South Australian Consolidated Acts South Australian Consolidated Acts (1) Where it is
intended to alter the rules of a registered housing co-operative—
(a) the
alteration must be approved—
(i)
if another provision of this Act so provides—by a
unanimous resolution of the co-operative;
(ii)
in any other case—by a special resolution of the
co-operative; and
(b) the
notice of the intention to propose the resolution must be accompanied by a
memorandum that states, in relation to each rule that would be altered if the
resolution were passed—
(i)
the reason for the proposed alteration; and
(ii)
the effect of the proposed alteration.
(2) Where a registered
housing co-operative has, under subsection (1), resolved to alter its
rules, it must apply to the Minister, not later than one month after passing
the resolution, for registration of the proposed alteration.
Maximum penalty: $5 000.
(3) An application for
registration of a proposed alteration of the rules of a registered
housing co-operative—
(a) must
be in a form approved by the Minister; and
(b) must
have annexed to it—
(i)
a copy of the appropriate resolution of the co-operative;
and
(ii)
a copy of the explanatory memorandum required under
subsection (1)(b); and
(c) must
be accompanied by the prescribed fee.
(4) Subject to
subsection (5), the Minister will, if satisfied that the proposed
alteration complies with the requirements of this Act, register the
alteration.
(5) The Minister may
decline to register a proposed alteration if, in the Minister's opinion—
(a) the
alteration contains an unreasonable provision affecting the rights of members
of the co-operative; or
(b) the
Minister considers that there is some other good reason why the alteration
should not be allowed.
(6) An alteration of
the rules does not take effect until it has been registered in accordance with
this section.
(7) A reference in
this section to the rules of a co-operative does not extend to the by-laws of
the co-operative.