Notice required to be given of substantial share interest
276 Notice required to be given of substantial share interest
A person must give notice to a co‑operative within 5 business days after becoming aware that the person has a substantial share interest in the co‑operative.
Penalty for this subsection: a fine of $2 000.
A person who has a substantial share interest in a co‑operative must give notice to the co‑operative within 5 business days after becoming aware that a substantial change has occurred in the share interest.
Penalty for this subsection: a fine of $2 000.
A person who has ceased to have a substantial share interest in a co‑operative must give notice to the co‑operative within 5 business days after becoming aware that the person has ceased to have the interest.
Penalty for this subsection: a fine of $2 000.
A person has a substantial share interest in a co‑operative if the nominal value of the shares in the co‑operative in which the person has a relevant interest represents 5% or more of the nominal value of the issued share capital of the co‑operative.
A substantial change takes place in a person’s share interest in a co‑operative if there is an increase or decrease in the number of shares in the co‑operative in which the person has a relevant interest and the increase or decrease represents at least 1% of the nominal value of the issued share capital of the co‑operative.
[Section 276 amended: No. 7 of 2016 s. 200.]
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