The Co-operatives Bill 2007, the result of extensive industry consultation, was tabled in Parliament at the end of 2007 and is awaiting debate in the Legislative Assembly.

“The move to replace the Companies (Co-operative) Act of 1943 with an Act that will bring WA into line with the rest of Australia is welcomed. The new Act will make the administration of co-operatives consistent around Australia in key areas of membership, accountability, contracting, board functions and the role of directors”, said Chris Enright, Chairman of Co-operatives WA.

The Bill, which includes provision for the issue of new capital raising instruments by co-operatives, moves state co-operatives law closer to Corporations Law. However in the case of established co-operatives a number of current provisions will be retained under specific grandfathering provisions. The new legislation will also provide for a transitional period of up to 24 months for existing co-operatives to change over to the new Act.

Chris Enright, Co-operatives WA

“Co-operative companies make a very significant contribution to the WA economy with a collective annual turnover in the billions of dollars. Co-operative companies also provide employment opportunities throughout the State and the new legislation will help the co-operative sector grow even further,” according to Mr Enright.

“Co-operatives WA will conduct a series of workshops and provide training for Member co-operatives over the coming months to ensure the changeover is seamless and efficient once the Bill completes its passage through Parliament and becomes law,” concluded Mr Enright.

Authorised and released by Chris Enright

Mobile 0427 541 046

10 March 2008