New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 159

159 Registration as beneficial owner of shares notified as non-beneficially transferred

(1) If an instrument of transfer of shares lodged with a co-operative includes a non-beneficial ownership notice (section 157) in respect of particular shares ( "the relevant shares") but on registration of the transfer the transferee holds some or all of the relevant shares beneficially, notice of that fact must be given to the co-operative.

(2) The notice must:

(a) set out the name and address of the transferee, and

(b) contain a statement to the effect that, as from registration of the transfer, the transferee holds the relevant shares beneficially, and

(c) set out particulars of the relevant shares, and

(d) be signed by or on behalf of the transferee.

(3) The notice must be given within 14 days after the registration of the transfer (even if before the end of that 14 days the transferee begins to hold any of the relevant shares non-beneficially).

(4) The transferee is guilty of an offence if this section is not complied with.

Maximum penalty: 10 penalty units or imprisonment for 3 months, or both.