Cooperative and Other Societies Amendment Regulation (No. 1) 1995 (Qld)

Queensland Subordinate Legislation 1995 No. 409 Cooperative and Other Societies Act 1967 COOPERATIVE AND OTHER SOCIETIES AMENDMENT REGULATION (No. 1) 1995 TABLE OF PROVISIONS Section Page 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 2 Regulation amended . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 3 Replacement of s 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 1 Short title . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 4 Replacement of pt 13 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 PART 13—SHARES 42 Maximum nominal share value . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 2 PART 13A—APPLICATION OF CORPORATIONS LAW TO SOCIETIES 43 Modification relating to exemption of persons—Act, s 59 . . . . . . . . 3 5 Insertion of new s 54A . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 54A Prescribed dealings—Act, s 75(2)(f) . . . . . . . . . . . . . . . . . . . . . . . . . 3 6 Replacement of sch . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3 SCHEDULE 1 SCHEDULE 2 7 Repeal . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5

s1 2 s4 Cooperative and Other Societies Amendment No. 409, 1995 (No. 1) ˙ Short title 1. This regulation may be cited as the Cooperative and Other Societies Amendment Regulation (No. 1) 1995 . ˙ Regulation amended 2. This regulation amends the Co-operative and Other Societies Regulation 1968 . ˙ Replacement of s 1 3. Section 1— omit, insert— ˙ ‘ Short title ‘ 1. This regulation may be cited as the Cooperative and Other Societies Regulation 1968 .’. ˙ Replacement of pt 13 4. Part 13— omit, insert— ‘ PART 13—SHARES ˙ ‘ Maximum nominal share value ‘ 42. An individual who is a member of a society mentioned in schedule 1 may hold shares in the society to the maximum nominal value mentioned in schedule 1 for the society.

s5 3 s6 Cooperative and Other Societies Amendment No. 409, 1995 (No. 1) ‘ PART 13A—APPLICATION OF CORPORATIONS LAW TO SOCIETIES ˙ ‘ Modification relating to exemption of persons—Act, s 59 ‘ 43. In extending the Corporations Law, section 1084 to a society, the section is modified by omitting subsection (8).’. ˙ Insertion of new s 54A 5. After section 54— insert— ˙ ‘ Prescribed dealings—Act, s 75(2)(f) ‘ 54A.(1) This section applies if— (a) a loan is made to a society mentioned in schedule 2, column 1; and (b) the loan is made to the society by the entity mentioned in schedule 2, column 2 for the society mentioned in column 1; and (c) the entity mentioned in schedule 2, column 3, for the society mentioned in column 1 and the entity mentioned in column 2, guarantees, or joins in guaranteeing, the repayment of the loan, or a part of the loan; and (d) a director of the society has a direct or indirect pecuniary interest in the loan; and (e) the director of the society has the interest only because the director is also a director of the entity mentioned in schedule 2, column 3 for the society. ‘ (2) The loan is prescribed as a dealing for section 75(2)(f) of the Act. ‘ (3) Subsection (2) applies only if the director has disclosed the nature of the interest to a meeting of the society’s board.’. ˙ Replacement of sch 6. Schedule—

s6 4 s6 Cooperative and Other Societies Amendment No. 409, 1995 (No. 1) omit, insert— ‘ SCHEDULE 1 ‘ MAXIMUM NOMINAL SHARE VALUE section 42 Society Cedarton Foresters Co-operative Ltd Emerald Co-operative Society Limited Garden City Cabs Co-operative Limited Maleny District Community Learning Centre Co-operative Society Ltd Sandgate Fisherman’s Co-operative Society Ltd The Coondoo Farm Co-operative Society Limited The Killarney Co-operative Society Ltd The Nanango Dairy Co-operative Trading Society Limited Tully River District Canegrowers’ Co-operative Society Limited Yeppoon District Co-operative Society Limited Maximum nominal share value $ 15 000 10 000 30 000 30 000 6 000 8 000 4 000 10 000 4 000 6 000

s7 5 s7 Cooperative and Other Societies Amendment No. 409, 1995 (No. 1) ‘ SCHEDULE 2 ‘ PRESCRIBED DEALINGS section 54A Column 1 Society Column 2 Lender Column 3 Guarantor The Nanango Dairy Co-operative Trading Society Limited National Australia Bank Limited The Nanango Dairy C o -o p e r a t i v e Association Limited’. ˙ Repeal 7. The order in council made under the Act, and published in the gazette on 18 July 1970 at page 1516, is repealed. ENDNOTES 1. Made by the Governor in Council on 21 December 1995. 2. Notified in the gazette on 22 December 1995. 3. Laid before the Legislative Assembly on . . . 4. The administering agency is the Office of Consumer Affairs. © State of Queensland 1995