Australian Capital Territory
Co-operative Societies Regulations 1945 (repealed)     No 2
made under the
Co-operative Societies Act 1939
Republication No 4
Effective:  5 June 2003
Republication date: 5 June 2003
As repealed by A2002-45

Unauthorised version prepared by the ACT Parliamentary Counsel’s Office

About this republication
The republished law
This is a republication of the Co-operative Societies Regulations 1945 (repealed), made under the Co-operative Societies Act 1939, including any amendment made under the Legislation Act 2001, part 11.3 (Editorial changes).  It also includes any commencement, amendment, repeal or expiry affecting the republished law to 5 June 2003.  
The legislation history and amendment history of the republished law are set out in endnotes 3 and 4. 
Kinds of republications
The Parliamentary Counsel’s Office prepares 2 kinds of republications of ACT laws (see the ACT legislation register at www.legislation.act.gov.au):
•	authorised republications to which the Legislation Act 2001 applies
•	unauthorised republications.
The status of this republication appears on the bottom of each page.
Editorial changes
The Legislation Act 2001, part 11.3 authorises the Parliamentary Counsel to make editorial amendments and other changes of a formal nature when preparing a law for republication.  Editorial changes do not change the effect of the law, but have effect as if they had been made by an Act commencing on the republication date (see Legislation Act 2001, s 115 and s 117).  The changes are made if the Parliamentary Counsel considers they are desirable to bring the law into line, or more closely into line, with current legislative drafting practice.  
When preparing the authorised version of this republication amendments were not made under part 11.3 (see endnote 1).
Uncommenced provisions and amendments
If a provision of the republished law has not commenced or is affected by an uncommenced amendment, the symbol  U  appears immediately before the provision heading.  The text of the uncommenced provision or amendment appears only in the last endnote.
Modifications
If a provision of the republished law is affected by a current modification, the symbol  M  appears immediately before the provision heading.  The text of the modifying provision appears in the endnotes.  For the legal status of modifications, see Legislation Act 2001, section 95.
Penalties
The value of a penalty unit for an offence against this republished law at the republication date is—
	(a)	if the person charged is an individual—$100; or
	(b)	if the person charged is a corporation—$500.

Australian Capital Territory
Co-operative Societies Regulations 1945 (repealed)
made under the
Co-operative Societies Act 1939
Contents
	Page
	1	Name of regulations	2
	2	Meaning of prescribed trading society	2
	2AA	Prescribed trading societies	2
	2AB	Application of reg 21 to reg 26	2
	2ABA	Application of Corporations Regulations	2
	3	Application for registration of a society	3
	4	List of directors	3
	5	List of members	4
	6	Certificate of incorporation	4
	7	Certificate of registration	4
	8	Changes of membership	4
	9	Registration of office of society	4
	10	Minutes of meetings	5
	11	Application to search registers	5
	13	Register of directors	5
	14	Register of members	5
	15	Register of shares	6
	16	Register of loans raised etc	6
	16A	Register of money raised etc	6
	17	Register of bonds issued	6
	18	Register of deposits	6
	19	Register of loans made etc	6
	20	Register of loans guaranteed	6
	21	Issue of bonds	6
	22	Transfer of bonds by delivery	7
	23	Payment of principal amount of bond	7
	24	Payment of interest on bond	7
	25	Entry in register of bonds issued	8
	26	Lost or destroyed bonds	8
	26A	Accounts—prescribed requirements	9
	26B	Account—application of approved accounting standards	11
	27	Offences by society	11
	28	Offences by directors	11
Endnotes
	1	About the endnotes	12
	2	Abbreviation key	12
	3	Legislation history	13
	4	Amendment history	15
	5	Earlier republications	17

Australian Capital Territory
Co-operative Societies Regulations 1945 (repealed)     

made under the
Co-operative Societies Act 1939

    

  

