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Legislative Assembly for the ACT: 2002 Week 9 Hansard (21 August) . . Page.. 2642 ..

MR STANHOPE (continuing):

Part 11 is designed to ensure that adequate information on matters relating to shares and voting entitlements is available to all members or other concerned persons. The provisions in this bill do not prevent a cooperative from being taken over. They do, however, ensure that all relevant information relating to such takeovers, including various share or voting entitlements, are made public, thus enabling active members to make a fully informed decision in any particular case.

Part 12 of the bill provides for mergers, transfers of engagements, transfers of incorporation, winding up, and appointment of administrators.

Part 13 provides for arrangements and reconstructions.

Part 14 of the bill introduces new provisions in relation to foreign cooperatives. A foreign cooperative may be either a participating cooperative or from a non-participating jurisdiction. A participating cooperative is a cooperative registered under a cooperatives law. It is intended that a cooperatives law, for the purpose of this part, is a law that has been enacted that contains the core consistent provisions of the bill. The core consistent provisions are those that are subject to an intergovernmental arrangement.

Non-participating jurisdictions include overseas jurisdictions to enable registration of a cooperative from outside Australia for the first time. All foreign cooperatives registered under this part are to be subject to at least the prescribed core consistent provisions. Provision has also been included for a cooperative and a foreign cooperative to consolidate all or any of their assets, liabilities and undertakings by way of merger or transfer of engagements.

Part 15 deals with the supervision and inspection of cooperatives and the holding of inquiries into cooperatives. In general terms, the provisions dealing with inspection and supervision of cooperatives have been strengthened to ensure that the general interests of members and the public are better protected.

Part 16 deals with the administration of this bill and the specific functions of the registrar. These provisions form part of the core consistent provisions.

Part 17 provides for offences and proceedings and part 18 deals with general matters in connection with the administration of the bill. Parts 19 and 20 deal with general transitional matters.

Overall, this bill will assist the local cooperative sector and cooperative societies in general as a form of business and community activity.

I commend the Cooperatives Bill to the Assembly.

Debate (on motion by Mr Stefaniak ) adjourned to the next sitting.

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