Australian Capital Territory Repealed Acts

This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 352

    (1)     In this section:

"cooperative" includes a foreign cooperative registered, formed or incorporated under a law of a State or another Territory.

    (2)     This section applies if an application is made to the Supreme Court under this part for the approval of a compromise or arrangement and it is shown to the court that—

        (a)     the compromise or arrangement has been proposed in relation to a scheme for the reconstruction of a cooperative or the merger of a cooperative with another cooperative or with another corporation; and

        (b)     under the scheme all or any part of the undertaking or of the property of a cooperative concerned in the scheme (the transferor ) is to be transferred to another corporation (the transferee ) except a company.

    (3)     If this section applies, the Supreme Court may, either by the order approving the compromise or arrangement or by a later order, provide for any 1 or more of the following:

        (a)     the transfer to the transferee of all or part of the undertaking and of the property or liabilities of the transferor;

        (b)     the allotting or appropriation by the transferee of shares, debentures, policies or other interests in the transferee that, under the compromise or arrangement, are to be allotted or appropriated by the transferee to or for anyone else;

        (c)     the bringing by or against the transferee of any legal proceeding pending by or against the transferor;

        (d)     the deregistration, without winding-up, of the transferor;

        (e)     the provision to be made for anyone dissenting from the compromise or arrangement in the way and within the time directed by the court;

        (f)     the transfer or allotment of any interest in property to anyone concerned in the compromise or arrangement;

        (g)     any incidental, consequential or supplemental matters necessary to ensure that the reconstruction or merger is fully and effectively carried out.

    (4)     If an order under this section provides for the transfer of property, the property is transferred to and vests in the transferee because of the order and, if the order so directs, the property is transferred and vests free from any charge that is to cease to have effect because of the compromise or arrangement.

    (5)     If an order under this section provides for the transfer of liabilities, the liabilities are transferred to and become liabilities of the transferee because of the order.

    (6)     If an order is made under this section, each body to which the order relates must file an office copy of the order with the registrar within 14 days after the day the order is made.

    (7)     In this section:

"liabilities" includes duties of any description (including duties that are of a personal character or cannot, under the general law, be assigned or performed vicariously).

"property" includes rights and powers of any description (including rights and powers that are of a personal character or cannot, under the general law, be assigned or performed vicariously).