Co-operatives Act 2009

The transferee under the scheme or contract may, within 2 months after the offer is approved, give notice as prescribed by the regulations (a compulsory acquisition notice) to a dissenting shareholder that the transferee wishes to acquire the shares held by that shareholder.

If a compulsory acquisition notice is given, the dissenting shareholder may, by written notice given to the transferee within one month after the day on which the compulsory acquisition notice was given, ask for a statement in writing of the names and addresses of all other dissenting shareholders as shown in the register of members and the transferee must give that statement.

Having given the compulsory acquisition notice, the transferee is, unless the Supreme Court orders to the contrary, entitled and bound to acquire the shares of the dissenting shareholder on the terms on which, under the scheme or contract, the shares of the approving shareholders are to be transferred to the transferee.

The Supreme Court may give an order to the contrary only on the application of the dissenting shareholder made within the later of 28 days after the compulsory acquisition notice was given or within 14 days after a statement asked for under subsection (2) was given.

If alternative terms are offered to the approving shareholders —

the dissenting shareholder is entitled to elect which of those terms are preferred but must make the election within the time allowed for making an application to the Supreme Court under subsection (4); and

if the dissenting shareholder fails to make the election within the time, the transferee may, unless the Supreme Court orders otherwise, decide which of the terms is to apply to the acquisition of the shares of the dissenting shareholder.