480Approval of transfer of engagements

480 Approval of transfer of engagements

(1) If the local Registrar is the appropriate Registrar, he or she must approve a transfer of engagements pursuant to an application under this Part if satisfied that:

(a) this Part has been complied with in relation to the application; and

(b) the rules or proposed rules of the transferee co-operative are adequate; and

(c) in the case of a total transfer of engagements from a participating co-operative—the certificate of registration of the participating co-operative has been surrendered to the participating Registrar; and

(d) there is no good reason why the transfer of engagements should not take effect.

(2) If the local Registrar is not the appropriate Registrar, he or she must approve a transfer of engagements pursuant to an application under this Part if satisfied that the transfer has been approved under the provision of the co-operatives law of the participating jurisdiction that corresponds with subsection (1).

(3) A transfer of engagements takes effect on the day specified in the approval of the local Registrar.