Co-operative Companies Act 1996

If you need more information about this Act, please contact the administering agency: Ministry of Business, Innovation, and Employment

Version as at 28 October 2021

Coat of Arms of New Zealand

Co-operative Companies Act 1996

Public Act
 
1996 No 24
Date of assent
 
4 June 1996
Commencement
 
see section 1(2)
Note

The Parliamentary Counsel Office has made editorial and format changes to this version using the powers under subpart 2 of Part 3 of the Legislation Act 2019.

Note 4 at the end of this version provides a list of the amendments included in it.

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

Contents

Title
1Short Title and commencement
2Interpretation
3Meaning of co-operative activity
4Meaning of transacting shareholder
5Act to bind the Crown
6Registration of co-operative companies
7Simultaneous registration under Companies Act 1993 and this Act
8Simultaneous registration under this Act and reregistration under Companies Act 1993 of existing co-operative companies [Repealed]
9Simultaneous registration under this Act and reregistration under Companies Act 1993 of existing companies [Repealed]
10Annual resolution by directors of co-operative company
11Registrar may cancel registration
12Cancellation of registration at request of company
13Provisions relating to cancellation of registration
14Use of word co-operative in name of company
15Shares may have nominal value
16Consideration for issue of shares having nominal value
17Issue of nominal value shares from reserves
18Surrender of shares having nominal value
19Application of Companies Act 1993 to surrender of shares
20Surrender of shares at option of shareholder
21Surrender of shares at option of company
22Consideration for surrender of shares
23Cancellation of shares surrendered
24Co-operative company may hold its own shares
25Rights and obligations of surrendered shares company holds in itself suspended
26Reissue of surrendered shares company holds in itself
27Acquisition and redemption of shares under Companies Act 1993 not affected
28Forfeiture of shares of untraceable shareholders
29Modified application of Companies Act 1993
29AModification of application of Securities Act 1978 [Repealed]
30Rebates to shareholders
31Shares in lieu of rebates
32Exemption from sections 209 to 209B of Companies Act 1993
33Voting rights of shareholders
34Interpretation
35Registration of co-operative dairy companies
36Simultaneous registration under Companies Act 1993 and this Part
37Simultaneous registration of existing co-operative companies [Repealed]
38Registration of existing companies [Repealed]
39Suppliers to be shareholders
40Compulsory issue of shares
41Limit on number of additional shares
42Exception to section 41
43Supplying shareholder may surrender shares
44Transfer of shares to sharemilkers
45Alteration of terms of contract contained in constitution
46Application of Part 2 to co-operative dairy companies
47Appeals from Registrar’s decisions
48Regulations
49Repeals and revocations
50Savings
51Amendments to other Acts
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