Co-operative Companies Act 1996

Reprint as at 1 December 2014

Co-operative Companies Act 1996

Public Act1996 No 24
Date of assent4 June 1996
Commencementsee section 1(2)

Note

Changes authorised by subpart 2 of Part 2 of the Legislation Act 2012 have been made in this official reprint.

Note 4 at the end of this reprint provides a list of the amendments incorporated.

This Act is administered by the Ministry of Business, Innovation, and Employment.


Contents

Title

1 Short Title and commencement

Part 1
Interpretation

2 Interpretation

3 Meaning of co-operative activity

4 Meaning of transacting shareholder

5 Act to bind the Crown

Part 2
Co-operative companies

Registration of co-operative companies

6 Registration of co-operative companies

7 Simultaneous registration under Companies Act 1993 and this Act

8 Simultaneous registration under this Act and reregistration under Companies Act 1993 of existing co-operative companies [Repealed]

9 Simultaneous registration under this Act and reregistration under Companies Act 1993 of existing companies [Repealed]

10 Annual resolution by directors of co-operative company

11 Registrar may cancel registration

12 Cancellation of registration at request of company

13 Provisions relating to cancellation of registration

14 Use of word co-operative in name of company

Nominal value shares

15 Shares may have nominal value

16 Consideration for issue of shares having nominal value

17 Issue of nominal value shares from reserves

18 Surrender of shares having nominal value

19 Application of Companies Act 1993 to surrender of shares

20 Surrender of shares at option of shareholder

21 Surrender of shares at option of company

22 Consideration for surrender of shares

23 Cancellation of shares surrendered

24 Co-operative company may hold its own shares

25 Rights and obligations of surrendered shares company holds in itself suspended

26 Reissue of surrendered shares company holds in itself

27 Acquisition and redemption of shares under Companies Act 1993 not affected

Forfeiture of shares

28 Forfeiture of shares of untraceable shareholders

Application of Companies Act 1993

29 Modified application of Companies Act 1993

29A Modification of application of Securities Act 1978 [Repealed]

30 Rebates to shareholders

31 Shares in lieu of rebates

32 Exemption from sections 209 to 209B of Companies Act 1993

33 Voting rights of shareholders

Part 3
Special provisions applying to co-operative dairy companies

34 Interpretation

35 Registration of co-operative dairy companies

36 Simultaneous registration under Companies Act 1993 and this Part

37 Simultaneous registration of existing co-operative companies [Repealed]

38 Registration of existing companies [Repealed]

39 Suppliers to be shareholders

40 Compulsory issue of shares

41 Limit on number of additional shares

42 Exception to section 41

43 Supplying shareholder may surrender shares

44 Transfer of shares to sharemilkers

45 Alteration of terms of contract contained in constitution

46 Application of Part 2 to co-operative dairy companies

Part 4
Miscellaneous provisions

Appeals

47 Appeals from Registrar's decisions

Regulations

48 Regulations

Repeals

49 Repeals and revocations

50 Savings

Amendments to other Acts

51 Amendments to other Acts

Schedule 1
Enactments repealed

Schedule 2
Orders revoked

Schedule 3
Enactments amended

Dairy Industry Restructuring Act 2001

Reprint notes


An Act to reform the law relating to co-operative companies and, in particular—

  • (a) to reaffirm the value of the co-operative company as a means of facilitating its shareholders carrying on business on a mutual basis; and

  • (b) to provide for the registration of co-operative companies and regulate the relationship between co-operative companies and their shareholders; and

  • (c) to provide for the registration of existing co-operative companies and existing companies as co-operative companies under this Act at the same time as they reregister as companies under the Companies Act 1993; and

  • (d) to modify the application of the Companies Act 1993 to co-operative companies registered under this Act—

and to repeal the Co-operative Companies Act 1956 and certain other Acts