1	Name of regulations
These regulations are the Co-operative Societies Regulations 1945.
2	Meaning of prescribed trading society
In these regulations:
Note	A definition applies except so far as the contrary intention appears (see Legislation Act 2001, s 155).
prescribed trading society means a trading society prescribed under regulation 2AA.
2AA	Prescribed trading societies
For the Act, sections 14, 37 and 58, each of the following is a prescribed trading society:
	(b)	A.C.T Credit Union Services Co-operative Limited;
	(c)	Co-operative Computer Services Limited.
2AB	Application of reg 21 to reg 26
Regulations 21 to 26 apply only to—
	(a)	housing and services societies; and
	(b)	prescribed trading societies.
2ABA	Application of Corporations Regulations
	(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, 1.13, 1.15 and 2.3.01;
	(b)	part 5.6 (except regulation 5.6.35);
	(c)	schedule 2, forms 205, 507, 507A, 509, 519 and 527 and 529 to 553.
	(2)	In the application of the Corporations Regulations to the winding-up of a society:
	(a)	a reference to a company or to a corporation is a reference to the society; and
	(b)	a reference to a contributory is a reference to a contributory within the meaning of the Act; and
	(c)	a reference to the Act is a reference to the Corporations Act as applied by the Co-operative Societies Act 1939, section 60; and
	(d)	a reference to the Australian Securities and Investments Commission or the Commission, is a reference to the registrar; and
	(e)	a reference to the articles or regulations of the company is a reference to the rules of the society.
3	Application for registration of a society
	(1)	An application to register a society shall be in accordance with form A.
	(2)	The statutory declaration from the chairperson and secretary of the meeting held under the Act, section 16 (2) to accompany the application for registration of the society shall be in accordance with form B.
	(3)	A statement in accordance with form C shall accompany the application for registration.
4	List of directors
The first and annual list of directors of a society shall be in accordance with form D.
5	List of members
The list of members—
	(a)	to accompany an application to register a society; and
	(b)	to be transmitted annually to the register by a society,
shall be in accordance with form E.
6	Certificate of incorporation
The certificate of incorporation of a society shall be in accordance with form F.
7	Certificate of registration
The certificate of registration of a society shall be in accordance with form G.
8	Changes of membership
Information of any change in the membership of a society shall be in accordance with form E.
9	Registration of office of society
	(1)	An application to register the office of a society shall be in accordance with form H.
	(2)	Notice of any change of address of the registered office of a society shall be signed by the chairperson of the directors and by the secretary of the society, shall bear the seal of the society and shall be in accordance with form J.
10	Minutes of meetings
	(1)	Separate minute books shall be kept of the meetings of a society and of the board of the society.
	(2)	At every ordinary and at every special meeting of a society or of the board, the secretary or other officer shall take minutes of the proceedings and shall record them in the appropriate minute book.
	(3)	The minutes of every meeting of the society or the board, whether ordinary or special, shall be taken into consideration as the first ordinary business at its next meeting (whether ordinary or special) that they may be confirmed and they shall be signed, after confirmation, by the chairperson of the meeting.
	(4)	A motion or discussion shall not be in order in relation to the minutes of a meeting except in regard to the accuracy of the minutes as a record of the proceedings at the meeting.
11	Application to search registers
	(1)	Application for search inspection or supply of any certificate or certified document or return shall be in writing signed by the applicant.
	(2)	If it is necessary to obtain the permission of the registrar to inspect a document, there shall be included in the application for inspection or supply of that document or a part of it a statement of the reason why inspection or supply of the document or part is desired.
13	Register of directors
The register of directors shall be in accordance with form K.
14	Register of members
The register of members shall be in accordance with form L.
15	Register of shares
The register of shares shall be in accordance with form M.
16	Register of loans raised etc
The register referred to in the Act, section 42 (2) (b) shall be in accordance with form N.
16A	Register of money raised etc
The register referred to in the Act, section 42 (2) (ba) shall be in accordance with form NA.
17	Register of bonds issued
The register of bonds issued shall be in accordance with form O.
18	Register of deposits
The register of deposits received shall be in accordance with form P.
19	Register of loans made etc
The register of loans made and securities taken shall be in accordance with form Q.
20	Register of loans guaranteed
The register of loans guaranteed shall be in accordance with form R.
21	Issue of bonds
Every bond issued by a society shall—
	(a)	be in accordance with form S and under the seal of the society; and
	(b)	be signed by the chairperson of directors and 1 other director and countersigned by the secretary of the society; and
	(c)	bear the date it is sealed; and
	(d)	be numbered in regular ascending arithmetical progression, of which the common difference shall be 1; and
	(e)	state the principal sum secured by the bond, which shall be $10 or a multiple of $10; and
	(f)	state the rate per annum at which interest on the bond is payable; and
