30Formation meeting (existing corporation)

30 Formation meeting (existing corporation)

30 Formation meeting (existing corporation)

(1) Before applying for registration as a co-operative, the corporation must, at the formation meeting, by a resolution approve of—

(a) the proposed registration; and

(b) any amendment of its existing constituent documents necessary to enable the corporation to comply with this Law; and

(c) the proposed rules of the proposed co-operative approved under section 24, including active membership provisions.

(2) The formation disclosure statement approved under section 25 must be presented to the formation meeting, in the case of—

(a) a proposed distributing co-operative; or

(b) a proposed non-distributing co-operative that is the subject of a direction under section 23 (2).

(3) A resolution under this section must have been passed by a two-thirds majority of eligible members present at the formation meeting.

Note—

Section 32 (5) provides that, despite anything to the contrary in this Division, the registration of a corporation as a co-operative does not take effect until the corporation ceases to be registered under the law under which it was previously registered.