New National Law for Co-operatives
In important news for community broadcasting organisations registered as a co-operative, a uniform set of national laws for co-operatives is being progressively introduced for States and Territories.
This will be achieved by each State and Territory either adopting the template Co-operatives National Law (CNL) or passing alternative legislation consistent with the Co-operatives National Law, in line with their jurisdiction’s Government and Parliamentary processes.
The CNL will reduce red tape and associated business costs for co-operatives on a number of levels. Co-operatives wishing to carry on business across a State or Territory border will be able to do so without the costly process of 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 CNL will continue the important principles of co-operation developed by the International Co-operative Alliance and implement modern principles of corporate governance similar to requirements for other corporate entities. This will enable co-operatives to compete on a more ‘level playing field’ with these entities.
NSW is the lead jurisdiction for this national project.
The Australian Uniform Co-operative Laws Agreement (AUCLA) provides for:
- the laws for the new regulatory scheme known as the Co-operatives National Law
- the role of CAF Ministers under the AUCLA.
The AUCLA is published on the CAF Australian Consumer Law (ACL) website www.consumerlaw.gov.au
If your community broadcasting organisation registered as a co-operative has any questions in regards to this, please contact the CBAA.
Posted Mon, 10/03/2014 - 12:02pm by cbaa_admin