477Disclosure statement required

#### 477 Disclosure statement required 477 Disclosure statement required > > (1) A special resolution of the local co-operative or participating co-operative is not effective for the purposes of this Part 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 the following— > > > > > (a) the financial position of the local co-operative and the participating 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; > > > > > (b) any interest that any officer of the local co-operative or the participating co-operative has in the proposed merger or transfer of engagements; > > > > > (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 local co-operative or participating co-operative in relation to the proposed merger or transfer of engagements; > > > > > (d) whether the proposal is a merger or transfer of engagements and the reason for the merger or transfer of engagements; > > > > > (e) in the case of a transfer of engagements—whether it is a total or partial transfer of engagements; > > > > > (f) in the case of a merger—whether the merged co-operative will result in a local co-operative or a co-operative under the co-operatives law of the participating jurisdiction concerned; > > > > > (g) any other information that the appropriate Registrar directs. > > > (3) The disclosure statement must be sent to the members of the local co-operative or participating 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) if the resolution is to be decided at a meeting—21 days before the date of the meeting; or > > > > > (b) if 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 local co-operative or participating co-operative from complying with this section. > > > (5) The appropriate Registrar may give an approval or an exemption under this section unconditionally or subject to conditions.