Co-operatives National Law (Victoria) Local Regulations 2014
Authorised by the Chief Parliamentary Counsel
Authorised Version
i
Co-operatives National Law (Victoria) Local
Regulations 2014
S.R. No. 3/2014
TABLE OF PROVISIONS
Regulation Page
1 Objectives 1
2 Authorising provision 2
3 Commencement 2
4 Definitions 2
5 Unsuitable names for co-operatives 2
6 Exemption from restriction on corporations registering a name
including the word co-operative or similar words 2
7 Exemption from restriction on use of word co-operative or
similar words 3
8 Application for transfer 4
9 Examination of involved person 5
10 Procedures regarding giving of exemptions 6
11 Prescribed fees 6
12 Infringement penalties 6
13 Model rules for government guarantee co-operatives 7
14 Co-operative may continue to operate under old rules 7
__________________
SCHEDULES 9
SCHEDULE 1—Prescribed Fees 9
SCHEDULE 2—Prescribed Infringement Offences and Penalties 25
SCHEDULE 3—Model Rules for Co-Operatives Supported by
Government Guarantees 29
═══════════════
ENDNOTES 32
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Authorised Version
1
STATUTORY RULES 2014
S.R. No. 3/2014
Co-operatives National Law Application Act 2013
Co-operatives National Law (Victoria) Local
Regulations 2014
The Governor in Council makes the following Regulations:
Dated: 18 February 2014
Responsible Minister:
HEIDI VICTORIA
Minister for Consumer Affairs
YVETTE CARISBROOKE
Clerk of the Executive Council
1 Objectives
The objectives of these Regulations are to
prescribe—
(a) certain matters for the purposes of the
Co-operatives National Law (Victoria) and
the Co-operatives National Regulations
(Victoria); and
(b) fees payable under the Co-operatives
National Law (Victoria) and the
Co-operatives National Regulations
(Victoria); and
(c) offences under the Co-operatives National
Law (Victoria) as infringement offences and
prescribe penalties for those infringement
offences; and
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(d) savings and transitional provisions for
matters arising as a result of the enactment of
the Co-operatives National Law
Application Act 2013.
2 Authorising provision
These Regulations are made under sections 28
and 29 of the Co-operatives National Law
Application Act 2013.
3 Commencement
These Regulations come into operation on
3 March 2014.
4 Definitions
In these Regulations—
the Act means the Co-operatives National Law
Application Act 2013.
5 Unsuitable names for co-operatives
For the purposes of section 220(5) of the
Co-operatives National Law (Victoria) and
regulation 3.7 of the Co-operatives National
Regulations (Victoria), a name is to be regarded as
an unsuitable name if the Registrar is satisfied that
it is likely to mislead.
6 Exemption from restriction on corporations
registering a name including the word co-operative
or similar words
(1) For the purposes of section 220(7) of the
Co-operatives National Law (Victoria), a
corporation is exempt from section 220(4) of the
Co-operatives National Law (Victoria) if the
corporation is—
(a) a company that is permitted to use the
expression building society, credit union or
credit society under section 66 of the
Banking Act 1959 of the Commonwealth; or
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(b) a company that is a friendly society for the
purposes of the Life Insurance Act 1995 of
the Commonwealth; or
(c) a company or society formed or incorporated
under any other Act before the
commencement of the Co-operation Act
1953; or
(d) a corporation that is allowed under an Act to
use the word "co-operative" or the
abbreviation "co-op" in its name; or
(e) a corporation that is exempted by the
Registrar by written notice from the
operation of section 220(4) and that complies
with any conditions to which that exemption
is made subject.
(2) An exemption granted under subregulation (1)(e)
may be limited as to time.
(3) The Registrar may vary the conditions of an
exemption granted under subregulation (1)(e), or
revoke the exemption by written notice to the
corporation.