	(g)	state the dates when, and the place where, the principal and interest are payable; and
	(h)	have attched for every payment of interest to grow due on the bond coupon bearing the same number as the bond.
22	Transfer of bonds by delivery
Every bond issued under the Act and every coupon originally attached to the bond, and whether separated from it or not, may be transferred by simple delivery.
Note 	A reference to an Act includes a reference to the statutory instruments made or in force under the Act, including regulations (see Legislation Act 2001, s 104).
23	Payment of principal amount of bond
The holder of any bond issued under the Act shall be entitled to receive payment from the society of the principal sum stated in the bond on presentation of the bond on or after the date when, and at the place where, the bond is payable.
24	Payment of interest on bond
The holder of any coupon originally attached to a bond, and whether separated from it or not, shall be entitled to receive payment from the society of the interest specified in the coupon on presentation of the coupon on or after the date when, and at the place where, the interest is payable.
25	Entry in register of bonds issued
Every bond shall be entered in the register of bonds to be kept as prescribed in regulation 16, and the entry in the register shall be made within a reasonable time after the date of the bond.
26	Lost or destroyed bonds
	(1)	If any bond issued under the Act is lost or accidentally destroyed before it has been paid off, the society may issue a new bond instead of the lost or destroyed bond.
	(2)	The new bond with interest coupons annexed shall bear the same date, number, principal sum and rate of interest as the lost or destroyed bond.
	(3)	The new bond shall not be issued unless and until—
	(a)	the register has been satisfied by statutory declaration of the person entitled to the lost or destroyed bond that the bond has been lost or accidentally destroyed before it has been paid off; and
	(b)	any advertisements that the registrar directs have been published; and
	(c)	6 months has elapsed since the publication of the latest of the advertisements; and
	(d)	security approved by the registrar has been given to the society indemnifying the society against any double payment because of the missing bond afterwards presented for payment.
26A	Accounts—prescribed requirements
	(1)	For the Act, section 42A (2) the prescribed requirements in relation to a society’s account are those in the Corporations Regulations, schedule 5 as in force on 30 May 1991, and as modified in its application to the society in accordance with the following table:
Table	
column 1
item	column 2
provision modified	column 3
modification	
1	clause 1 (1)	after ‘In this schedule’, insert ‘and in any provision of the Corporations Law relevant to the interpretation of this schedule,’.	
2	clause 1 (1)
definition of comparative financial period	omit the definition, substitute the following definitions:
comparative financial period, in relation to the accounts or group accounts of a society in respect of a financial period, means the immediately preceding financial period.
corporation includes a society.	
3	clause 1 (1)
definition of financial period	omit the definition, substitute the following definitions:
financial period, in relation to the accounts or group accounts of a society, means a financial year of the society.
financial year, in relation to a corporation, means the period in relation to which the accounts of the corporation are kept.	
4	clause 1 (1)	after the definition of right or interest, insert the following definitions:
subsidiary, in relation to a society, has the same meaning as in the Co-operative Societies Act 1939.	
5	clause 1	after clause 1 (1), insert the following subclause:
(1A) In this schedule and in any provision of the Corporations Law relevant to the interpretation of this schedule—
(a)	a reference to a company is a reference to a society; and
(b)	a reference to a holding company of a corporation is a reference to a holding society being a society of which that corporation is a subsidiary; and
(c)	a reference to a borrowing corporation, a guarantor corporation or a listed corporation is a reference to any society; and
(d)	a reference to the group accounts of a society has the same meaning as in the Co-operative Societies Act 1939, section 4.	
6	clause 24 (1) (c)	after ‘Financial Corporations Act 1974’ insert ‘(Cwlth)’.	
9	clause 27 (4)	omit the subclause, substitute the following subclause:
(4)	In this clause:
auditor means an auditor approved under section 56 (2) of the Co-operative Societies Act 1939 to audit a society’s accounts.	
10	clause 28 (2)	omit ‘required by’ and substitute ‘within the meaning of’.	
26B	Account—application of approved accounting standards
For the Act, section 42A (4) the approved accounting standards are applied to a society as if the standards were incorporated in the Corporations Regulations, schedule 5 as in force from time to time and as modified in its application to the society, and those standards shall be read as one with the schedule in that application.
27	Offences by society
Any society that fails to keep, in relation to its operations, any of the registers, books or other documents prescribed by these regulations commits an offence.
Maximum penalty:  $100 and $10 per day for every day the offence continues.
28	Offences by directors
If a society commits an offence against these regulations, each director of the society at the time of the commission of the offence shall be deemed guilty of the offence unless he or she proves that the offence was committed without his or her knowledge and that he or she used all due diligence to prevent the commission of the offence by the society.

