Queensland Consolidated Acts

CO-OPERATIVES NATIONAL LAW ACT 2020 - SECT 48

48 Existing rules

(1) The
"existing rules" of a co-operative are the rules that were—

(a) registered under the repealed Act; and

(b) in force for the co-operative immediately before the commencement.

(2) The co-operative’s existing rules—

(a) continue in effect; and

(b) are taken to be the co-operative’s rules under the Law; and

(c) are taken to have been registered under the Law.

(3) If a provision of the co-operative’s existing rules are inconsistent with the Law, the Law prevails to the extent of the inconsistency.

(4) For applying the existing rules—

(a) a reference in the existing rules to a requirement under the repealed Act is taken to be a reference to a requirement under the Law that is equivalent to, or substantially the same as, the requirement under the repealed Act; and

(b) a reference in the existing rules to the co-operative being a trading cooperative is taken to be a reference to the co-operative being a distributing co-operative; and

(c) a reference in the existing rules to the co-operative being a non-trading cooperative is taken to be a reference to the co-operative being a non-distributing co-operative.