Following the 1998 financial sector reforms, s 52 of the Trade Practices Act does not apply to conduct in relation to shares in a co-operative; such conduct is governed by s 12DA of the ASIC Act, s 995 of the Corporations Law, and s 42 of the Fair Trading Act. Directors of a co-operative cannot establish a procedure for change of postal ballot votes without an authorising rule under the Co-operatives Act, and any such procedure must preserve ballot secrecy. When a competing proposal emerges during a scheme of arrangement, directors must provide balanced disclosure including material qualifications to expert opinions, and must not misrepresent the impact of the scheme on the competing proposal.
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