416Registrar to be given notice and opportunity to make submissions

#### 416 Registrar to be given notice and opportunity to make submissions 416 Registrar to be given notice and opportunity to make submissions > > (1) The Supreme Court may make an order under this Division if the court is satisfied— > > > > > (a) at least 14 days notice of the hearing of the application for the order, or a shorter period of notice the court or the Registrar permits, has been given to the Registrar; and > > > > > (b) the Registrar has had a reasonable opportunity to examine the terms of, and make submissions to the court in relation to, the proposed compromise or arrangement concerned and a draft explanatory statement relating to it. > > > (2) In this section— > > > > draft explanatory statement means a statement— > > > > > (a) explaining the effect of the proposed compromise or arrangement and, in particular, stating— > > > > > > > (i) material interests of the directors of the co-operative, whether as directors, as members or creditors of the co-operative or otherwise; and > > > > > > > (ii) the effect on the interests of the proposed compromise or arrangement in so far as the effect is different from the effect on the like interests of other persons; and > > > > > (b) setting out information prescribed by the National Regulations; and > > > > > (c) setting out other information that— > > > > > > > (i) is material to the making of a decision by a creditor or member of the co-operative whether or not to agree to the proposed compromise or arrangement; and > > > > > > > (ii) is within the knowledge of the directors of the co-operative; and > > > > > > > (iii) has not previously been disclosed to the creditors or members of the co-operative.