Subregulation 2 (2)—

Omit “Any reference in these Regulations”, substitute “A reference in these Regulations (except in regulation 2ABA)”.

Paragraph 2AA (a)—

Omit the paragraph.

Regulation 2AB—

Omit the regulation, substitute the following regulation:

Application of regulations 21 to 26

“2AB. Regulations 21 to 26 (inclusive) apply only to—

        (a)     housing and services societies; and

        (b)     prescribed trading societies.”.

Subregulation 2ABA (1)—

Omit the subregulation, substitute the following subregulation:

“(1) Subject to this regulation, the following provisions of the Corporations Regulations apply in relation to the winding-up of a society:

        (a)     regulations 1.02 to 1.11 (inclusive), 1.13, 1.15 and 2.3.01;

        (b)     Part 5.6 (except regulation 5.6.35);

        (c)     Forms 205, 507, 507A, 509, 519 to 527 (inclusive) and 529 to 553 (inclusive) in Schedule 2.”.

Subregulation 2ABA (2)—

Omit “provisions of the Companies Regulations specified in subregulation (1) in relation to a”, substitute “Corporations Regulations to the”.

Paragraph 2ABA (2) (a)—

Omit the paragraph, substitute the following paragraph:

    “(a)     a reference to a company or to a corporation shall be read as a reference to the society;”.

Paragraphs 2ABA (2) (b) and (e)—

Omit “in any of those provisions”.

Paragraphs 2ABA (2) (c) and (d)—

Omit the paragraphs, substitute the following paragraphs:

    “(c)     a reference to the Act shall be read as a reference to the Corporations Law as applied by section 60 of the Co-operative Societies Act 1939 ;

        (d)     a reference to the Australian Securities Commission, or to the Commission, shall be read as a reference to the Registrar; and”.

Regulations 2AC to 2AF (inclusive)—

Repeal the regulations.

Regulations 26A and 26B—

Omit “of the Commonwealth”.

Regulation 26A (table, items 1 and 5)—

Omit “ Corporations Act 1989 of the Commonwealth”, substitute “Corporations Law”.

Regulation 26A (table, items 7 and 8)—

Omit the items.

Regulation 26A (table, item 10)—

Omit “Insert ‘of the Commonwealth' after ‘Corporations Law'”.

Regulation 28—

    (a)     Omit “every person who at the time of the commission of the offence was a director,”, substitute “each director of the society at the time of the commission of the offence”.

    (b)     After “he” (wherever occurring), insert “or she”.

    (c)     After “his”, insert “or her”.

Schedule 1 (heading)—

Omit “1”.

Schedule 1 (Form C, Item A (33))—

Omit “shares held by him”, substitute “his or her shares”.

Schedule 1 (Form C, Item B (4))—

Omit “members”, substitute “members'”.

Schedule 1 (Form N)—

Omit “Companies (Regn. of Securities) Act, 1918”, substitute “Corporations Law”.

Schedule 1 (Forms Q and R)—

Omit “ Companies Act”, substitute “Corporations Law”.

Schedule 2—

Repeal the Schedule.

Financial Institutions Duty Regulations

Subparagraphs 3 (1) (a) (i) and (ii)—

Omit “credit societies”, substitute “credit unions”.

Subregulation 3 (2) (definitions of “building societies” and “credit societies”)—

Omit the definitions, substitute the following definitions:

NOTE ABOUT HEADINGS

On the day on which the Act and the regulations referred to below are amended by this Act, headings to sections of that Act and those regulations are altered as set out in the following table:

Section/regulation

Alteration

Co-operative Societies Act 1939

38	Omit the heading, substitute the following heading: “ Voluntary transfer of engagements—trading societies ”.
60	Omit from the heading “ Commonwealth Companies Act ”, substitute “ Corporations Law ”.
Co-operative Societies Regulations
2ABA	Omit from the heading “ Companies ”, substitute “ Corporations ”.

[Presentation speech made in Assembly on 17 June 1992]

© Australian Capital Territory 2003