New South Wales Consolidated Acts

CO-OPERATIVES ACT 1992 - SECT 369R

369R Disclosure statement required

(cf Vic Act s 382)

(1) A special resolution of the New South Wales co-operative or foreign co-operative is not effective for the purposes of this Division unless this section has been complied with.

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

(a) the financial position of the New South Wales co-operative and the foreign co-operative 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 the New South Wales co-operative or the foreign 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 the New South Wales co-operative or foreign 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 engagement, and

(f) in the case of a merger-whether the merged co-operative will result in a New South Wales co-operative or a co-operative under the co-operatives law of the participating State concerned, and

(g) any other information that the Registrar directs.

(3) The disclosure statement must be sent to the members of the New South Wales co-operative or foreign 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 than:

(a) where the resolution is to be decided at a meeting-21 days before the date of the meeting, or

(b) where the resolution is to be decided by a postal ballot-21 days before the day on or before which the ballot papers must be returned by members voting in the ballot.

(4) The appropriate Registrar may exempt the New South Wales co-operative or foreign co-operative from complying with this section.

(5) The appropriate Registrar may grant an exemption, or approve a disclosure statement, subject to any conditions it considers appropriate.