(1)  Subject to subregulation (2) , a co-operative may continue to operate under the rules applying to the co-operative that were in force immediately before the commencement of the Act ( the old rules ).

(2)  While a co-operative is operating under the old rules –

(a) if there is any inconsistency between a provision of the old rules and a provision of the Act, the Co-operatives National Law (Tasmania) , the Co-operatives National Regulations (Tasmania) or these regulations, the provision of the Act, the Co-operatives National Law (Tasmania) , the Co-operatives National Regulations (Tasmania) or these regulations, respectively, prevails; and

(b) if there is any reference in the old rules to a requirement contained in the Cooperatives Act 1999 or the Cooperatives Regulations 2010 ( the former requirement ), that reference is to be read as a reference to the requirement, contained in the Act, the Co-operatives National Law (Tasmania) , the Co-operatives National Regulations (Tasmania) , or these regulations, respectively, that substantially corresponds to the former requirement; and

(c) any reference in the old rules to –

(i) a co-operative being a trading co-operative, is to be read as a reference to the co-operative being a distributing co-operative; and

(ii) a co-operative being a non-trading co-operative, is to be read as a reference to the co-operative being a non-distributing co-operative.