules of the society.
Nothing in this section precludes the payment of a bonus to an employee in accordance with the terms of his or her employment.
Subject to section 22A, a society may, if authorised by its rules, apply an amount not exceeding 10% of the surplus arising in a financial year of the society from the business of the society to a charitable purpose or for promoting community cooperation and advancement.
For this section, the surplus arising in a financial year of a society from the business of the society does not include any funds that have been transferred under section 22A to a reserve fund of the society.
Liability of members of society
A member shall be liable to a society for the amount (if any) unpaid on his or her shares, together with any fees or charges payable by the member to the society in accordance with its rules.
Purchase or repayment of shares
Subject to subsection (2), a society may, if so authorised by the rules—
(a)purchase a share of a member of the society; or
(b)with the consent of a member of the society, repay the value of his or her shares ascertained in accordance with the rules.
A society shall not, without the consent of the registrar, make any purchase or repayment referred to in subsection (1) if the society has received from any person who is not a member of the society any money on loan or deposit that is not secured by mortgage and has not been repaid.
The registrar shall not consent to a proposed purchase or repayment if the registrar is satisfied that the purchase or repayment would be prejudicial to the interests of—
(a)members of the society other than the member referred to in subsection (1) (a) or (b); or
(b)prospective members of the society; or
(c)creditors of the society.
Cancellation and reissue of shares
A society may cancel or sell and reissue any share purchased by or forfeited to the society in accordance with the provisions of this Act.
Charge and set-off against member
A society shall have a charge on the share or interest in the capital and on the credit balance of a member or past member and on any dividend, bonus or rebate payable to a member or past member in relation to any debt due from the member or past member to the society, and may set off any sum creditable or payable to a member or past member in or towards payment of the debt.
Death of member
On the death of a member, the board shall (subject to this section) transfer the member’s share or interest to—
(a)the member’s nominee; or
(b)if there is no nominee—the member’s executor or administrator; or
(c)a person specified by—
(i)the member’s nominee; or
(ii)if there is no nominee—the member’s executor or administrator;
by written notice to the society within 3 months of the member’s death.

(2) The board shall only transfer a deceased member’s interest to a person who—
(a)is qualified to be a member of the society; and
(b)does not already hold the number of shares that the transfer would increase his or her holding in the society beyond the proportion permitted by this Act.

If no eligible person is willing to accept the transfer of a deceased member’s share or interest, the board may (notwithstanding section 25) purchase the shares and pay their purchase price to—
(a)the member’s nominee; or
(b)if there is no nominee—the member’s executor or administrator.

(4) The board may defer payment under subsection (3) until all money due from the deceased member or his or her estate have been paid to the society.

The share or interest of the deceased member shall, for this section, include any credit balance due to the member and the value of the share or interest shall be ascertained in accordance with the rules of the society.
The nominee of a member shall not be an officer or employee of the society unless the officer or employee is the husband, wife, father, mother, child, brother, sister, nephew or niece of the member.
A nomination is only valid if—
(a)it is made in the way prescribed by the regulations; and
(b)at the date of nomination, the member is at least 16 years old; and
(c)at the date of the member’s death, the value of his or her share or interest is $400 or less.
A nomination may be varied or revoked in the prescribed way but shall not be revocable or variable by will or codicil.
A nomination shall be revoked by the marriage of the nominator, unless expressed to be made in contemplation of marriage and in favour of the intended spouse.

(10) Notwithstanding subsection (9), if the board makes any transfer or payment to a nominee in ignorance of a marriage contracted by the nominator after the date of the nomination—
(a)the receipt of the nominee is a valid discharge to the society; and
(b)the society is under no liability to any other person claiming the share or interest.

Any transfer or payment made by the board in accordance with this section is valid and effectual against any demand made on the society by any other person.
Death of intestate
If any member or person, entitled, in relation to any share in, loan to, or deposit with, a society, to a sum of money not exceeding $200, dies intestate, the board may, on the evidence it considers sufficient, pay the money to any person who appears to the board to be entitled to obtain a grant of administration of the estate of the deceased and the person so paid shall hold the money on the same trusts as if he or she had obtained such a grant.
This section applies in relation to any surplus, not exceeding $200, arising on the sale by the society as mortgagee of any property mortgaged by the deceased to the society.
Nothing in this section shall affect the rights of a nominee under any nomination made by a member and then subsisting.
Any payment made by the board in accordance with this section is valid and effectual against any demand made on the society by any other person.
Society a body corporate
A society shall be a body corporate by the name under which it is registered, with perpetual succession and a common seal, and shall have power to enter into contracts, to institute and defend actions, suits and legal proceedings and to do all things necessary for the purpose of its constitution.
Use of the word ‘cooperative’
In this section:
exempt body means—
(a)a society; or
(b)a company in relation to which the Minister has given consent under section 38A (4); or
(c)a building society or a credit union; or
(d)a company or society in relation to which an exemption under subsection (6) is in force.
A person, other than an exempt body, shall not—
(a)trade or carry on business under any name or title including the word cooperative, or any other word importing a similar meaning; or
(b)hold out in any way that its trade or business is cooperative in nature.
Maximum penalty: 50 penalty units.
If a body corporate contravenes subsection (2), each person involved in the management of that body who knowingly or wilfully authorises or permits the contravention commits an offence against that subsection.
A company or society formed or incorporated elsewhere than in the ACT may apply to the registrar to become an exempt body.
An application must be in writing.
NoteA fee may be determined under s 80C (Determination of fees) for this section.
On application in accordance with subsection (5), the registrar shall issue a certificate of exemption to the applicant if he or she is satisfied on reasonable grounds that the applicant trades or carries on business for the purpose of promoting the economic interests of its members in accordance with cooperative principles.
The registrar may issue a certificate of exemption for the period, and subject to the conditions, the registrar considers appropriate.
A person shall not, without reasonable excuse, contravene a condition of a certificate of exemption.
Maximum penalty: 50 penalty units.
Property
A society may acquire by lease, purchase, donation, devise, bequest or otherwise real and personal property for the purposes of the society.
Granting of securities
If a society is authorised by its rules to raise money (whether on loan or by negotiating prescribed bills of exchange) or to obtain other financial accommodation the society, unless it is also expressly authorised to receive money on deposit, shall not be deemed to be authorised to receive money on deposit, but—
(a)if the society is authorised to raise money on loan—may so raise money by mortgage of any of its real or personal property or of its uncalled capital or by the issue of bonds or otherwise; and
(b)if the society is authorised to raise money by negotiating prescribed bills of exchange—may give any security to, or enter into any arrangement with, the person on whom it proposes to draw, or has drawn, a bill of exchange for the purpose of raising money by the negotiation of the bill that the society could give or enter into under paragraph (a) in connection with the raising of money by it on loan; and
(c)if the society is authorised to obtain financial accommodation (otherwise than in a way referred to in paragraph (a) or (b))—may so obtain that accommodation in any way the board considers appropriate.

