New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 346

346 Registrar to be given notice and opportunity to make submissions

(1) The Court is not to make an order under this Division unless:

(a) at least 14 days’ notice of the hearing of the application for the order, or such shorter period of notice as the Court or the Registrar permits, has been given to the Registrar, and

(b) the Court is satisfied that the Registrar has had a reasonable opportunity to examine the terms of and make submissions to the Court in relation to the proposed compromise or arrangement concerned and a draft explanatory statement relating to it.

(2) The "draft explanatory statement" referred to in subsection (1) is a statement:

(a) explaining the effect of the proposed compromise or arrangement and, in particular, stating any material interests of the directors of the co-operative, whether as directors, as members or creditors of the co-operative or otherwise, and the effect on those interests of the proposed compromise or arrangement in so far as that effect is different from the effect on the like interests of other persons, and

(b) setting out such information as is prescribed and any other information that is material to the making of a decision by a creditor or member of the co-operative whether or not to agree to the proposed compromise or arrangement, being information that is within the knowledge of the directors of the co-operative and has not previously been disclosed to the creditors or members of the co-operative.