7 Exemption from restriction on use of word
co-operative or similar words
(1) For the purposes of section 225(2) of the
Co-operatives National Law (Victoria), a person is
exempt from section 225(1) of the Co-operatives
National Law (Victoria) if the person is—
(a) a company that is permitted to use the
expression building society, credit union or
credit society under section 66 of the
Banking Act 1959 of the Commonwealth; or
(b) a company that is a friendly society for the
purposes of the Life Insurance Act 1995 of
the Commonwealth; or
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(c) a company or society formed or incorporated
under any other Act before the
commencement of the Co-operation Act
1953; or
(d) a corporation that is allowed under an Act to
use the word "co-operative" or the
abbreviation "co-op" in its name; or
(e) a person that is exempted by the Registrar by
written notice from the operation of section
225(1) and that complies with any conditions
to which that exemption is made subject.
(2) An exemption granted under subregulation (1)(e)
may be limited as to time.
(3) The Registrar may vary the conditions of an
exemption granted under subregulation (1)(e), or
revoke the exemption by written notice to the
person.
8 Application for transfer
For the purposes of section 403(b) of the
Co-operatives National Law (Victoria), a
co-operative may apply to become registered,
incorporated or otherwise established as a
corporation under—
(a) the Associations Incorporation Reform
Act 2012; or
(b) the Corporations (Aboriginal and Torres
Strait Islander) Act 2006 of the
Commonwealth; or
(c) any legislation of the Commonwealth that
provides for the incorporation of a building
society, credit union or friendly society.
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9 Examination of involved person
(1) For the purposes of section 522(4) of the
Co-operatives National Law (Victoria), the
prescribed allowances to which an involved
person is entitled are—
(a) for persons ordinarily receiving wages,
salary, remuneration or fees—for each hour,
or part of an hour, of attendance, the amount
of wages, salary, remuneration or fees
actually lost because of the person's
attendance, but not exceeding $600 per day;
or
(b) in any other case—the actual expenditure
incurred (other than expenses to which the
person is entitled under subregulation (2)),
but not exceeding $150 for any one day.
(2) For the purposes of section 522(4) of the
Co-operatives National Law (Victoria), the
prescribed expenses to which an involved person
is entitled are—
(a) for travelling expenses to and from a
person's usual place of residence or business
and the place of attendance—
(i) the amount actually paid; or
(ii) an amount calculated at 18 cents per
kilometre travelled—
whichever is the lesser; and
(b) for accommodation and meals, if a person is
required to be absent overnight from the
person's usual place of residence—
(i) the amount actually paid; or
(ii) an amount not exceeding $220 for any
one night—
whichever is the lesser.
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10 Procedures regarding giving of exemptions
For the purposes of section 621 of the
Co-operatives National Law (Victoria), an
application for an exemption must be made—
(a) in writing; and
(b) within a reasonable time before the event or
the occurrence of the matter for which the
exemption is sought.
11 Prescribed fees
(1) For the purposes of a provision of the
Co-operatives National Law (Victoria) specified
in Column 2 of Schedule 1, the prescribed fee is
the amount specified in Column 4 of that
Schedule.
(2) For the purposes of regulation 1.4(5) of the
Co-operatives National Regulations (Victoria), the
prescribed fee is 19·5 fee units.
(3) For the purposes of regulations 5(1)(e) and 6(1)(e)
of these Regulations, the prescribed fee is 19·5 fee
units.
(4) The Registrar may waive, reduce or refund any
fee payable under the Co-operatives National Law
(Victoria) and Co-operatives National Regulations
(Victoria) if, in the opinion of the Registrar, there
are special circumstances that apply.
12 Infringement penalties
(1) For the purposes of section 27(1) of the Act, an
offence committed against a provision of the
Co-operatives National Law (Victoria) specified
in Column 2 of Schedule 2 is prescribed as an
infringement offence.
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(2) For the purposes of section 27(3) of the Act, the
prescribed infringement penalty for an offence
against a provision specified in Column 2 of
Schedule 2 is the amount specified in Column 4 of
that Schedule.
(3) A description of an offence in Column 3 of
Schedule 2, opposite a provision specified in
Column 2, is for convenience of reference only
and is not to be taken to affect the nature or
elements of the offence to which it refers or the
operation of these Regulations.