(2) Without limiting how, under subsection (1) (c), financial accommodation may be obtained by a society, the board may determine that that accommodation may be obtained—
(a)by legal or equitable mortgage charged on the undertaking of the society or on all or any of the property of the society, including its uncalled or unpaid capital subscriptions, loan payments and other money; and
(b)by dealing with promissory notes and mortgage-backed securities; and
(c)by arrangements involving—
(i)the issue of letters of credit; and
(ii)the indemnification of any person or body in relation to a payment made under a letter of credit, whether or not the indemnification is secured by a legal or equitable mortgage or otherwise.

Bonds issued by a society shall be issued and transferred in the prescribed way, and, for loss or destruction of a bond, a new bond may be issued in the prescribed way and subject to the prescribed conditions.
NoteIf a form is approved under s 80D (Approved forms) for bonds, the form must be used.
For subsection (3), a bond does not include any instrument that makes any property liable, whether specifically or otherwise, to any bank or any financial trading corporation or liable specifically to any other person as security—
(a)for money raised on loan; or
(b)in connection with a prescribed bill of exchange; or
(c)for money received on deposit.
The Corporations Act applies, mutatis mutandis and with any modifications prescribed by regulation, in relation to any mortgage or charge created, or bond issued, by a society.
Raising of money etc
If a society is authorised by its rules to raise money (whether on loan or by negotiating prescribed bills of exchange), to obtain other financial accommodation or to receive money on deposit, the society—
(a)shall not raise, obtain or receive money except in accordance with the limits provided in this section; and
(b)shall apply any money so raised, obtained or received for the purposes of the society; and
(c)for money raised on loan or received on deposit—may so raise or receive the money at interest.
The aggregate of the amounts remaining unpaid by a society in relation to loans made to, or deposits received by, the society, the amounts payable under prescribed bills of exchange negotiated by the society and the amounts payable by the society in relation to other financial accommodation obtained by it shall not at any time exceed the sum ascertained by deducting 1/2 the amount of debts owing by the society from the aggregate of the following amounts—
(a)1/2 of the capital of the society for the time being unpaid inclusive of the contingent liability (if any) attached to the shares; and
(b)4/5 of the amount for the time being secured to the society by mortgages from its members or other persons; and
(c)1/2 of the amount shown in the last audited balance sheet as the value of any other assets of the society exclusive of goodwill.
Notwithstanding subsection (2), the aggregate of—
(a)the amounts remaining unpaid by a society in relation to loans made to, or deposits received by, the society; and
(b)the amounts payable under prescribed bills of exchange negotiated by the society; and
(c)the amounts payable by the society in relation to other financial accommodation obtained by it;
may be the sum that the society considers proper if the society has not issued bonds to or received deposits from any person other than a member holding fully paid shares in the society to the value of $10 or more.
In calculating the amount for the time being secured to a society by mortgages from its members, the following amounts shall be disregarded:
(a)the amounts secured on any property in relation to which the payments were upwards of 12 months in arrear at the date of the last annual account and statement of the society; and
(b)the amount secured on any property of which the society has been 12 months in possession at the date of that account and statement.
A society shall not raise money on loan so that it has on loan at any one time an aggregate amount exceeding $2 000 unless a higher aggregate amount has been approved by special resolution of the society.

(6) A society shall not raise money by negotiating prescribed bills of exchange so that, at any one time, the aggregate of the amounts payable under those bills exceeds $2 000 unless a higher aggregate amount has been approved by special resolution of the society.
(7) A society shall not obtain financial accommodation (excluding money referred to in subsection (5) or (6)) so that, at any one time, the aggregate of the amounts payable by the society in relation to that accommodation exceeds $2 000 unless a higher aggregate amount has been approved by special resolution of the society.

A society shall not accept money on deposit except on terms that not less than 1 month’s notice may be required by the board before repayment.
Every deposit book and every acknowledgment or security of any kind given by a society for a loan or deposit or in connection with a prescribed bill of exchange shall have printed or written in or on it a statement that the society is only entitled to raise money or receive deposits within the limits provided in this section, and every deposit book or other form of acknowledgment of a deposit shall have printed or written in or on it a statement that the society is not entitled to accept money on deposit except on terms that not less than 1 month’s notice may be required by the board before repayment.
A person who lends or pays money to, or deposits money with, a society is not bound—
(a)to see to its application; or
(b)to see that the society has not exceeded the limits provided in relation to the society for the borrowing or raising of money by it or for the obtaining of other financial accommodation by it.
Investments
A society may invest its funds—
(a)in any securities authorised by law for the investment of trust funds; and
(b)by deposit with a bank, including a savings bank, carrying on business in Australia; and
(c)by deposit with—
(i)a building society or a credit union; or
(ii)a housing and services society; or
(iii)a prescribed trading society;
that is authorised by its rules to receive deposits from corporations; and
(d)in authorised bills of exchange; and
(e)in a prescribed security.
A society may (if authorised by its rules) make a defined advance out of its reserve fund to a member on the security of the member’s shares in the society.

(3) In subsection (2):
defined advance means an advance not exceeding 50% of the amount paid on the relevant shares.

Any property to which a society becomes absolutely entitled by foreclosure, surrender or other extinguishment of the right of redemption shall, as soon afterwards as is conveniently practicable, be sold or converted into money.
Voluntary transfer of engagements—trading societies
A registered trading society may, by special resolution, transfer its engagements to another registered trading society that undertakes to fulfil the engagements of the firstmentioned society.
A transfer of engagements under this section shall not prejudice any right of a creditor of any society that a party to the transfer.

38AATransfer of engagements by direction

The registrar may, with the approval of the Minister—
(a)direct a society to transfer its engagements to a financial institution approved by the registrar that has undertaken to fulfil those engagements; and
(b)require the society, within a specified period, to enter into an agreement approved by the registrar to give effect to the direction.
The registrar shall not give a direction under subsection (1) unless the registrar has reasonable grounds for believing, and certifies, that:
(a)the number of members of the society is reduced to less than 7; or
(b)the society—
(i)has not begun business within 6 months of registration; or
(ii)has not carried on any business for a period of more than 6 months; or
(c)the society has, after notice by the registrar of any contravention of this Act or its rules—
(i)failed, within the time specified in the notice, to remedy the contravention; or
(ii)committed any further contravention of a kind specified in the notice; or
(d)there are, and have been for 1 month immediately before the date of the certificate, insufficient directors of the society to constitute a quorum as provided by the rules of the society; or
(e)as a result of an inquiry under section 7 into the affairs of the society, it is in the interests of its members, depositors or creditors that the society should transfer its engagements; or
(f)the transfer has been recommended by an administrator of the society; or
(g)in the interests of members, depositors or creditors of the society, it is expedient for the society to transfer its engagements.
If a society fails to comply with a direction referred to in subsection (1) (a), the registrar may notify the society that he or she has elected to treat the certificate given under subsection (2) in relation to the society as—
(a)a certificate given under section 58B (2); or
(b)a certificate given under section 59 (3).
If the registrar gives notice of election to a society under subsection (3), this Act applies in relation to the society, from and including the day when the notice was given, as if the certificate specified in the notice had been duly given by the registrar.
The registrar may, with the approval of the Minister, revoke a direction referred to in subsection (1) (a) in relation to a society at any time before the society has entered into an agreement under subsection (1) (b).
Notwithstanding section 38 (1) or the rules of a society, a society may, by resolution of the board, accept a transfer of engagements under this section.
Section 19 applies mutatis mutandis to a transfer of engagements under this section by a society to a financial institution and for that purpose—
(a)a reference to amalgamation is a reference to transfer of engagements; and
(b)a reference to property is a reference to the engagements transferred; and
(c)a reference to the amalgamated society is a reference to the institution to which the engagements are transferred; and
(d)a reference to societies that have amalgamated is a reference to the bodies that are parties to the transfer of engagements; and
(e)a reference to the notification under the Legislation Act 2001 of a notice about an incorporation and to the date of notification is a reference to the notification under the Legislation Act 2001 of a notice about the transfer of engagements (the transfer notification) and to the date stated in the transfer notification as the day the transfer takes effect.
If the engagements of a society are transferred to another society (the transferee society), notwithstanding anything contained in this Act or the rules of the transferee society, the transferee society may, in conducting such of its affairs as relate to the transfer of engagements—
(a)raise money or obtain other financial accommodation; or
(b)receive money on deposit;
in the amounts that the transferee society, with the approval of the registrar, determines.