Endnotes
1	About the endnotes
Amending and modifying laws are annotated in the legislation history and the amendment history.  Current modifications are not included in the republished law but are set out in the endnotes.
Not all editorial amendments made under the Legislation Act 2001, part 11.3 are annotated in the amendment history.  Full details of any amendments can be obtained from the Parliamentary Counsel’s Office.
Uncommenced amending laws and expiries are listed in the legislation history and the amendment history.  These details are underlined.  Uncommenced provisions and amendments are not included in the republished law but are set out in the last endnote.
If all the provisions of the law have been renumbered, a table of renumbered provisions gives details of previous and current numbering.  
The endnotes also include a table of earlier republications.
If the republished law includes penalties, current information about penalty unit values appears on the republication inside front cover.
2	Abbreviation key

am = amended	ord = ordinance	
amdt = amendment	orig = original	
ch = chapter	p = page	
cl = clause	par = paragraph	
def = definition	pres = present	
dict = dictionary	prev = previous	
disallowed = disallowed by the Legislative 	(prev...) = previously	
Assembly	prov = provision	
div = division	pt = part	
exp = expires/expired	r = rule/subrule	
Gaz = Gazette	reg = regulation/subregulation	
hdg = heading	renum = renumbered	
IA = Interpretation Act 1967	reloc = relocated	
ins = inserted/added	R[X] = Republication No	
LA = Legislation Act 2001	s = section/subsection	
LR = legislation register	sch = schedule	
LRA = Legislation (Republication) Act 1996	sdiv = subdivision	
mod = modified / modification	sub = substituted	
No = number	SL  = Subordinate Law	
num = numbered	underlining = whole or part not commenced	
o = order	or to be expired	
om = omitted/repealed		
3	Legislation history
These regulations were originally called the Co-operative Trading Societies Regulations and were originally made under a Commonwealth ordinance—the Co-operative Trading Societies Ordinance 1939 No 9 (Cwlth).
The Australian Capital Territory (Self-Government) Act 1988 (Cwlth), s 34 (4) converted most former Commonwealth ordinances in force in the ACT, and the regulations made under them, into ACT enactments. This allowed the ACT Legislative Assembly to amend and repeal the laws. The Co-operative Societies Ordinance 1939 and the Co-operative Societies Regulations were converted into ACT enactments on 11 May 1989 (self-government day).
As with most ordinances in force in the ACT, the name of the ordinance was changed from Ordinance to Act by the Self-Government (Citation of Laws) Act 1989 No 21, s 5 on 11 May 1989 (self-government day).
These regulations were renamed as the Co-operative Societies Regulations 1945 by the Law Reform (Miscellaneous Provisions) Act 1999, sch 4.
Before 12 September 2001, regulations commenced on their notification day unless otherwise stated (see Interpretation Ordinance 1937 s 16, Interpretation Act 1967 s 50, Subordinate Laws Act 1989 s 6).
	Legislation before becoming Territory enactment
Co-operative Societies Regulations 1945 No 2
notified 2 August 1945
commenced 2 August 1945
as amended by
Amendments of the Co-operative Trading Society Regulations 1956 No 13
notified 20 December 1956
commenced 20 December 1956
Amendments of the Co-operative Societies Regulations 1979 No 24
notified 14 November 1979
commenced 14 November 1979
Amendments of the Co-operative Societies Regulations 1979 No 27
notified 18 December 1979
commenced 18 December 1979
Regulations to repeal certain regulations and to revise certain regulations in force under the ordinances of the ACT 1980 No 3 sch
notified 25 March 1980
commenced 25 March 1980
Co-operative Societies Regulations (Amendment) 1982 No 52
notified 31 December 1982
commenced 31 December 1982
Co-operative Societies Regulations (Amendment) 1982 No 53
notified 31 December 1982
commenced 31 December 1982
Co-operative Societies Regulations (Amendment) 1985 No 8
notified 28 March 1985
commenced 28 March 1985
Co-operative Societies Regulations (Amendment) 1985 No 18