13 Model rules for government guarantee co-operatives
For the purposes of section 28A of the Act, the
model rules for a co-operative in respect of which
a government guarantee exists under Division 6 of
Part 3 of the Co-operatives Act 1996 are those
prescribed by Schedule 7 to the Co-operatives
National Regulations (Victoria), subject to the
modifications prescribed by Schedule 3.
Note
Due to section 37 of the Act, the repeal of the
Co-operatives Act 1996 does not affect the operation of
Division 6 of Part 3 of that Act and that Division continues
to operate as if that Act had not been repealed.
14 Co-operative may continue to operate under old
rules
(1) Subject to subregulation (2), a co-operative may
continue to operate under the rules applying to
that co-operative which were immediately in force
before the commencement of the Act (old rules).
(2) While a co-operative is operating under old
rules—
(a) if there is any inconsistency between a
provision of the old rules and the Act, the
Co-operatives National Law (Victoria), the
Co-operatives National Regulations
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(Victoria) or these Regulations, the provision
of the Act, the Co-operatives National Law
(Victoria), the Co-operatives National
Regulations (Victoria) or these Regulations
prevail;
(b) if there is any reference in the old rules to a
requirement contained in the Co-operatives
Act 1996 or the Co-operatives Regulations
2008, that reference is to be read as a
reference to the equivalent requirement
contained in the Act, the Co-operatives
National Law (Victoria), the Co-operatives
National Regulations (Victoria) or these
Regulations;
(c) if there is any reference in the old rules to the
co-operative being a trading co-operative,
that reference is to be read as a reference
to the co-operative being a distributing
co-operative, and if there is any reference
to the co-operative being a non-trading
co-operative, that reference is to be read as
a reference to the co-operative being a
non-distributing co-operative.
__________________
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SCHEDULES
SCHEDULE 1
Regulation 11
PRESCRIBED FEES
Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
1 section 23(1)(a) Submission of
draft rules to the
Registrar before
the formation
meeting
5·5 fee units
2 section 23(1)(b) Submission of a
draft formation
disclosure
statement to the
Registrar
19·5 fee units
3 section 26(1)(b)(ii) Application for
registration of a
proposed
co-operative
2·2 fee units
4 section 31(b)(ii) Application for
registration of
existing
corporation
2·2 fee units
5 section 37(b)(ii) Issue of
duplicate
certificate
2·2 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
6 section 60 Application to
the Registrar for
an amendment
of rules
requiring prior
approval of the
Registrar
5·5 fee units
7 section 63(2) Application for
registration of
an amendment
of the rules
2·2 fee units
per rule up to
a maximum
fee of 11·6 fee
units
8 section 63(4) Application for
certificate of
rule change
2·2 fee units
9 section 71 Application for
exemption from
disclosure
statement
requirements for
distributing
co-operatives
5·5 fee units
10 section 82(3)(a) Application to
register a
disclosure
statement to
accompany a
proposal to
require a
member to take
up or subscribe
for additional
shares
19·5 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
11 section 119(4) Application to
extend the
period during
which a
co-operative
can carry on
business with
fewer than the
minimum
number of
members
19·5 fee units
12 section 152(3) Application to
determine a
member's
eligibility to
vote
19·5 fee units
13 section 171 Application for
exemption from
provisions
relating to the
entitlements of
former members
of distributing
co-operatives
19·5 fee units
14 section 213(1)(d) Application to
keep the
co-operative's
register at a
location
approved by the
Registrar
5·5 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
15 section 221(1) Application to
omit the word
Limited or the
abbreviation
Ltd from the
name of a
co-operative
11·6 fee units
16 section 222(e) Application to
use an
abbreviation or
elaboration of
the name of a
co-operative
5·5 fee units
17 section 224 Application to
change the
name of a
co-operative
19·5 fee units
18 section 226(6) Application for
an exemption
from the
requirements of
section 226(3)
of the
Co-operatives
National Law
(Victoria)
5·5 fee units
19 section 233(2) Application for
a review by the
Registrar of a
member's right
to vote
19·5 fee units
20 section 243(2)(c)(ii) Filing fee for
registration of
each special
resolution
5·5 fee units
per resolution
up to a
maximum fee
of 11·6 fee
units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
21 section 244(3) Application for
a certificate of
registration of a
special
resolution
2·2 fee units
22 section 248(3) Application for
the approval of
a disclosure
statement for
