Co-operatives Act 2009

If the Supreme Court orders 2 or more meetings of creditors to be held in relation to a proposed compromise or arrangement —

the meetings are taken to form a single meeting; and

the votes in favour of the proposed compromise or arrangement cast at each of the meetings are to be added; and

the votes against the proposed compromise or arrangement cast at each of the meetings are to be added.

342. Persons disqualified from administering compromise etc.

Except with the leave of the Supreme Court, a person cannot be appointed to administer, and cannot administer, a compromise or arrangement approved under this Act between a co‑operative and any of its creditors or members, whether by the terms of the compromise or arrangement or under a power given by the terms of a compromise or arrangement, if the person —

is a mortgagee of property of the co‑operative; or

is an auditor or an officer of the co‑operative; or

is an officer of a corporation that is a mortgagee of property of the co‑operative; or

is not a registered liquidator under the Corporations Act unless the person is a corporation authorised by or under a law of this State to administer the compromise or arrangement concerned; or

is an officer of a corporation related to the co‑operative; or

unless the Registrar directs in writing that this paragraph does not apply in relation to the person in relation to the co‑operative, has at any time within the last 12 months been an officer or promoter of the co‑operative or of a related corporation of the co‑operative.