The New South Wales Parliament has passed the Co-operatives (Adoption of National Law) Act 2012 which includes the Co-operatives National Law which is a template for uniform national laws for co-operatives.
Once passed in all states, larger co-operatives wishing to carry on business across a state or territory border will be able to do so without registering in each jurisdiction. Smaller co-operatives will benefit from the introduction of simplified financial reporting to members and removing the obligation to lodge publicly available accounts.
The Co-operatives National Law will implement modern principles of corporate governance and accountability similar to requirements for other corporate entities.
Now that the law is passed in NSW, other States and Territories must pass the same or consistent law in their own jurisdictions within 12 months.
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Posted 19th July 2012 by David Jacobson in Legal, Mutuals