379
CurrentConsequences of prohibited offer
Chapter 3Management and operation of co-operatives
Part 3.5Restrictions on acquisition of interests in co-operatives
Division 2Restrictions on certain share offers
379 Consequences of prohibited offer
(1)
If a person makes an offer to purchase shares in a co-operative in contravention of this Division—
(a)
the person cannot be registered as the holder of the shares concerned; and
(b)
if the transfer of the shares is registered—the person cannot vote at a meeting of the co-operative.
(2)
A vote cast by or for a member when the member cannot vote because of this section must be disregarded.
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