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CO-OPERATIVES NATIONAL LAW (VICTORIA) LOCAL REGULATIONS 2014 (SR NO 3 OF 2014) - SCHEDULE 3

SCHEDULE 3

Regulation 13

Sch. 3

MODEL RULES FOR CO-OPERATIVES SUPPORTED BY GOVERNMENT GUARANTEES

    1     For the purposes of regulation 13, the following modifications apply to the model rules set out in Schedule 7 to the Co-operatives National Regulations (Victoria).

    2     After model rule 3 insert

        " 3A     Objects

The objects of the co-operative are expressly restricted to—

        (a)     acquiring and providing and maintaining lands and buildings and providing furnishings, requisites and equipment for education, recreation or other community purposes and to promoting and assisting clubs, co-operatives or in particular the school council for any such purpose; and

        (b)     promoting and carrying out any charitable or benevolent purpose; and

        (c)     doing all such things calculated to improve the conditions of community life—

and there is an express prohibition on acting beyond the preceding objects.

        3B     Powers incidental to objects

The co-operative shall have the following powers—

        (a)     to raise money on loan for any objects of the co-operative; and

        (b)     subject to first obtaining the Treasurer's approval, to acquire shares in any other co-operative.".

    3     In model rule 4(1), for the primary activities of the co-operative insert

"to underwrite or in some manner provide security, partially or fully, for a loan for a community benefit that is guaranteed by the State of Victoria.".

    4     In model rule 4(2), for the active member requirements insert

"hold a share in the co-operative and be a parent of a child attending, an employee, or a supporter of, the institution receiving the benefit of the loan that is guaranteed by the State of Victoria.".
Sch. 3

    5     Model rule 12(3)(c) is omitted .

    6     For model rule 14 substitute

    "     14     Fines

The co-operative will refrain in all circumstances from exercising the power provided by section 126 of the Co-operatives National Law (Victoria) to fine members.".

    7     For model rule 16, substitute

    "     16     Capital and shares (CNL ss76 to 82)

    (1)     The capital of the co-operative must be raised by the issue of shares of nominal value of $1 each.

    (2)     Every member shall hold at least five (5) shares paid up to the value of 10 cents on each share, but no member shall hold shares exceeding the nominal value of $1500.00, nor shall any member hold more than 20 per cent of the shares in the co-operative.

    (3)     A share in the co-operative does not carry a vote.

    (4)     The right to vote in the co-operative is attached to membership and governed by section 228 of the Law.

Note

Under section 82 of the Law, the co-operative is authorised to require members of a distributing co-operative to take up or subscribe for additional shares under a proposal approved by special resolution.".
Sch. 3

    8     For model rule 17(1) substitute

    "(1)     Except with the consent of the Registrar or at the direction of the Registrar, the co-operative must not make calls on any amount unpaid on shares while any part of the loan to which the guarantee relates is still owing.".

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