Co-operatives Act 1992 Co-operatives Amendment (Declaration of Interests) Regulation 1999 (1999-341) [GG No 79 of 9.7.1999, p 4836] (NSW)

1999 No 341

New South Wales

Co-operatives Amendment

(Declaration of Interests) Regulation

1999

under the

Co-operatives Act 1992

His Excellency the Governor, with the advice of the Executive Council, has made the following Regulation under the Co-operatives Act 1992.

John Watkins MP

Minister for Fair Trading

Explanatory note

Section 234 of the Co-operatives Act 1992 obliges a director of a co-operative who is or becomes interested in a contract or proposed contract with the co-operative to declare the nature and extent of the interest to the board of directors of the co-operative.

The object of this Regulation is to remove that obligation in circumstances where the interest relates to a contract or proposed contact between the co-operative and a related body corporate, and the director’s interest arises only from the fact that he or she is also an officer or a shareholder of the related body corporate, or that his or her associate or relative is an officer or a shareholder of the related body corporate.

This Regulation is made under the Co-operatives Act 1992, including section 241 (Certain interests need not be declared) and section 446 (the general regulation-making power).

Published in Gazette No 79 of 9 July 1999, page 4836	Page 1
[4]

1999 No 341

Clause 1 Co-operatives Amendment (Declaration of Interests) Regulation 1999

Co-operatives Amendment (Declaration of

Interests) Regulation 1999

1 Name of Regulation

This Regulation is the Co-operatives Amendment (Declaration of

Interests) Regulation 1999.

2 Amendment of Co-operatives Regulation 1997

The Co-operatives Regulation 1997 is amended as set out in

Schedule 1.

3 Notes

The explanatory note does not form part of this Regulation.

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1999 No 341

Co-operatives Amendment (Declaration of Interests) Regulation 1999

Amendment	Schedule 1
Schedule 1	Amendment

(Clause 2)

Clause 14A

Insert after clause 14:

14A Certain interests need not be declared

(1)

For the purposes of section 241 (d) of the Act, the following classes of contracts are prescribed in relation to a person who is a director of a co-operative:

(a)	contracts made with or for the benefit of, or on behalf of, a body corporate of which the person (or an associate or relative of the person) is an officer or a shareholder, being a body corporate that is a related body corporate of the co-operative of which the person is a director, and
(b)	contracts that are variations of a contract referred to in paragraph (a).

(2)

In this clause:
relative of a person means:

(a)	the spouse of the person,
(b)	the other party to a de facto relationship with the person (within the meaning of the De Facto Relationships Act 1984),
(c)	a parent or child of the person,
(d)	a parent or child of the spouse of the person,
(e)	a parent or child of the other party to a de facto relationship with the person (within the meaning of the De Facto Relationships Act 1984).

(3)

This clause, unless sooner repealed, ceases to have effect on the day that is 5 years after the date of its commencement.

BY AUTHORITY

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