Co-operatives National Law (NSW)
361Notice required to be given of substantial share interest
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361 Notice required to be given of substantial share interest
361 Notice required to be given of substantial share interest
(1) A person must give notice to a co-operative within 5 business days after becoming aware the person has a substantial share interest in the co-operative.
Maximum penalty—$2,000.
(2) A person who has a substantial share interest in a co-operative must give notice to the co-operative within 5 business days after becoming aware a substantial change has occurred in the share interest.
Maximum penalty—$2,000.
(3) A person who has ceased to have a substantial share interest in a co-operative must give notice to the co-operative within 5 business days after becoming aware the person has ceased to have the interest.
Maximum penalty—$2,000.
(4) A person has a substantial share interest in a co-operative if the nominal value of the shares in the co-operative in which the person has a relevant interest represents 5% or more of the nominal value of the issued share capital of the co-operative.
(5) A substantial change takes place in a person’s share interest in a co-operative if there is an increase or decrease in the number of shares in the co-operative in which the person has a relevant interest and the increase or decrease represents at least 1% of the nominal value of the issued share capital of the co-operative.