(9) On the transfer of the engagements of a society under this section, the registrar may cancel its registration.
(10) Before cancelling the registration of a society, the registrar shall give written notice of the registrar’s intention to do so to the institution to which the engagements are transferred.
(11) An officer of a society to which a direction has been given or requirement made under subsection (1) shall not—
(a)fail to take all reasonable steps to secure compliance by the society with that direction or requirement; or
(b)by a wilful act or omission, cause a failure by the society to comply with that direction or requirement.

Maximum penalty: 50 penalty units, imprisonment for 6 months or both.
(12) If the engagements of a society are transferred to another society under this section, the members of that other society shall be—
(a)the persons who immediately before the transfer took effect were members of the societies; and
(b)any other persons who are admitted after the transfer to membership of that society in accordance with its rules.

(13) In this section:
engagements, in relation to a society, includes the property of the society.
financial institution means—
(a)a building society; or
(b)a credit union; or
(c)a bank within the meaning of the Banking Act 1959 (Cwlth).

38ARegistration of society as a company

A society may, by special resolution, determine that the society shall apply to be registered as a company under the Corporations Act.

(2) If, under section 38AA (1), the registrar directs a society to transfer its engagements to an institution other than a society, the registrar may apply to have the society registered as a company under the Corporations Act.

Before an application is made under this section, the society, by special resolution, or the registrar—:
(a)shall determine the name under which registration of the society as a company is sought (which name may be different from the name of the society); and
(b)shall adopt a memorandum of association for the company; and
(c)shall adopt articles of association if such articles are required by the Corporations Act and may adopt articles of association in any other case.
A society shall not, except with the consent of the Minister, be registered as a company under a name that includes the word ‘cooperative’ or any other word importing a similar meaning.
A memorandum or association adopted under this section—
(a)shall be in accordance with the Corporations Act; and
(b)shall state as the objects of the company the objects of the society; and
(c)when lodged for registration shall have as signatories at least 7 persons who are members of the society.
The Corporations Act applies in relation to—
(a)the necessity for articles of association; and
(b)the applicability of the regulations contained in the Corporations Law, schedule 1; and
(c)any articles of association adopted for the company.
For a society the liability of whose members is limited by shares, the memorandum of association and the articles of association (if any) adopted under this section shall not impose on the members of the company who were members of the society at the date of its registration as a company any greater or different liability to contribute to the assets of the company than the liability to which they were subject as members of the society.
The memorandum of association or articles of association as so adopted shall not deprive any member of the company of any preferential rights in relation to dividend or capital to which he or she was entitled as a member of the society at the date of its registration as a company.
A society may apply to be registered as a company under the Corporations Act as follows:
(a)the society shall register with the registrar a copy of the special resolutions passed by the society under subsections (1) and (3); and
(b)the society shall lodge with the commission—
(i)an application by the society under its common seal to be registered under the Corporations Act; and
(ii)a copy of the special resolutions verified under the hand of the registrar; and
(iii)the memorandum of association adopted for the company and the articles of association (if any); and
(iv)a list, verified by a statutory declaration of a director of the society, showing the names, addresses and occupations of all persons who, on a day specified in the list (being not more than 6 clear days before the day of lodgment), were members of the society and, in relation to each person, the number and nominal amount of, and amount credited as paid up on, any shares held by that person in the society.

(10) An application by the registrar for a society to be registered as a company—
(a)shall be lodged with the commission; and
(b)shall be accompanied by the memorandum of association adopted for the company and the articles of association (if any); and
(c)shall be accompanied by a list, verified by a statutory declaration of the registrar, showing the names, addresses and occupations of all persons who, on a day specified in the list (being not more than 6 clear days before the day of lodgment), were members of the society and, in relation to each person, the number and nominal amount of, and amount credited as paid up on, any shares held by that person in the society.

The commission shall keep and register the memorandum of association and articles of association (if any), and shall certify under its common seal that the company is incorporated, and, for a limited company, that the company is limited.

(12) The registration, certificate and memorandum of association and articles of association (if any) shall have the same operation and effect, and the provisions of the Corporations Act shall apply to the company and the members, contributories and creditors of the company, as if the company had been registered in the way prescribed by the Corporations Act.
(13) When a society is registered as a company it shall cease to be registered as a society under this Act.
(14) The commission shall give notice of every registration of a company effected under this section to the registrar, who shall remove the name of the society from the register of societies under this Act.
(15) On the registration of the society as a company all persons who were members of the society at the date of the registration shall be deemed to become members of the company, and their names shall be entered on the register of members of the company.
(16) Every member of the society at the date of the registration who held shares in the society shall be deemed to be the holder of shares in the capital of the company equal in number and nominal value to the shares of which the member was then registered as the holder in the register of members of the society, and entry shall be made in the register of members of the company accordingly.
(17) On entry in a company register under subsection (16), each member of the company is liable for the amount (if any) unpaid on his or her shares and the register of the company shall be prima facie evidence of the amount of his or her liability.
(18) If no persons are named as directors of the company in the articles of association of the company when a society is registered as a company under this section, the persons who were directors of the society at the date of the registration shall be the first directors of the company.
(19) A certificate of incorporation of a society as a company given by the commission is conclusive evidence of compliance with all the relevant requirements under this section and the Corporations Act for registration under the Corporations Act.
(20) When a society is registered as a company under this section the corporation constituted by the company as so registered shall, for all purposes, be deemed to be the same entity as the corporation constituted by the society.
(21) Without restricting subsection (20), on the registration of a society as a company under this section—
(a)all property and proprietary and other rights whatsoever of the society shall become vested in and exercisable and enforceable by the company; and
(b)all liabilities and obligations of the society, whether certain or contingent and whether then existing or capable of arising at a future time, and whether contractual or other, and all rights against the society and all penalties incurred by the society, shall be enforceable and recoverable against the company.

