New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 299

299 Share offers to which Division applies

(1) This Division applies to the following offers to purchase shares in a co-operative:

(a) an offer made as part of a proposal for, or that is conditional on, the sale of the undertaking or any part of the undertaking, as a going concern, of the co-operative,

(b) an offer made as part of a proposal for, or that is conditional on, the registration of the co-operative as a company under the Corporations Act,

(c) an offer made as part of a proposal for, or that is conditional on, the winding-up of the co-operative,

(d) an offer that would result in a contravention of section 289 (Maximum permissible level of share interest) were the offeror to be registered (immediately after the offer is made) as the holder of the shares that are the subject of the offer,

(e) an offer that would lead to the offeror having a substantial share interest in the co-operative, or to a substantial change taking place in a substantial share interest that the offeror has in the co-operative, were the offeror to be registered (immediately after the offer is made) as the holder of the shares that are the subject of the offer.

(2) In subsection (1) (e), the expressions "substantial share interest" and "substantial change" have the same meanings as in section 287.