New South Wales Consolidated Acts New South Wales Consolidated Acts(cf Vic Act s 17)
(1) A draft disclosure statement of a proposed co-operative must be submitted to the Registrar at least 28 days (or such shorter period as the Registrar may allow in a particular case) before the formation meeting is due to be held.
(2) The disclosure statement of a proposed trading co-operative 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 co-operative including so far as applicable:(a) the estimated costs of formation, and(b) the nature of the proposed membership of the co-operative, and(c) the rights and liabilities attaching to shares in the proposed co-operative (including the capital required for the co-operative), and(d) the projected income and expenditure of the co-operative for its first year of operation, and(e) information about any contracts required to be entered into by the co-operative, and(f) any other information that the Registrar directs.
(3) The disclosure statement of a proposed trading co-operative 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to be made by an expert or to be based on a statement made by an expert unless:(a) the expert has given, and has not withdrawn, the expert’s written consent to the submission of the disclosure statement with the statement included in the form and context in which it is included, and(b) there appears in the disclosure statement a statement that the expert has given, and has not withdrawn, the expert’s consent.
(4) The disclosure statement of a proposed non-trading co-operative must be in a form approved by the Registrar and contain such information as is required by the Registrar.
(5) The Registrar may:(a) approve the draft statement as submitted, or(b) approve the draft statement with specified amendments, or(c) approve a different statement to that submitted, or(d) refuse to approve the statement.
(5A) The Registrar may require the person who submitted the draft statement to give the Registrar any additional information that the Registrar reasonably requires. When the information has been provided the Registrar may then act under subsection (5).
(6) Approval may be given at any time before the formation meeting is held.
(7) Subject to subsection (8), the Registrar approves of a disclosure statement by giving notice of the approval of the statement to the person who submitted the draft statement to the Registrar.
(8) The Registrar is to be considered to have approved the disclosure statement as submitted to the Registrar unless at least 5 days before the formation meeting is due to be held:(a) the Registrar gives notice of approval of a different disclosure statement, or(b) the Registrar gives notice to the person who submitted the draft statement that the Registrar is still considering the matter or requires additional information, or(c) the Registrar gives notice of refusal to approve the disclosure statement.
(9) A notice under this section must be in writing.
(10) The Registrar may approve a disclosure statement with or without conditions.
(11) In the case of a proposed non-trading co-operative, the Registrar may, in a particular case and either unconditionally or subject to conditions, dispense with the requirement that a disclosure statement be presented to the formation meeting.
Note: This section draws a distinction between requirements for disclosure statements for proposed trading and non-trading co-operatives. While the requirements for non-trading co-operatives are less onerous than those for trading co-operatives, the Registrar may require a non-trading co-operative to comply with requirements that are comparable to those for trading co-operatives.