South Australian Consolidated Acts South Australian Consolidated Acts (1) Any two or more
registered housing co-operatives—
(a) may,
by special resolution passed by each co-operative, resolve to amalgamate; and
(b) may
apply to the Minister for amalgamation as a single registered
housing co-operative.
(2) An application
under subsection (1) must be made in the prescribed manner and form and
must be accompanied by—
(a) a
copy of the special resolution passed by each of the registered
housing co-operatives supporting the amalgamation; and
(b) a
copy of the rules of the co-operative proposed to be formed by the
amalgamation (other than by-laws); and
(c) such
certificates and other documents as may be prescribed; and
(d) the
prescribed fee.
(3) The applicants
must, at the request of the Minister, supply the Minister with such further
documents or information as the Minister may require.
(4) Where the Minister
is satisfied—
(a) that
the application has been made in accordance with this section; and
(b) that
the co-operative proposed to be formed by the amalgamation is eligible to be
registered under this Act,
the Minister must, subject to subsection (5), register the co-operative
and its rules and issue a certificate of incorporation in respect of the
co-operative.
(5) The Minister may
decline to register a co-operative under this section if, in the Minister's
opinion—
(a) it
would be more appropriate for the proposed registered co-operative to be
registered under some other Act; or
(b)
the rules of the co-operative fail to conform with the provisions of this Act;
or
(c)
the rules of the co-operative contain unreasonable provisions affecting the
rights of members; or
(d)
there is some other good reason why the proposed registered co-operative
should not be registered under this section.
(6) Upon registration
of a co-operative under subsection (4)—
(a) the
co-operative becomes a body corporate—
(i)
with the corporate name set forth in the certificate of
incorporation
(in which the word "Incorporated" must appear as part, and at the end, of the
name); and
(ii)
with, subject to this Act and the rules of the
co-operative, full juristic capacity to exercise any powers that are by their
nature capable of being exercised by a body corporate; and
(b) any
registered housing co-operative that was a party to the application for
amalgamation is dissolved; and
(c) the
property of the co-operatives that were parties to the application for
amalgamation becomes the property of the registered housing co-operative
formed by the amalgamation; and
(d) the
rights and liabilities (whether certain or contingent) of the co-operatives
that were parties of the application for amalgamation become rights and
liabilities of the registered housing co-operative formed by the amalgamation.
(7) The
Registrar-General must—
(a) on
the application of a co-operative in which any estate or interest in land has
vested by virtue of this section; and
(b) on
production of such duplicate instruments of title and other documents as the
Registrar-General may require,
register the vesting of that estate or interest in land in the co-operative.
(8) The vesting of
property in an amalgamated co-operative under this section, and any instrument
evidencing or giving effect to that vesting, are exempt from stamp duty.