This Regulation, consisting of 51 sections divided into 14 Parts and 9 schedules and one Attachment, implements the Cooperatives Act 1997. It specifies the rules of a cooperative with share capital must state: a) the minimum number of shares to which a member of the cooperative must subscribe; and b) the way in which the minimum number must be decided, including, for example, by reference to the use made of the cooperative by a member. For the Act, section 101(7), the maximum fine a cooperative may impose on a member under its rules is: a) for a trading cooperative—10 penalty units; or b) for a non-trading cooperative—1 penalty unit. The Regulation is divided as follows: Content of rules (Part 2); Active membership (Part 3); Shares and voting (Part 4); Management and administration of cooperatives (Part 5); Funds and property (Part 6); Restrictions on the acquisition of interests in cooperatives (Part 7); Merger, transfer of engagements, winding up (Part 8); Arrangements and reconstructions (Part 9); Foreign cooperatives (Part 10); Supervision and protection of cooperatives (Part 11); Administration of the Act (Part 12); Relevant interests (exclusions—holders of prescribed offices) (Part 13) and Miscellaneous (Part 14).
Австралия · 1997-08-28