Contracts
Contracts on behalf of a society may be made, varied and discharged as provided in this section.
Any contract that, if made between private persons, would by law be required to be in writing and under seal, may be made on behalf of the society in writing under the common seal of the society and the contract may, in the same way, be varied or discharged.
Any contract that, if made between private persons, would by law be required to be in writing and signed by the party to be charged with it, may be made on behalf of the society in writing signed by any person acting under the express or implied authority of the society, and the contract may, in the same way, be varied or discharged.
Any contract that, if made between private persons, would by law be valid, although made by parol only and not reduced into writing, may be made by parol on behalf of the society by any person acting under the express or implied authority of the society and the contract may, in the same way, be varied or discharged.
Any contract made according to the provisions of this section shall be effectual in law and shall be binding on the society and all other parties to it.
Name and address of society
The name of a society shall include the word ‘cooperative’ as part of its name and the word ‘limited’ shall be the last word of its name.

(2) The requirements of subsection (1) in relation to the word ‘limited’ may be satisfied by the use of the contraction ‘Ltd.’ in its stead.

The name of a society shall be inscribed in legible characters on its seal and shall be stated in legible characters in all notices, advertisements, and other official publications of the society, and in all bills of exchange, cheques, promissory notes, endorsements, orders for money or goods, waybills, invoices, receipts and other documents required in the business of the society.
The name of the society, with a statement that the society is registered under this Act, shall be painted or attached and kept painted or attached, on the outside of its office, in a conspicuous place, in letters that are clearly legible.
The office of the society shall be registered as prescribed and notice of any change of address shall be transmitted to the registrar within 14 days after the change.
NoteA fee may be determined under s 80C (Determination of fees) for this section.

40AService of documents on society
A document, including a summons, notice, order or other legal process, may be served on a society—
(a)by leaving it at the registered office of the society with some person apparently in the service of the society; or
(b)by sending it by post enclosed in a prepaid registered letter addressed to the society at its registered office.

Effect of rules
A society’s rules bind the society, each member and any person claiming through a member as if—
(a)each member had signed and sealed the rules; and
(b)there were a covenant in the rules on the part of each member and his or her legal representatives to comply with the rules, subject to this Act.
Registers and records
A society shall keep such registers as are prescribed.
The registers shall include the following:
(a)a register of directors, members and shares;
(b)a register of loans raised by the society and securities given by it in connection with those loans;
(c)a register of bills of exchange negotiated by the society for the purpose of raising money and securities given by it in connection with those bills;
(d)a register of bonds issued by the society;
(e)a register of deposits received by the society;
(f)a register of any loans made or guaranteed by the society and of any securities taken by the society;
(g)a register of any nominees to whom any share or interest is to be transferred or the value of it paid on the death of a member.
The registers shall be kept in the way and shall contain the particulars that are prescribed.
No notice of any trust, express, implied or constructive, shall be entered in any register or be received by the registrar.

42AAccounts

A society shall keep accounts in accordance with this section.
The accounts of a society shall be kept in accordance with such of the prescribed requirements as are relevant to those accounts.
Subject to subsection (2), the accounts of a society shall be kept in accordance with such of the accounting standards as are relevant to those accounts, as in force from time to time, and as applied to the society.

1Lodgment of a document with the registrar
2Supply of a document by the registrar
3Sealing of a document by the registrar
NoteAn example is part of the Act, is not exhaustive and may extend, but does not limit, the meaning of the provision in which it appears (see Legislation Act 2001, s 126 and s 132).

(2) A determination is a disallowable instrument.
NoteA disallowable instrument must be notified, and presented to the Legislative Assembly, under the Legislation Act 2001.

80DApproved forms
(1) The Minister may, in writing, approve forms for this Act.
(2) If the Minister approves a form for a particular purpose, the approved form must be used for that purpose.
NoteFor other provisions about forms, see Legislation Act 2001, s 255.

(3) An approved form is a notifiable instrument.
NoteA notifiable instrument must be notified under the Legislation Act 2001.

In the regulations, a reference to a form by a letter is a reference to an approved form identified with the letter.
Regulation-making power
The Executive may make regulations for this Act.
Note Regulations must be notified, and presented to the Legislative Assembly, under the Legislation Act 2001.
The regulations may prescribe offences for contraventions of the regulations and prescribe maximum penalties of not more than 10 penalty units for offences against the regulations.

Endnotes

About the endnotes
Amending and modifying laws are annotated in the legislation history and the amendment history. Current modifications are not included in the republished law but are set out in the endnotes.
Not all editorial amendments made under the Legislation Act 2001, part 11.3 are annotated in the amendment history. Full details of any amendments can be obtained from the Parliamentary Counsel’s Office.
Uncommenced amending laws and expiries are listed in the legislation history and the amendment history. These details are underlined. Uncommenced provisions and amendments are not included in the republished law but are set out in the last endnote.
If all the provisions of the law have been renumbered, a table of renumbered provisions gives details of previous and current numbering.
The endnotes also include a table of earlier republications.
If the republished law includes penalties, current information about penalty unit values appears on the republication inside front cover.
Abbreviation key

