396
CurrentRequirements before application can be made
Chapter 4Structural and other events for co-operatives
Part 4.3Mergers and transfers of engagements
Division 1Merger or transfer of engagements
396 Requirements before application can be made
(1) Before co-operatives can apply for approval under this Division of a merger or transfer of engagements, the proposed merger or transfer must have been approved by each of the co-operatives by:
(a)
a special resolution passed by a special postal ballot; or
(b) if permitted by subsection (2) – a resolution of the board of the co-operative.
(2) The proposed merger or transfer of engagements may be approved by resolution of the board of a co-operative if the Registrar consents to the procedure applying in the particular case.
This Act’s bill:Explanatory statement
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