Co-operatives National Law (NSW)
376Offers to be submitted to board first
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376 Offers to be submitted to board first
376 Offers to be submitted to board first
(1) A proposal to make an offer to which this Division applies must in the first instance be submitted to the board of the co-operative.
(2) The board may decline to put a proposed offer to a special postal ballot unless arrangements satisfactory to the board have been made for payment to the co-operative of the expenses involved in holding the ballot.
(3) The board may require payment under subsection (2) in advance.
(4) A requisition for a special postal ballot for this Division cannot be served unless the board has had a reasonable opportunity to consider the proposed offer concerned.
(5) A period of 28 days is a reasonable opportunity for considering a proposed offer but the Registrar may extend the period in a particular case, whether before or after the end of the 28 days, by written notice to the co-operative.