New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 359

359 Schemes and contracts to which Division applies

(1) This Division applies to a scheme or contract involving a transfer of shares in a co-operative ( "the transferor") to a person ( "the transferee") that has, within 4 months after the making of the offer relating to the scheme or contract by the transferee, been approved by the holders of at least 90% in nominal value of all the shares concerned (other than excluded shares).

(2) This Division does not apply to a scheme or contract arising out of the making of an offer to which Division 2 (Restrictions on certain share offers) of Part 11 applies.