the purpose of a
special postal
ballot
19·5 fee units
23 section 289 Lodgement of
annual report
by large
co-operative
19·5 fee units
24 section 293 Lodgement of
annual return
by small
co-operative
5·5 fee units
25 section 316 Application for
an exemption
relating to an
individual
co-operative
19·5 fee units
26 section 319 Application for
an exemption
relating to
non-auditors
and former
members of
audit firms or
companies
19·5 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
27 section 322 Application for
an exemption
from the
Co-operatives
National
Regulations
(Victoria)
19·5 fee units
28 section 337 Lodgement of
disclosure
documents for
issue of
debentures
required for the
purposes of the
Corporations
application
legislation
applied by
section 337
of the
Co-operatives
National Law
(Victoria)
171·2 fee units
29 section 337 Application for
exemption or
modification of
disclosure
provisions under
Chapter 6D of
the Corporations
Act 2001 as
applied by
section 337
of the
Co-operatives
National Law
(Victoria)
84 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
30 section 338(3) Application for
the approval of
a disclosure
statement
concerning the
issue of
debentures
19·5 fee units
31 section 343(3)(a) Application to
the Registrar for
approval of a
disclosure
statement
concerning a
compulsory loan
by members to a
co-operative
19·5 fee units
32 section 343(10) Application to
the Registrar for
an exemption
from section
343 of the
Co-operatives
National Law
(Victoria)
19·5 fee units
33 section 350 Application to
the Registrar
for approval of
the issue of
Co-operative
Capital Units
19·5 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
34 section 359(3) Application to
the Registrar for
an exemption
from provisions
concerning the
acquisition and
disposal of
assets of the
co-operative
19·5 fee units
35 section 363(2) Application for
an exemption
from provisions
concerning the
maximum
permissible
level of share
interest
19·5 fee units
36 section 372 Application for
an exemption
from the
operation of
Division 1 of
Part 3.5 of the
Co-operatives
National Law
(Victoria)
19·5 fee units
37 section 374(1)(b) Application for
an approval of
share offers
to which
Division 2 of
Part 3.5 of the
Co-operatives
National Law
(Victoria) apply
171·2 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
38 section 376(5) Application to
the Registrar to
extend the time
permitted for
the Board to
consider a share
offer of the kind
specified in
section 373(1)
of the
Co-operatives
National Law
(Victoria)
19·5 fee units
39 section 380 Application for
an exemption
from the
operation of
Division 2 of
Part 3.5 of the
Co-operatives
National Law
(Victoria)
84 fee units
40 section 396(2) Application to
the Registrar for
consent to the
procedure for a
proposed
merger or
transfer of
engagements
5·5 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
41 section 397(2) Application for
approval of a
disclosure
statement
concerning a
proposed
merger or
transfer of
engagements
19·5 fee units
42 section 397(4) Application for
an exemption
from the
requirement for
a disclosure
statement
concerning a
proposed
merger or
transfer of
engagements
19·5 fee units
43 section 398(1) Application for
the approval of
a merger or
transfer of
engagements
5·5 fee units
44 section 404(4) Application for
an exemption
from the
requirements
that must be met
before an
application can
be made for a
transfer of
incorporation
19·5 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
45 section 416(1)(a) Application to
the Registrar for
permission for a
shorter notice
period to the
Registrar of the
hearing of an
application for a
binding
compromise or
arrangement
2·2 fee units
46 section 418(1)(f) Application for
an exemption
from the
prohibition on
an officer or
promoter of a
co-operative or
related
corporation
being appointed
to administer a
compromise or
arrangement
19·5 fee units
47 section 424(1)(b) Application to
the Registrar for
a statement that
the Registrar
has no objection
to a compromise
or arrangement
19·5 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
48 section 425(4) Filing of an
office copy of
an order made
by the Supreme
Court under
section 425
of the
Co-operatives
National Law
(Victoria) with
the Registrar
2·2 fee units
49 section 428(1) Application for
the approval of
an explanatory
statement
84 fee units
50 section 445(3) Application for
an exemption
from
compliance with
the restrictions
placed on
voluntary
winding up
19·5 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
51 section 453 Application to
the Registrar to
exercise powers
under
Corporations
application
legislation
relating to
deregistered
co-operatives
as applied under
section 453
of the
Co-operatives
National Law
(Victoria)
19·5 fee units
52 section 476(2)(a) Application to
the Registrar for
consent to a
proposed
procedure for
approving a
merger or
transfer of
engagements
involving a