notified 20 August 1985
commenced 21 August 1985 (s 1)
Co-operative Societies Regulations (Amendment) 1986 No 1
notified 28 May 1986
commenced 28 May 1986
Co-operative Societies Regulations (Amendment) 1986 No 2
notified 28 May 1986
commenced 28 May 1986
Co-operative Societies Regulations (Amendment) 1986 No 25
notified 1 December 1985
commenced 1 December 1985
Co-operative Societies Regulations (Amendment) 1987 No 12
notified 7 October 1987
commenced 7 October 1987
	Legislation after becoming Territory enactment
Co-operative Societies Regulations (Amendment) 1990 No 11
notified 30 July 1990 (Gaz 1990 S55)
commenced 30 July 1990
Co-operative Societies Regulations (Amendment) 1991 No 19
notified 10 September 1991 (Gaz 1991 S90)
commenced 10 September 1991
Financial Institutions (Consequential Amendments) Act 1992 No 30 sch 2
notified 1 July 1992 (Gaz 1992 No S92)
s 1, s 2 commenced 1 July 1992 (s 2 (1))
sch 2 commenced 1 July 1992 (s 2 (2) and see Gaz 1992 No S92)
Law Reform (Miscellaneous Provisions) Act 1999 No 66 sch 4
notified 10 November 1999 (Gaz 1999 No 45)
commenced 10 November 1999 (s 2)
Legislation (Consequential Amendments) Act 2001 No 44 pt 83
notified 26 July 2001 (Gaz 2001 No 30)
s 1, s 2 commenced 26 July 2001 (IA s 10B)
pt 83 commenced 12 September 2001 (s 2 and see Gaz 2001 No S65)
as repealed by
Cooperatives Act 2002 A2002-45 s 475 (2)
notified LR 5 December 2002
s 1, s 2 commenced 5 December 2002 (LA s 75 (1))
s 475 (2) commenced 5 June 2003 (s 2 and LA s 79)
4	Amendment history
Name of regulations
reg 1	am 1956 No 13
	sub Act 1999 No 66 sch 4
Meaning of prescribed trading society
reg 2	am 1956 No 13; 1979 No 24; 1987 No 12; Act 1992 No 30 sch 2
	sub 2001 No 44 amdt 1.921
Prescribed trading societies
reg 2AA	ins 1982 No 52
	am 1985 No 8; Act 1992 No 30 sch 2
Application of reg 21 to reg 26
reg 2AB	ins 1982 No 52
	sub Act 1992 No 30 sch 2
Application of Corporations Regulations
reg 2ABA	ins 1987 No 12
	am Act 1992 No 30 sch 2; Act 1999 No 66 sch 4
Loan limit—building societies
reg 2AC	ins 1986 No 1
	om Act 1992 No 30 sch 2
Additional requirements
reg 2AD	ins 1986 No 1
	om Act 1992 No 30 sch 2
Weighted percentage
reg 2AE	ins 1986 No 1
	om Act 1992 No 30 sch 2
Loan limits—registered credit societies
reg 2AF	ins 1986 No 2
	am 1990 No 11
	om Act 1992 No 30 sch 2
Prescribed amount for purposes of the ordinance, section 14G (1) (d)
reg 2A	ins 1979 No 24
	om 1982 No 53
Fees
reg 12	am 1956 No 13; 1979 No 24
	om 1985 No 18
Register of loans raised etc
reg 16	sub 1979 No 27
Register of money raised etc
reg 16A	ins 1979 No 27
Issue of bonds
reg 21	am 1979 No 27
Transfer of bonds by delivery
reg 22	am 2001 No 44 amdt 1.922, amdt 1.923
Payment of principal amount of bond
reg 23	am 2001 No 44 amdt 1.924
Lost or destroyed bonds
reg 26	am 2001 No 44 amdt 1.924
Accounts—prescribed requirements
reg 26A	ins 1991 No 19
	am Act 1992 No 30 sch 2
Accounts—application of approved accounting standards
reg 26B	ins 1991 No 19
	am Act 1992 No 30 sch 2
Offences by society
reg 27	am 1979 No 24
Offences by directors
reg 28	am Act 1992 No 30 sch 2
Schedule
sch hdg	(orig sch hdg) ins 1979 No 24
	(prev sch 1 hdg) sub 1986 No 1
	renum as sch hdg Act 1992 No 30 sch 2
	om 2001 No 44 amdt 1.925
sch	(orig sch) am 1956 No 13; 1979 No 24; 1979 No 27; 1980 No 3; 1985 No 8
	(prev sch 1) am Act 1992 No 30 sch 2
	renum as sch Act 1992 No 30 sch 2
	om 2001 No 44 amdt 1.925
Schedule 2
sch 2	ins 1986 No 1
	am 1986 No 25
	om Act 1992 No 30 sch 2
5	Earlier republications
Some earlier republications were not numbered. The number in column 1 refers to the publication order.  
Since 12 September 2001 every authorised republication has been published in electronic pdf format on the ACT legislation register.  A selection of authorised republications have also been published in printed format. These republications are marked with an asterisk (*) in column 1.  Except for the footer, electronic and printed versions of an authorised republication are identical. 

Republication No	Amendments to	Republication date	
1	SL 1991 No 19	30 September 1991	
2	Act 1992 No 30	31 October 1992	
3	Act 2001 No 44	31 July 2002	

©  Australian Capital Territory 2003