am = amended ord = ordinance

amdt = amendment orig = original

ch = chapter p = page

cl = clause par = paragraph

def = definition pres = present

dict = dictionary prev = previous

disallowed = disallowed by the Legislative (prev...) = previously

Assembly prov = provision

div = division pt = part

exp = expires/expired r = rule/subrule

Gaz = Gazette reg = regulation/subregulation

hdg = heading renum = renumbered

IA = Interpretation Act 1967 reloc = relocated

ins = inserted/added R[X] = Republication No

LA = Legislation Act 2001 s = section/subsection

LR = legislation register sch = schedule

LRA = Legislation (Republication) Act 1996 sdiv = subdivision

mod = modified / modification sub = substituted

No = number SL = Subordinate Law

num = numbered underlining = whole or part not commenced

o = order or to be expired

om = omitted/repealed

Legislation history
This Act was originally a Commonwealth ordinance—the Co-operative Trading Societies Ordinance 1939 No 9 (Cwlth).
This ordinance was renamed as the Co-operative Societies Ordinance 1939 by the Co-operative Societies Ordinance 1956.
The Australian Capital Territory (Self-Government) Act 1988 (Cwlth), s 34 (4) converted most former Commonwealth ordinances in force in the ACT into ACT enactments. This allowed the ACT Legislative Assembly to amend and repeal the laws. This Act was converted into an ACT enactment on 11 May 1989 (self-government day).
As with most ordinances in force in the ACT, the name was changed from Ordinance to Act by the Self-Government (Citation of Laws) Act 1989 No 21, s 5 on 11 May 1989 (self-government day).
Before 11 May 1989, ordinances commenced on their notification day unless otherwise stated (see Seat of Government (Administration) Act 1910 (Cwlth), s 12).
After 11 May 1989 and before 10 November 1999, Acts commenced on their notification day unless otherwise stated (see Australian Capital Territory (Self-Government) Act 1988 (Cwlth) s 25).
Legislation before becoming Territory enactment
Co-operative Societies Act 1939 No 9
notified 31 August 1939
commenced 31 August 1939
as amended by
Co-operative Trading Societies Ordinance 1946 No 1
notified 28 March 1946
commenced 28 March 1946
Co-operative Trading Societies Ordinance 1950 No 14
notified 21 December 1950
commenced 21 December 1950
Companies Ordinance 1954 No 14
notified 20 August 1954
commenced 1 October 1954
Co-operative Societies Ordinance 1956 No 10
notified 4 October 1956
commenced 4 October 1956
Co-operative Societies Ordinance 1958 No 18
notified 2 October 1958
commenced 2 October 1958
Co-operative Societies Ordinance 1962 No 3
notified 29 March 1962
commenced 29 March 1962
Companies Ordinance 1962 No 7
notified 21 June 1962
commenced 1 July 1962
Co-operative Societies Ordinance 1963 No 10
notified 9 May 1963
commenced 9 May 1963
Co-operative Societies Ordinance 1966 No 18
notified 23 December 1966
commenced 23 December 1966
Co-operative Societies Ordinance 1972 No 6
notified 24 February 1972
commenced 24 February 1972
Co-operative Societies Ordinance 1973 No 16
notified 25 May 1973
commenced 25 May 1973
Co-operative Societies Ordinance (No 2) 1973 No 29
notified 19 July 1973
commenced 19 July 1973
Co-operative Societies Ordinance 1974 No 35
notified 25 September 1974
commenced 25 September 1974
Ordinances Revision (Age of Majority) Ordinance 1974 No 47
notified 24 October 1974
commenced 1 November 1974
Co-operative Societies Ordinance 1975 No 13
notified 16 May 1975
commenced 16 May 1975
Co-operative Societies Ordinance (No 2) 1975 No 15
notified 23 June 1975
commenced 23 June 1975
Co-operative Societies (Amendment) Ordinance 1977 No 14
notified 15 June 1977
commenced 15 June 1977
Ordinances Revision Ordinance 1978 No 46
notified 28 December 1978
commenced 28 December 1978
Co-operative Societies (Amendment) Ordinance 1979 No 35
notified 28 November 1979
commenced 28 November 1979
Commonwealth Functions (Statutes Review) Act 1981 No 74 (Cwlth) ss 34-40
assented to 18 June 1981
s 1, s 2 commenced 18 June 1981
ss 34-40 repealed before commencement by Law Reform (Miscellaneous Provisions) Act 1999 No 66 sch 2
Ordinances Revision (Companies Amendments) Ordinance 1982 No 38
notified 30 June 1982
commenced 1 July 1982
Co-operative Societies (Amendment) Ordinance 1982 No 89
notified 17 November 1982
commenced 17 November 1982
Co-operative Societies (Amendment) Ordinance (No 2) 1982 No 90
notified 17 November 1982
commenced 17 November 1982
Co-operative Societies (Amendment) Ordinance 1984 No 11
notified 11 April 1984
commenced 11 April 1984
Co-operative Societies (Amendment) Ordinance 1985 No 4
notified 25 February 1985
commenced 25 February 1985
Co-operative Societies (Amendment) Ordinance (No 2) 1985 No 38
notified 20 August 1985
commenced 21 August 1985
Magistrates Court Ordinance 1985 No 67 sch pt 1
notified 19 December 1985
commenced 1 February 1986 (s 2 and Cwlth Gaz 1986 No G3)
Co-operative Societies (Amendment) Ordinance (No 2) 1985 No 74 (as am by 1986 No 75)
notified 20 December 1985
commenced 20 December 1985
Co-operative Societies (Amendment) Ordinance 1986 No 9
notified 28 May 1986
commenced 28 May 1986
Co-operative Societies (Amendment) Ordinance (No 2) 1986 No 10
notified 28 May 1986
commenced 28 May 1986
Sex Discrimination (Miscellaneous Amendments) Ordinance 1986 No 31
notified 31 July 1986
commenced 1 August 1986
Co-operative Societies (Amendment) Ordinance (No 3) 1986 No 40
notified 20 August 1986
commenced 20 August 1986 (Cwlth Gaz 1986 No S412)
Co-operative Societies (Amendment) Ordinance (No 4) 1986 No 75
notified 19 November 1986
commenced 19 November 1986
Co-operative Societies (Amendment) Ordinance 1987 No 7
notified 2 April 1987
commenced 2 April 1987
Co-operative Societies (Amendment) Ordinance (No 2) 1987 No 8
notified 2 April 1987
commenced 2 April 1987
Co-operative Societies (Amendment) Ordinance (No 3) 1987 No 42
notified 19 August 1987
commenced 19 August 1987
Co-operative Societies (Amendment) Ordinance (No 4) 1987 No 68
notified 17 December 1987
commenced 11 September 1987
Co-operative Societies (Amendment) Ordinance 1988 No 40
notified 13 July 1988
commenced 13 July 1988
Co-operative Societies (Amendment) Ordinance (No 2) 1988 No 46
notified 3 August 1988
commenced 3 August 1988
Co-operative Societies (Amendment) Ordinance 1989 No 9
notified 8 March 1989
commenced 8 March 1989
Self-Government (Consequential Amendments) Ordinance 1989 No 38 sch 1
notified 10 May 1989 (Cwlth Gaz 1989 No S160)
s 1, s 2 commenced 10 May 1989 (s 2 (1))
sch 1 commenced 11 May 1989 (s 2 (2) and see Cwlth Gaz 1989 No S164)
Legislation after becoming Territory enactment
Co-operative Societies (Amendment) Act 1991 No 33
notified 26 August 1991 (Gaz 1991 No S83)
commenced 26 August 1991
Financial Institutions (Consequential Amendments) Act 1992 No 30 sch 1
notified 1 July 1992 (Gaz 1992 No S92)
s 1, s 2 commenced 1 July 1992 (s 2 (1))
sch 1 commenced 1 July 1992 (s 2 (2) and see Gaz 1992 No S92)
Mental Health (Consequential Provisions) Act 1994 No 45 sch