participating
co-operative
5·5 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
53 section 477(2) Application for
approval of a
disclosure
statement
concerning a
merger or
transfer of
engagements
involving a
participating
co-operative
19·5 fee units
54 section 477(4) Application for
an exemption
from the
requirement for
a disclosure
statement for a
merger or
transfer of
engagements
involving a
participating
co-operative
19·5 fee units
55 section 478(1) Application for
approval of a
merger or
transfer of
engagements
that involves a
participating
co-operative
19·5 fee units
56 section 531(1)(a) Application to
the Registrar to
call a special
meeting
19·5 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
57 section 531(1)(b) Application to
the Registrar to
hold, or appoint
an inspector to
hold, an inquiry
37·4 fee units
58 section 588 Application to
the Registrar for
certificate
evidence
5·5 fee units
59 section 601(1)(a) Inspection of
register of
co-operatives
2·2 fee units
60 section 601(1)(b) Inspection of
document kept
by Registrar
2·2 fee units
61 section 601(1)(c) Obtaining
extract from
register of
co-operatives
2·2 fee units
62 section 601(1)(d) Obtaining
certified copy of
document kept
by Registrar
2·2 fee units
for the first
page and $3
for every
subsequent
page up to a
maximum fee
of 11·6 fee
units
63 section 601(1)(e) Obtaining copy
of document
kept by
Registrar
1·6 fee units
for the first
page and $2
for every
subsequent
page up to a
maximum of
7·8 fee units
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Fee
64 section 609(1) Application to
the Registrar to
grant an
extension or
shortening of
time limits
5·5 fee units
65 section 611(2)(c)(iii) Application for
permission from
the Registrar
to allow a
co-operative to
effect service to
a member by
publishing a
notice in a
relevant
newspaper
5·5 fee units
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Sch. 1
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SCHEDULE 2
Regulation 12
PRESCRIBED INFRINGEMENT OFFENCES AND PENALTIES
Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Infringement
Penalty
1 section 116 Failure to make
available for
inspection by
board of
directors list of
shareholders or
list of members
$500
2 section 120(2) Failure to
ensure name of
person admitted
to membership
recorded in
register within
28 days
$500
3 section 212 Failure to keep
proper register
$500
4 section 214(6) Failure to
permit or assist
member to
inspect copy
document to
which member
entitled
$500
5 section 214(8) Failure to keep
prescribed
documents with
registers and
make them
available for
inspection
$500
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Infringement
Penalty
6 section 216 Failure to give
notice that
complies with
section 216(2)
to Registrar of
appointment or
cessation of
director, chief
executive
officer or
secretary
$500
7 Section 217 Failure to send
to Registrar, on
request, list of
members and
particulars
$500
8 section 219 Failure to
furnish special
return to
Registrar on
request
$500
9 section 220(4) Corporation
formed or
incorporated
under an Act of
this jurisdiction
other than this
Act registered
under that Act
by a name
which includes
the word
"Co-operative"
or "Cooperative"
or the
abbreviation
"Co-op" or
"Coop"
$500
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Infringement
Penalty
10 section 223 Failure to
include name
in legible
characters
on the
co-operative's
seal or in all
notices,
advertisements,
other official
publications or
business
documents
$500
11 Section 226(1) Failure to have
a registered
office
$500
12 section 226(3) Failure to
display notice
stating name of
co-operative
and
identification as
registered office
at registered
office
$500
13 section 226(4) Failure to give
Registrar
written notice of
change of
address of
registered office
within 28 days
$500
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Column 1
Item
Column 2
Provision of
Co-operatives National
Law (Victoria)
Column 3
Description
Column 4
Prescribed
Infringement
Penalty
14 section 243(1) Failure to file a
special
resolution with
the Registrar in
accordance with
section 243(2)
$500
15 section 265(2) Failure to retain
financial
records for
7 years
$625
16 section 289 Failure to send
an annual report
to Registrar
within the
required period
(large
co-operative)
$625
17 section 290 Failure to lodge
a half-year
report within the
required period
$625
18 section 293 Failure to send
an annual return
to Registrar
within the
required period
each year (small
co-operative)
$250
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Sch. 2
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SCHEDULE 3
Regulation 13
MODEL RULES FOR CO-OPERATIVES SUPPORTED BY
GOVERNMENT GUARANTEES
1 For the purposes of regulation 13, the following
modifications apply to the model rules set out in
Schedule 7 to the Co-operatives National
Regulations (Victoria).
