428Requirements for explanatory statement

#### 428 Requirements for explanatory statement 428 Requirements for explanatory statement > > (1) An explanatory statement must be as approved by the Registrar. > > > (2) If the compromise or arrangement affects the rights of debenture holders, the explanatory statement must state— > > > > > (a) material interests of the trustees for the debenture holders, whether as trustees for the debenture holders, as members or creditors of the co-operative or otherwise; and > > > > > (b) the effect on the interests of the compromise or arrangement to the extent that the effect is different from the effect on the like interests of other persons. > > > (3) If a notice given by advertisement includes a notification that copies of the explanatory statement can be obtained in a particular way, the co-operative must give a copy of the statement free of charge to each creditor or member entitled to attend the meeting or vote in the ballot who applies for it in the appropriate way. > > > (4) Each person who is a director or trustee for debenture holders must give notice to the co-operative of the matters relating to the person required to be included in the explanatory statement.