Co-operatives National Regulations (2013-601) (NSW)

Co-operatives National Regulations (2013 SI 601)

Chapter 1 Preliminary

1.1 Citation These Regulations may be cited as the Co-operatives National Regulations.

1.2 Definitions (1) In these Regulations: the Law means the Co-operatives National Law as applying in this jurisdiction. (2) Except so far as the contrary intention appears in these Regulations, words and expressions used in these Regulations have the same meanings as they have, from time to time, in the Law or relevant provisions of the Law.

1.3 Documents that are not debentures (section 4) For the purposes of the definition of debenture in section 4 of the Law, the following classes of documents are prescribed as exempt from the definition: (a) a class of documents each of which is a document that: (i) contains all or some of the conditions on which deposits are accepted by, or withdrawn from, a co-operative; and (ii) acknowledges the receipt of a deposit with a co-operative; and (iii) enables further deposits to be made adding to the balance of an existing deposit; and (iv) enables all or part of the balance of a deposit to be withdrawn, whether at call or on the giving of a fixed period of notice; and (v) acknowledges the amount of the withdrawal and the balance remaining; (b) a class of documents each of which is a document acknowledging a debt incurred by a co-operative: (i) in the ordinary course of carrying on so much of a business as is not, or is not part of, a business of borrowing money and providing finance; and (ii) in relation to money that is or may be deposited with or lent to the co-operative by a person in the ordinary course of a business carried on by the co-operative; (c) a class of documents each of which is a document issued by a company that is evidence of a debt owed by the company to a co-operative that is a holding company (within the meaning of the Corporations Act) of the company; (d) a class of documents each of which is a document issued by a co-operative that is evidence of a debt owed by the co-operative to a corporation that is a subsidiary of the co-operative.