New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 353

353 Court need not approve compromise or arrangement takeovers

(cf Vic Act s 348)

(1) The Court need not approve a compromise or arrangement unless:

(a) it is satisfied that the compromise or arrangement has not been proposed for the purpose of enabling any person to avoid the operation of any of the provisions of Division 2 of Part 11 (Restrictions on certain share offers), and

(b) there is produced to the Court a statement in writing by the Registrar stating that the Registrar has no objection to the compromise or arrangement.

(2) The Court need not approve a compromise or arrangement merely because a statement by the Registrar stating that the Registrar has no objection to the compromise or arrangement has been produced to the Court.