notified 7 September 1994 (Gaz 1994 No S177)
s 1, s 2 commenced 7 September 1994 (s 2 (1))
sch commenced 6 February 1995 (s 2 (2) and see Gaz 1995 No S33)
Administrative Appeals (Consequential Amendments) Act 1994 No 60 sch 1
notified 11 October 1994 (Gaz 1994 No S197)
s 1, s 2 commenced 11 October 1994 (s 2 (1))
sch 1 commenced 14 November 1994 (s 2 (2) and see Gaz 1994 No S250)
Statute Law Revision (Penalties) Act 1994 No 81 sch
notified 29 November 1994 (Gaz 1994 No S253)
s 1, s 2 commenced 29 November 1994 (s 2 (1))
sch commenced 29 November 1994 (s 2 (2) and Gaz 1994 No S269)
Statutory Offices (Miscellaneous Provisions) Act 1994 No 97 sch pt 1
notified 15 December 1994 (Gaz 1994 No S280)
s 1, s 2 commenced 15 December 1994 (s 2 (1))
sch pt 1 commenced 15 December 1994 (s 2 (2) and Gaz 1994 No S293)
Annual Reports (Government Agencies) (Consequential Provisions) Act 1995 No 25 sch
notified 5 September 1995 (Gaz 1995 No S212)
commenced 5 September 1995 (s 2)
Statute Law Revision Act 1995 No 46 sch
notified 18 December 1995 (Gaz 1995 No S306)
amdts commenced 18 December 1995 (s 2)
Statute Law Revision (Penalties) Act 1998 No 54 sch
notified 27 November 1998 (Gaz 1998 No S207)
s 1, s 2 commenced 27 November 1998 (s 2 (1))
sch commenced 9 December 1998 (s 2 (2) and Gaz 1998 No 49)
Financial Sector Reform (ACT) Act 1999 No 33 sch
notified 25 June 1999 (Gaz 1999 No S34)
s 1, s 2, dict commenced 25 June 1999 (s 2 (1))
sch commenced 1 July 1999 (s 2 (2) and Cwlth Gaz 1999 No S283)
Legislation (Consequential Amendments) Act 2001 No 44 pt 82
notified 26 July 2001 (Gaz 2001 No 30)
s 1, s 2 commenced 26 July 2001 (IA s 10B)
pt 82 commenced 12 September 2001 (s 2 and see Gaz 2001 No S65)
as repealed by
Cooperatives Act 2002 A2002-45 s 475 (1)
notified LR 5 December 2002
s 1, s 2 commenced 5 December 2002 (LA s 75 (1))
s 475 (1) commenced 5 June 2003 (s 2 and LA s 79)
Amendment history
Title
titleam 1956 No 10; 1992 No 30 sch 1
Repeal
s 2om 2001 No 44 amdt 1.861
s3  sub 1956 No 10
am 1963 No 10
om 1974 No 35
Interpretation for Act
s 4am 1954 No 14; 1956 No 10; 1962 No 7; 1974 No 35; 1975 No 15; 1979 No 35; Cwlth Act 1981 No 74 s 35 (never commenced); 1982 No 38; 1984 No 11; 1985 No 4; 1985 No 38; 1986 No 9; 1987 No 8; 1987 No 42; 1989 No 9; 1991 No 33 s 3; 1992 No 30 sch 1; 2001 No 44 amdt 1.862; ss renum R4 LA
def authorised bill of exchange am 1992 No 30 sch 1
def building society sub 1992 No 30 sch 1
om 1999 No 33 sch
def commission am 1992 No 30 sch 1
def Companies Act om 1992 No 30 sch 1
def credit society om 1992 No 30 sch 1
def credit union ins 1992 No 30 sch 1
om 1999 No 33 sch
def deadline ins 1991 No 33 s 3
def Financial Institutions (ACT) Code ins 1992 No 30 sch 1
om 1999 No 33 sch
def group ins 1991 No 33 s 3
def group accounts ins 1991 No 33 s 3
def holding society ins 1991 No 33 s 3
def inspector sub 1994 No 97 sch pt 1
def insurance corporation om 1992 No 30 sch 1
def permanent building society om 1992 No 30 sch 1
def prescribed period om 1992 No 30 sch 1
def primary loan om 1992 No 30 sch 1
def primary object om 1992 No 30 sch 1
def registrar sub 1994 No 97 sch pt 1
def related corporation am 1992 No 30 sch 1
def relevant date om 1992 No 30 sch 1
def secondary object om 1992 No 30 sch 1
def special resolution ins 1992 No 30 sch 1
om 1999 No 33 sch
Registrar
s 5am 1994 No 97 sch pt 1; ss renum R4 LA
Deputy registrar
s 5AAins 1994 No 97 sch pt 1
Inspectors
s 5Ains 1975 No 15; 1992 No 30 sch 1
sub 1994 No 97 sch pt 1
Inspections
s 5Bins 1975 No 15
am 1986 No 9; 1992 No 30 sch 1; 1994 No 81 sch; 1995 No 46 sch; ss renum R4 LA
Access by insurance corporation to registrar's records
s 5Cins 1984 No 11
am 1985 No 38
om 1992 No 30 sch 1
Registrar may require certain information or evidence to be given
s 6am 1992 No 30 sch 1
Special meeting and inquiry
s 7am 1992 No 30 sch 1
Registrar may require bank to give information
s 8Ains 1975 No 15
am 1994 No 81 sch
Inspection of documents
s 9am 1985 No 38; 1992 No 30 sch 1; 2001 No 44 amdt 1.863, amdt 1.864
Appeal from decisions of registrar
s 11am 1992 No 30 sch 1
Annual reports
s 12sub 1992 No 30 sch 1
om 1995 No 25 sch
Cooperative trading societies
pt 3 hdgom Cwlth Act 1981 No 74 s 36 (never commenced)
Objects
s 13om Cwlth Act 1981 No 74 s 36 (never commenced)
Prescribed trading societies
s 14sub 1956 No 10
om Cwlth Act 1981 No 74 s 36 (never commenced)
sub 1982 No 89; 1992 No 30 sch 1
pt 3A hdgins 1956 No 10
om 1992 No 30 sch 1
General
pt 3A div 1 hdg     ins 1986 No 9 s 5
om 1992 No 30 sch 1
Objects
s 14Ains 1956 No 10
sub 1986 No 9 s 6
om 1992 No 30 sch 1
Restrictions applicable in relation to objects
s 14AAins 1986 No 9 s 6
om 1992 No 30 sch 1
Association of assets with primary object
s 14ABins 1986 No 9 s 6
am 1987 No 68
om 1992 No 30 sch 1
Association of assets with primary object—exemption
s 14ABAins 1988 No 46 s 3
am 1989 No 38 sch 1
om 1992 No 30 sch 1
Requirements relating to loans for residential purposes
s 14ACins 1986 No 9 s 6
om 1992 No 30 sch 1
Loan limit
s 14ADins 1986 No 9 s 6
om 1992 No 30 sch 1
s 14Bins 1956 No 10
am 1973 No 16; 1973 No 29; 1975 No 15; 1984 No 11; 1989 No 9
om 1992 No 30 sch 1
s 14Cins 1956 No 10
am 1966 No 18; 1987 No 7
om 1992 No 30 sch 1
s 14CAins 1963 No 10
am 1966 No 18
om 1992 No 30 sch 1
s 14CBins 1963 No 10
am 1966 No 18
om 1992 No 30 sch 1
s 14CCins 1963 No 10
am 1966 No 18
sub 1984 No 11
om 1992 No 30 sch 1
s 14CDins 1963 No 10
sub 1984 No 11
om 1992 No 30 sch 1
s 14CEins 1963 No 10
am 1966 No 18; 1979 No 35
om 1987 No 42
s 14CFins 1963 No 10
om 1987 No 42
Capital adequacy
pt 3A div 2 hdg    ins 1986 No 9 s 7
om 1992 No 30 sch 1
Interpretation
s 14CGins 1986 No 9 s 7
om 1992 No 30 sch 1
Maintenance of capital adequacy
s 14CHins 1986 No 9 s 7
om 1992 No 30 sch 1
Notification of failure to maintain capital adequacy
s 14CJins 1986 No 9 s 7
om 1992 No 30 sch 1
Statement relating to capital adequacy
s 14CKins 1986 No 9 s 7
om 1992 No 30 sch 1
Direction to restore capital adequacy
s 14CLins 1986 No 9 s 7
om 1992 No 30 sch 1
pt 3B hdgins 1956 No 10
om 1992 No 30 sch 1
s 14Dins 1956 No 10
om 1992 No 30 sch 1
s 14Eins 1956 No 10
om 1992 No 30 sch 1
s 14Fins 1956 No 10
om 1992 No 30 sch 1
s 14Gins 1956 No 10
am 1966 No 18; 1972 No 6
sub 1977 No 14
am 1982 No 90; 1986 No 10
om 1992 No 30 sch 1
Valuation of securities
s 14GAins 1986 No 10 s 4
om 1992 No 30 sch 1
s 14Hins 1956 No 10
om 1992 No 30 sch 1
Cooperative housing and services societies
pt 3C hdgins 1974 No 35
Objects
s 14Jins 1974 No 35
pt 3D hdgins 1975 No 13
om 1992 No 30 sch 1
s 14Kins 1975 No 13
om 1992 No 30 sch 1
s 14Lins 1975 No 13
om 1992 No 30 sch 1
s 14Mins 1975 No 13
om 1992 No 30 sch 1
s 14Nins 1975 No 13
om 1992 No 30 sch 1
s 14Pins 1975 No 13
am 1975 No 15
om 1992 No 30 sch 1
s 14Qins 1975 No 13
om 1992 No 30 sch 1
s 14Rins 1975 No 13
om 1992 No 30 sch 1
Liability and membership
s 15am 1974 No 47; 1992 No 30 sch 1
Formation and registration of society
s 16am 1946 No 1; 1962 No 3; 1974 No 35; 1974 No 47; 1978 No 46; 1985 No 38; 1992 No 30 sch 1; 2001 No 44 amdts 1.865-1.868; ss renum R4 LA
