Notice about bonus shares
149 Notice about bonus shares
Notice of the meeting or postal ballot at which a resolution is to be proposed as a special resolution for the purpose of approving a bonus share issue must be accompanied by —
a statement of the value of the assets concerned as disclosed in the books of the co‑operative before the sale or revaluation; and
if the issue arises from, or partly from, a sale of assets, a statement of the price for which the assets were sold; and
if the issue arises from, or partly from, a revaluation of assets, a certificate of value of the assets, being a certificate given in relation to a valuation made not more than 12 months before the date of the notice by a person prescribed by the regulations or a person having qualifications prescribed by the regulations; and
particulars of acquisitions of shares in the co‑operative made within the 3 years immediately preceding the date of the notice by or on behalf of each of its directors and his or her spouse (or de facto partner) and the father, mother, children, brothers and sisters of each such director and spouse (or de facto partner); and
a certificate signed by 2 directors of the co‑operative stating that to the best of their knowledge and belief the issue of bonus shares would not be imprudent and that no circumstances are known to them as to why the issue should not take place.
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