Co-operatives Act 2009

A special resolution by which members of a co‑operative approve a merger or transfer of engagements is not effective for the purposes of this Division unless this section has been complied with.

Each co‑operative must send to each of its members a disclosure statement approved by the Registrar stating —

the financial position of each co‑operative concerned in the proposed merger or transfer of engagements 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; and

any interest that any officer of each co‑operative has in the proposed merger or transfer of engagements; and

any compensation or other consideration proposed to be paid, or any other incentive proposed to be given, to any officer or member of each co‑operative in relation to the proposed merger or transfer of engagements; and

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

in the case of a transfer of engagements, whether it is a total or partial transfer of engagements; and

other information that the Registrar directs.

The disclosure statement must be sent to the members of each 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 21 days before the day on or before which the ballot papers must be returned by members voting in the special postal ballot.

The Registrar may, by order published in the Gazette, exempt a co‑operative from complying with this section.

The Registrar may grant an approval or an exemption under this section unconditionally or subject to conditions.