Queensland adopts the Co-operatives National Law
09 October 2020
Queensland has passed legislation which implements the Co-operatives National Law (CNL). The Co-operatives National Law Act 2020 (Qld) and Co-operatives National Law Regulation 2020 (Qld) will replace the existing co-operatives legislation in Queensland (the Co-operatives Act 1997 (Qld) and the Co-operatives Regulation 1997 (Qld)) on 1 December 2020.
This brings the law of co-operatives in Queensland in line with all other Australian states and territories, which have already adopted the CNL.
The CNL covers the establishment, registration and administration of co-operatives. The states and territories remain responsible for administering co-operatives laws in their respective jurisdictions, but they all apply a consistent framework under the CNL. Queensland’s adoption of the CNL therefore means that Queensland co-operatives will benefit from a consistent system of law. Other key reforms of the CNL include:
- automatic mutual recognition of co-operatives by other states and territories resulting in lower costs and paperwork for co-operatives operating interstate
- simplification of financial reporting and auditing requirements for small co-operatives, and
- updating of directors’ and officers’ duties to modern standards of corporate governance