New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 311A

311A Disclosure statement required

(cf Vic Act s 301)

(1) A resolution of a co-operative is not effective for the purposes of this Division unless this section and section 194 (1), (2) and (4) have been complied with.

(2) Each co-operative must send to each of its members a disclosure statement approved by the Registrar specifying:

(a) the financial position of the each co-operative concerned in the proposed merger or transfer of engagements as shown in financial statements that have been prepared as at a date that is not more than 6 months before the date of the statement, and

(b) any interest that any officer of each co-operative has in the proposed merger or transfer of engagements, and

(c) any compensation or other consideration proposed to be paid, or any other incentive proposed to be given, to any officer or member of each co-operative in relation to the proposed merger or transfer of engagements, and

(d) whether the proposal is a merger or transfer of engagements and the reason for the merger or transfer of engagements, and

(e) in the case of a transfer of engagements, whether it is a total or partial transfer of engagements, and

(f) any other information that the Registrar directs.

(3) The disclosure statement must be sent to the members of each co-operative so that it will in the ordinary course of post reach each member who is entitled to vote on the special resolution not later 21 days before the day on which the ballot commences.