Prohibited names
s 16AAins 1962 No 3
sub 1962 No 7
am 1982 No 38
sub 1992 No 30 sch 1
Powers of registered societies
s 16Ains 1956 No 10
am 1979 No 35
sub 1984 No 11
am 1986 No 9; 1992 No 30 sch 1
Change of name
s 17am 1962 No 3; 1966 No 18; 1985 No 38; 1989 No 38 sch 1; 1992 No 30 sch 1; 1998 No 54 sch; 2001 No 44 amdts 1.869-1.872; ss renum R4 LA
Amalgamation
s 18am 1956 No 10; Cwlth Act 1981 No 74 s 37 (never commenced); 1985 No 38; 1992 No 30 sch 1; 2001 No 44 amdts 1.873-1.875
Property to vest on amalgamation
s 19am 2001 No 44 amdt 1.876, amdt 1.877
Certificate of incorporation
s 20am 1985 No 38; 2001 No 44 amdts 1.878-1.880; ss renum R4 LA
Members
s 21am 1992 No 30 sch 1
Shares
s 22am 1958 No 18; 1985 No 4; 1989 No 9; 1992 No 30 sch 1; ss renum R4 LA
Reserves
s 22Ains 1975 No 15
am 1994 No 81 sch
Surplus from operations
s 23sub 1975 No 15
am 1992 No 30 sch 1
s 23Ains 1975 No 15
am 1979 No 35; 1982 No 38; 1985 No 4
om 1992 No 30 sch 1
Liability of members of society
s 24am 1992 No 30 sch 1; 1995 No 46 sch
Purchase or repayment of shares
s 25sub 1985 No 4
am 1985 No 74; 1992 No 30 sch 1
s 27om 1985 No 4
Death of member
s 29am 1966 No 18; 1986 No 31; 1992 No 30 sch 1; ss renum R4 LA
Death of intestate
s 30am 1966 No 18; 1992 No 30 sch 1
Use of the word ‘cooperative’
s 32am 1950 No 14; 1966 No 18; Cwlth Act 1981 No 74 s 38 (never commenced); 1985 No 38; 1989 No 38 sch 1
sub 1992 No 30 sch 1
am 1994 No 81 sch; 1999 No 33 sch; 2001 No 44 amdt 1.881; pars renum R4 LA
Fees
s 33sub 1975 No 15
am 1985 No 4
om 2001 No 44 amdt 1.882
Granting of securities
s 35am 1956 No 10; 1962 No 7; 1979 No 35; 1982 No 38; 1986 No 9; 1992 No 30 sch 1; 2001 No 44 amdt 1.883, amdt 1.884; ss renum R4 LA
Raising of money etc
s 36am 1966 No 18; 1979 No 35; 1986 No 9; ss renum R4 LA
Investments
s 37am 1956 No 10; 1975 No 15; 1982 No 89; 1984 No 11; 1986 No 75; 1992 No 30 sch 1; ss renum R4 LA
Investments in corporations
s 37Ains 1985 No 4 s 9
am 1985 No 74; 1986 No 75
om 1992 No 30 sch 1
Investment by A.C.T. Credit Union Association Co-operative Limited
s 37Bins 1985 No 4 s 9
om 1992 No 30 sch 1
Voluntary transfer of engagements—trading societies
s 38am 1956 No 10; Cwlth Act 1981 No 74 s 39 (never commenced); 1992 No 30 sch 1
Transfer of engagements by direction
s 38AAins 1987 No 42
am 1988 No 40; 1992 No 30 sch 1; 1994 No 81 sch; 2001 No 44 amdt 1.885, amdt 1.886; ss renum R4 LA
Registration of society as a company
s 38Ains 1950 No 14
am 1956 No 10; 1962 No 7; 1982 No 38; 1987 No 42; 1989 No 38 sch 1; 1992 No 30 sch 1; ss renum R4 LA
Power of society to act as agent
s 39Ains 1986 No 9 s 11
om 1992 No 30 sch 1
Name and address of society
s 40am 1946 No 1; 1985 No 38; 1986 No 40; 2001 No 44 amdts 1.887-1.889; ss renum R4 LA
Service of documents on society
s 40Ains 1956 No 10
Effect of rules
s 41sub 1992 No 30 sch 1
Registers and records
s 42am 1979 No 35; 1986 No 9; 1991 No 33 s 4; 1992 No 30 sch 1; pars renum R4 LA
Accounts
s 42Ains 1991 No 33 s 5
Statement to be attached to accounts
s 42Bins 1991 No 33 s 5
Statement to be attached to holding society accounts
s 42Cins 1991 No 33 s 5
Statements in relation to financial year of society
s 42Dins 1991 No 33 s 5
Directors report on society other than holding society
s 42Eins 1991 No 33 s 5
Directors report on group holding society
s 42Fins 1991 No 33 s 5
Report may omit prejudicial information
s 42Gins 1991 No 33 s 5
Reports generally
s 42Hins 1991 No 33 s 5
Inspections of documents by members and creditors
s 43am 1979 No 35; 2001 No 44 amdt 1.890, amdt 1.891
Returns
s 44am 1956 No 10; 1975 No 15; 1985 No 38; 1986 No 9; 1986 No 40; 2001 No 44 amdts 1.892-1.896; ss renum R4 LA
Dealings with members and applicants
s 45am Cwlth Act 1981 No 74 s 40 (never commenced); 1992 No 30 sch 1; ss renum R4 LA
Charges payable by members
s 46am 1992 No 30 sch 1
Fines
s 47am 1966 No 18; 1992 No 30 sch 1; 1995 No 46 sch
Special resolution
s 48am 1985 No 38; 1992 No 30 sch 1; 2001 No 44 amdt 1.897, amdt 1.898; ss renum R4 LA
Rules
s 49am 1956 No 10; 1966 No 18; 1979 No 35; 1992 No 30 sch 1; pars renum R4 LA
Alteration of rules
s 50am 1985 No 38; 1986 No 40; 1992 No 30 sch 1; 2001 No 44 amdts 1.899-1.905
Board of directors
s 51am 1978 No 46; 1988 No 46; 1992 No 30 sch 1; 1994 No 45 sch; 2001 No 44 amdt 1.906, amdt 1.907
Meetings
s 52am 1985 No 38; 2001 No 44 amdt 1.908, amdt 1.909; ss renum R4 LA
Votes of members
s 53am 1992 No 30 sch 1
Officers
s 55am 1992 No 30 sch 1
Accounts and audit
s 56am 1966 No 18; 1989 No 9; 1992 No 30 sch 1; pars renum R4 LA
Financial year
s 57am 1956 No 10; 1992 No 30 sch 1
Disputes
s 58am 1982 No 89; 1985 No 67; 1989 No 38 sch 1; 1992 No 30 sch 1; ss renum R4 LA
Suspension, administration and winding-up
pt 6 hdgsub 1987 No 42
Suspension of operations
s 58Ains 1987 No 42
am 1992 No 30 sch 1; 1994 No 81 sch; pars renum R4 LA
Administrator
s 58Bins 1987 No 42
am 1988 No 40; 1989 No 38 sch 1; ss renum R4 LA
Winding-up
s 59am 1956 No 10; 1962 No 7; 1982 No 38; 1987 No 42; 1989 No 38 sch 1; 1992 No 30 sch 1; 2001 No 44 amdts 1.910-1.912
Application of Corporations Law in winding-up
s 60sub 1956 No 10
am 1962 No 7; 1982 No 38
sub 1987 No 8
am 1992 No 30 sch 1; 2001 No 44 amdt 1.913, amdt 1.914; ss and pars renum R4 LA
Filling vacancy in position of liquidator—voluntary winding-up
s 60Ains 1956 No 10
am 1962 No 7; 1982 No 38; 1992 No 30 sch 1
Defaults by society
s 68am 1966 No 18; 1994 No 81 sch; 1998 No 54 sch; 2001 No 44 amdt 1.915, amdt 1.916
Restrictions on powers
s 69am 1966 No 18; 1979 No 35; 1994 No 81 sch
Too few members
s 70am 1966 No 18; 1994 No 81 sch; 1998 No 54 sch
Name
s 71am 1966 No 18; 1994 No 81 sch
Seal
s 72am 1966 No 18; 1994 No 81 sch
Allotment of shares
s 73am 1966 No 18; 1994 No 81 sch
False copies of rules
s 74am 1966 No 18; 1994 No 81 sch
Falsification
s 75am 1966 No 18; 1994 No 81 sch
Fraud or misappropriation
s 76am 1956 No 10; 1966 No 18; 1992 No 30 sch 1; 1994 No 81 sch
Commission
s 77am 1966 No 18; 1992 No 30 sch 1; 1994 No 81 sch
Contravention of Act
s 78am 1966 No 18; 1994 No 81 sch
Recovery of penalties
s 79am 2001 No 44 amdts 1.917-1.919
Interpretation
s 80AAins 1989 No 38 sch 1
om 1994 No 60 sch 1
Review of decisions
s 80Ains 1985 No 4
am 1987 No 7; 1988 No 40; 1989 No 38 sch 1; 1992 No 30 sch 1; 1994 No 60 sch 1
Notification of decisions
s 80Bins 1985 No 4
am 1985 No 74; 1987 No 7; 1988 No 40; 1989 No 38 sch 1; 1992 No 30 sch 1; 1994 No 60 sch 1
Determination of fees
s 80Cins 1985 No 4
sub 2001 No 44 amdt 1.920
Approved forms
s 80Dins 1985 No 38
sub 2001 No 44 amdt 1.920
(5)-(8) exp 12 September 2002 (s 80D (8))
Fees under applied provisions of the Corporations Law (mortgages, charges and bonds)
s 80Eins 1985 No 38
sub 1992 No 30 sch 1
om 2001 No 44 amdt 1.920
Fees payable
s 80Fins 1985 No 38
om 2001 No 44 amdt 1.920
Regulation-making power
s 81am 1966 No 18; 1975 No 15; 1985 No 38; 1986 No 9; 1987 No 8; 1989 No 38 sch 1; 1992 No 30 sch 1; 1998 No 54 sch
sub 2001 No 44 amdt 1.920

