Co-operatives Act 2009

An explanatory statement must be as approved by the Registrar.

If the compromise or arrangement affects the rights of debenture holders, the explanatory statement must specify —

any material interests of the trustees for the debenture holders, whether as such trustees, as members or creditors of the co‑operative or otherwise; and

the effect on those interests of the compromise or arrangement to the extent that that effect is different from the effect on the like interests of other persons.

If a notice given by advertisement includes a notification that copies of the explanatory statement can be obtained in a particular way, the co‑operative must give a copy of the statement free of charge to each creditor or member entitled to attend the meeting or vote in the ballot who applies for it in that way.

Each person who is a director or trustee for debenture holders must give notice to the co‑operative of such matters relating to the person as are required to be included in the explanatory statement.