Co-operatives Act 2009

This section applies to an offer by a company (the transferee) to acquire shares in a co‑operative company (the transferor) under a scheme or contract.

If immediately before the transfer day for a transferred co‑operative, an offer to acquire shares in the co‑operative as previously incorporated has been made but not completed, and subsection (3) does not apply, the offer is to be completed under the Companies (Co‑operative) Act 1943 whether or not that Act has been repealed.

Part 13 Division 3 of this Act applies to an offer made during the 4 month period ending on the transfer day.

For the purposes of subsection (2), an offer is completed if —

6 months has expired since the making of the offer and the transferee has not given a notice under the Companies (Co‑operative) Act 1943 section 160 to dissenting shareholders; or

the transferee has —

acquired the shares of dissenting shareholders to which the transferee gave notice; and

complied with any court order given on the application of a dissenting shareholder under the Companies (Co‑operative) Act 1943 section 160.