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CO-OPERATIVES (ADOPTION OF NATIONAL LAW) ACT 2012 - SECT 15
Stamp duty (Co-operatives National Law s 620)
15 Stamp duty (Co-operatives National Law s 620)
(1) No duty is payable in respect of any of the following instruments-- (a) in
the case of a co-operative that-- (i) has as its primary activity the
providing of any community service or benefit, and
(ii) was, before it was
incorporated under the Co-operatives National Law (NSW) , an unincorporated
club, association or body operating to provide sporting or recreational
facilities for its members and not carried on for the pecuniary benefit of its
members,
an instrument transferring to the co-operative any property that was,
immediately before the co-operative was so incorporated, held by or on behalf
of the unincorporated club, association or body,
(b) an instrument executed
or registered for or with respect to a transfer of any property to give effect
to section 413 or 481 of the Co-operatives National Law (NSW) in respect of--
(i) a merger of co-operatives, or
(ii) a transfer of engagements,
(c) a
share certificate or any other instrument issued or executed in connection
with the capital of a co-operative.
(2) If-- (a) a co-operative that
transfers its incorporation under Division 2 of Part 4.3 of the Co-operatives
National Law (NSW) was before its registration as a co-operative under that
Law a company under the Corporations Act or any corresponding previous law of
this jurisdiction, and
(b) stamp duty had been paid on its incorporation as
such a company in respect of the amount of the nominal capital of the company
(or if subsequently increased on the amount of its nominal capital as so
increased),
any stamp duty so paid is to be taken into account and included in
assessing the stamp duty payable on its incorporation or registration pursuant
to the transfer.
(3) An instrument issued or executed in connection with a
CCU of a co-operative is not exempt under subsection (2).
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