New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 369Q

369Q Requirements before application can be made

(1) Before a New South Wales co-operative and a participating co-operative can apply for approval under this Division of a merger or transfer of engagements, the proposed merger or transfer must have been approved by each of the co-operatives:

(a) by a special resolution passed by special postal ballot, or

(b) if permitted by subsection (3), by a special resolution, or by a resolution of the board, of the co-operative.

(2) Before a New South Wales co-operative and a non-participating co-operative can apply for approval under this Division of a merger or transfer of engagements, the proposed merger or transfer of engagements:

(a) must be approved:

(i) in the case of the non-participating co-operative, by a special resolution of the co-operative, and

(ii) in the case of the New South Wales co-operative, by a special resolution passed by special ballot, or

(b) if permitted by subsection (3), must have been approved:

(i) in the case of the non-participating co-operative, by a resolution of the board of the co-operative, and

(ii) in the case of the New South Wales co-operative, by a special resolution, or by a resolution of the board, of the co-operative.

(3) The proposed merger or transfer of engagements may be approved by special resolution, or by resolution of the board, of the co-operative if:

(a) the New South Wales Registrar consents to that procedure applying in the particular case, and

(b) in the case of a merger or transfer affecting a participating co-operative, the Registrar for the participating State concerned also consents to that procedure applying in the particular case.

(4) A consent referred to in subsection (3) may be granted subject to conditions, including any condition that a disclosure statement be provided to members or directors. A co-operative that contravenes a condition of a consent is taken not to have been given consent.