SCHEDULE 1 - Savings and Transitional Provisions

Section 23

PART 1 - Preliminary

1.    Local regulations for savings or transitional matters

(1) The local regulations may contain provisions of a savings or transitional nature consequent on the commencement of any provision of this Act or of any Act that amends this Act.

(2) Any such provision may, if the local regulations so provide, take effect from the date of Royal Assent to the Act concerned or a later date.

(3) To the extent to which any such provision takes effect from a date that is earlier than the date on which its making is notified in the Gazette , the provision does not operate so as –

(a) to affect, in a manner prejudicial to any person (other than the State or an authority of the State), the rights of that person existing before the date on which its making is notified in the Gazette ; or

(b) to impose liabilities on any person (other than the State or an authority of the State) in respect of anything done or omitted to be done before the date on which its making is notified in the Gazette .

PART 2 - Provisions Consequent on Enactment of this Act

1.    Definition

In this Part –

repealed Act means the Cooperatives Act 1999 .

2.    General savings

Subject to the local application provisions of this Act and the Co-operatives National Law (Tasmania) , each person, thing and circumstance appointed or created under the repealed Act or existing or continuing under that Act immediately before the commencement of relevant provisions of the Co-operatives National Law (Tasmania) continues to have the same status, operation and effect as it would have had if those provisions had not commenced.

3.    Registration of co-operatives

(1) A co-operative whose registration under the repealed Act is in force immediately before the commencement of this clause is taken to be registered under the Co-operatives National Law (Tasmania) .

(2) A co-operative referred to in subclause (1) that was a trading co-operative immediately before the commencement of this clause is taken to be a distributing co-operative.

(3) A co-operative referred to in subclause (1) that was a non-trading co-operative immediately before the commencement of this clause is taken to be a non-distributing co-operative.

4.    Rules of certain co-operatives formed to carry on club may restrict voting rights

(1) The rules of a co-operative that has as a primary activity the operation, maintenance or carrying on of a club may provide for different classes of membership and restrict the voting rights attaching to membership of those different classes, but only if –

(a) the Registrar approves of the provisions concerned; and

(b) the membership of the class or classes entitled to full voting rights constitutes at least 40% of the total membership of the co-operative.

(2) Any such provision in the rules of a co-operative must not be amended except with the prior approval of the Registrar.

5.    Entitlements of former members of trading co-operatives (Co-operatives National Law Sch 3, clause 1)

A reference in Division 5 of Part 2.6 of the Co-operatives National Law (Tasmania) to the period of 2 years is taken to be a reference to a period of 5 years in a case where the cancellation of membership occurred before the commencement of that Division.

6.    Entitlement to distribution from business or reserves of co-operative

Any entitlement that a member or former member of a co-operative had immediately before the commencement of this clause, in relation to a surplus arising from the business of the co-operative or a part of the reserves of the co-operative, continues in force until satisfied.

7.    Minimum paid up amount of shares (Co-operatives National Law s 78(4))

Section 78 of the Co-operatives National Law (Tasmania) does not affect shares issued before the commencement of that section.