Submission of draft rules and draft formation disclosure statement
23 Submission of draft rules and draft formation disclosure statement
(1) The following documents must be submitted to the Registrar before the formation meeting:
(a) a draft of the rules proposed for the co-operative (including active membership provisions);
in the case of:
(i) a distributing co-operative – a draft formation disclosure statement for the co-operative; or
(ii) a non-distributing co-operative – a draft formation disclosure statement for the co-operative if the Registrar so directs under subsection (2)(a);
(c) a written notice of intention to apply for registration as a co‑operative.
The Registrar may by written notice direct that:
(a) a draft formation disclosure statement for a proposed non‑distributing co-operative must be submitted to the Registrar; and
(b) a formation disclosure statement approved under section 25 must be presented to the formation meeting for the co‑operative.
(3) The notice under subsection (2) is to be given to the person who submitted notice of intention to apply for registration as a co‑operative and must specify the time by which the draft formation disclosure statement must be submitted to the Registrar.
This Act’s bill:Explanatory statement
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