Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) A draft disclosure statement of a proposed cooperative (the draft statement ) must be submitted to the registrar at least 28 days (or, if the registrar allows a shorter period, that period) before the formation meeting of the proposed cooperative is proposed to be held.
(2) For a proposed trading cooperative, the draft statement must contain the information necessary to ensure that prospective members are adequately informed of the nature and extent of a person's financial involvement or liability as a member of the cooperative, including, so far as applicable—
(a) the estimated costs of formation; and
(b) the nature of the proposed membership of the cooperative; and
(c) the rights and liabilities attaching to shares in the proposed cooperative (including the capital required for the cooperative); and
(d) the projected income and expenditure of the cooperative for its first year of operation; and
(e) information about any contracts required to be entered into by the cooperative; and
(f) any other information that the registrar, by notice, requires.
(3) For a proposed trading cooperative, the draft statement must not include a statement purporting to be made by an expert or to be based on a statement made by an expert unless—
(a) the expert has given, and has not withdrawn, the expert's written consent to the submission of the draft statement with the statement included in the form and context in which it is included; and
(b) there appears in the draft statement a statement that, at the time of preparation of the statement, the expert has given, and has not withdrawn, the expert's consent.
(4) For a proposed non-trading cooperative, the draft statement must contain the information that the registrar, by written notice, requires.
Note If a form is approved under s 466 for a draft statement, the form must be used.
(5) The registrar may, by notice—
(a) approve the draft statement as submitted; or
(b) amend the draft statement, or require a stated amendment of the draft statement and then approve the amended draft statement; or
(c) approve a statement different from the draft statement as submitted; or
(d) refuse to approve the draft statement; or
(e) require the person submitting the draft statement to give the registrar any additional information that the registrar reasonably requires and then act under paragraph (a), (b), (c) or (d).
(6) Approval under subsection (5) (a), (b) or (c) may be given—
(a) at any time before the formation meeting is held; and
(b) subject to the conditions (if any) the registrar states in the notice of approval.
(7) The registrar is taken to have approved the draft statement as submitted to the registrar unless, at least 5 days before the formation meeting is proposed to be held, the registrar gives—
(a) a notice under subsection (5); or
(b) notice that the registrar is still considering the matter.
(8) For a particular proposed non-trading cooperative, the registrar may, by notice, and subject to the conditions (if any) that the registrar states in the notice, dispense with the requirement to present a disclosure statement to the formation meeting.
(9) Notice by the registrar under this section must be given to the person who submitted the draft statement (the applicant ), or to someone else nominated in writing to the registrar by the applicant for the purpose of receiving the notice.