2 After model rule 3 insert—
"3A Objects
The objects of the co-operative are expressly
restricted to—
(a) acquiring and providing and
maintaining lands and buildings and
providing furnishings, requisites and
equipment for education, recreation or
other community purposes and to
promoting and assisting clubs, co-
operatives or in particular the school
council for any such purpose; and
(b) promoting and carrying out any
charitable or benevolent purpose; and
(c) doing all such things calculated to
improve the conditions of community
life—
and there is an express prohibition on acting
beyond the preceding objects.
3B Powers incidental to objects
The co-operative shall have the following
powers—
(a) to raise money on loan for any objects
of the co-operative; and
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(b) subject to first obtaining the Treasurer's
approval, to acquire shares in any other
co-operative.".
3 In model rule 4(1), for the primary activities of the
co-operative insert—
"to underwrite or in some manner provide
security, partially or fully, for a loan for a
community benefit that is guaranteed by the State
of Victoria.".
4 In model rule 4(2), for the active member
requirements insert—
"hold a share in the co-operative and be a parent
of a child attending, an employee, or a supporter
of, the institution receiving the benefit of the loan
that is guaranteed by the State of Victoria.".
5 Model rule 12(3)(c) is omitted.
6 For model rule 14 substitute—
"14 Fines
The co-operative will refrain in all
circumstances from exercising the power
provided by section 126 of the Co-operatives
National Law (Victoria) to fine members.".
7 For model rule 16, substitute—
"16 Capital and shares (CNL ss76 to 82)
(1) The capital of the co-operative must be
raised by the issue of shares of nominal
value of $1 each.
(2) Every member shall hold at least five (5)
shares paid up to the value of 10 cents on
each share, but no member shall hold shares
exceeding the nominal value of $1500.00,
nor shall any member hold more than 20 per
cent of the shares in the co-operative.
Sch. 3
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(3) A share in the co-operative does not carry a
vote.
(4) The right to vote in the co-operative is
attached to membership and governed by
section 228 of the Law.
Note
Under section 82 of the Law, the co-operative is authorised
to require members of a distributing co-operative to take up
or subscribe for additional shares under a proposal approved
by special resolution.".
8 For model rule 17(1) substitute—
"(1) Except with the consent of the Registrar or
at the direction of the Registrar, the
co-operative must not make calls on any
amount unpaid on shares while any part of
the loan to which the guarantee relates is still
owing.".
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Sch. 3
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ENDNOTES
Fee Units
These Regulations provide for fees by reference to fee units within the
meaning of the Monetary Units Act 2004.
The amount of the fee is to be calculated, in accordance with section 7 of that
Act, by multiplying the number of fee units applicable by the value of a fee
unit.
The value of a fee unit for the financial year commencing 1 July 2013 is
$12.84. The amount of the calculated fee may be rounded to the nearest
10 cents.
The value of a fee unit for future financial years is to be fixed by the
Treasurer under section 5 of the Monetary Units Act 2004. The value of a
fee unit for a financial year must be published in the Government Gazette and
a Victorian newspaper before 1 June in the preceding financial year.
Endnotes
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