244Decision of Registrar on application to register special resolution

244 Decision of Registrar on application to register special resolution

244 Decision of Registrar on application to register special resolution

(1) If the Registrar is satisfied the co-operative has complied with this Law and the special resolution is not contrary to this Law, the Registrar must register the special resolution and may issue a certificate of registration.

(2) If the Registrar considers the effect of a special resolution filed for registration would be in contravention of this Law or any other law, the Registrar—

(a) may refuse to register the special resolution; and

(b) must give written notice to the co-operative that the special resolution—

(i) for a special resolution referred to in section 242 (2)—has no effect; and

(ii) in any other case—has no effect as from the date it was passed.

(3) A certificate of registration of a special resolution issued by the Registrar is, in favour of any person advancing money to the co-operative on the faith of the certificate or in favour of any guarantor of that advance, evidence that the resolution was properly passed.