New South Wales Consolidated Regulations
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CO-OPERATIVES NATIONAL REGULATIONS - REG 1.4
Small co-operative (section 4)
(1) For the purposes of the definition of
"small co-operative" in section 4 of the Law, a co-operative is a
small co-operative for a financial year if: (a) it satisfies at least 2 of the
following subparagraphs: (i) the consolidated revenue of the co-operative and
the entities it controls (if any) is less than $8 million for the financial
year;
(ii) the value of the consolidated gross assets and the entities it
controls (if any) is less than $4 million at the end of the financial year;
(iii) the co-operative and the entities it controls (if any) had fewer than 30
employees at the end of the financial year;
and subregulation (2) does not
apply to the co-operative for the financial year; or
(b) it is a co-operative
declared under subregulation (5) to be a small co-operative for the financial
year (regardless of whether or not subregulation (2) would apply to the
co-operative).
(2) This subregulation applies to a co-operative for a
financial year for the purposes of this regulation, if: (a) it issues shares
to more than 20 prospective members during that year and the amount raised in
that year by the issue of those shares exceeds $2 million; or
(b) it has
securities on issue to non-members during that year, other than: (i) shares in
the co-operative; and
(ii) securities issued in respect of the co-operative's
obligations under section 163 of the Law.
Note : The effect of subregulation
(2) is to exclude the co-operative from being a small co-operative (in which
case it would be a large co-operative), unless the Registrar declares it to be
a small co-operative under this regulation.
(3) In counting employees for the
purposes of this regulation, part-time employees are to be taken into account
as an appropriate fraction of a full-time equivalent.
(4) Consolidated
revenue and the value of consolidated gross assets are to be calculated for
the purposes of this regulation in accordance with accounting standards in
force at the relevant time (even if the standard does not otherwise apply to
the financial year of some or all of the entities concerned).
(5) On
application by a co-operative, the Registrar may, for the purposes of a
financial year, declare the co-operative to be a small co-operative, but the
Registrar may make the declaration only if satisfied that unusual and
non-recurring circumstances have occurred that warrant doing so.
(6) An
application by a co-operative to the Registrar for a declaration under
subregulation (5) must be made within 5 months after the end of the financial
year.
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