Co-Operatives (National Uniform Legislation) Act 2015

(1) A special resolution of the local co-operative or participating co‑operative is not effective for the purposes of this Part unless this section has been complied with.

(2) Each co-operative must send to each of its members a disclosure statement approved by the appropriate Registrar specifying the following:

(a) the financial position of the local co-operative and the participating co‑operative as shown in financial statements that have been prepared as at a date that is not more than 6 months before the date of the statement;

(b) any interest that any officer of the local co-operative or the participating co‑operative has in the proposed merger or transfer of engagements;

(c) any compensation or other consideration proposed to be paid, or any other incentive proposed to be given, to any officer or member of the local co-operative or participating co-operative in relation to the proposed merger or transfer of engagements;

(d) whether the proposal is a merger or transfer of engagements and the reason for the merger or transfer of engagements;

(e) in the case of a transfer of engagements – whether it is a total or partial transfer of engagements;

(f) in the case of a merger – whether the merged co-operative will result in a local co-operative or a co-operative under the co‑operatives law of the participating jurisdiction concerned;

(3) The disclosure statement must be sent to the members of the local co-operative or participating co-operative so that it will in the ordinary course of post reach each member who is entitled to vote on the special resolution not later than:

(a) if the resolution is to be decided at a meeting – 21 days before the date of the meeting; or

(b) if the resolution is to be decided by a postal ballot – 21 days before the day on or before which the ballot papers must be returned by members voting in the ballot.

(4) The appropriate Registrar may exempt the local co-operative or participating co-operative from complying with this section.

(5) The appropriate Registrar may give an approval or an exemption under this section unconditionally or subject to conditions.