400Approval of transfer of engagements

400 Approval of transfer of engagements

400 Approval of transfer of engagements

(1) The Registrar must approve a transfer of engagements under an application under this Division if satisfied—

(a) this Division 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) for a total transfer of engagements from a co-operative—the certificate of registration of the co-operative has been surrendered to the Registrar; and

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

(2) A transfer of engagements takes effect on the day stated in the approval of the Registrar.