New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 287

287 Notice required to be given of substantial share interest

(1) A person must give notice in writing to a co-operative within 5 business days after becoming aware that the person has a substantial share interest in the co-operative.

(2) A person who has a substantial share interest in a co-operative must give notice in writing to the co-operative within 5 business days after becoming aware that a substantial change has occurred in that share interest.

(3) A person who has ceased to have a substantial share interest in a co-operative must give notice in writing to the co-operative within 5 business days after becoming aware that the person has ceased to have that interest.

Maximum penalty: 20 penalty units.

(4) A person has a "substantial share interest" in a co-operative if the nominal value of the shares in the co-operative in which the person has a relevant interest represents 5% or more of the nominal value of the issued share capital of the co-operative.

(5) A "substantial change" takes place in a person’s share interest in a co-operative if there is an increase or decrease in the number of shares in the co-operative in which the person has a relevant interest and the increase or decrease represents at least 1% of the nominal value of the issued share capital of the co-operative.