Earlier republications
Some earlier republications were not numbered. The number in column 1 refers to the publication order.
Since 12 September 2001 every authorised republication has been published in electronic pdf format on the ACT legislation register. A selection of authorised republications have also been published in printed format. These republications are marked with an asterisk (*) in column 1. Except for the footer, electronic and printed versions of an authorised republication are identical.

Republication No

Amendments to

Republication date

1 Ord 1989 No 38 30 June 1991

2 Act 1992 No 30 31 August 1992

3 Act 1995 No 46 1 January 1996

4 Act 2001 No 44 31 July 2002

5 Act 2001 No 44 13 September 2002

am = amended	ord = ordinance
amdt = amendment	orig = original
ch = chapter	p = page
cl = clause	par = paragraph
def = definition	pres = present
dict = dictionary	prev = previous
disallowed = disallowed by the Legislative	(prev...) = previously
Assembly	prov = provision
div = division	pt = part
exp = expires/expired	r = rule/subrule
Gaz = Gazette	reg = regulation/subregulation
hdg = heading	renum = renumbered
IA = Interpretation Act 1967	reloc = relocated
ins = inserted/added	R[X] = Republication No
LA = Legislation Act 2001	s = section/subsection
LR = legislation register	sch = schedule
LRA = Legislation (Republication) Act 1996	sdiv = subdivision
mod = modified / modification	sub = substituted
No = number	SL = Subordinate Law
num = numbered	underlining = whole or part not commenced
o = order	or to be expired
om = omitted/repealed

Republication No	Amendments to	Republication date
1	Ord 1989 No 38	30 June 1991
2	Act 1992 No 30	31 August 1992
3	Act 1995 No 46	1 January 1996
4	Act 2001 No 44	31 July 2002
5	Act 2001 No 44	13 September 2002