431Schemes and contracts to which this Division applies

431 Schemes and contracts to which this Division applies

431 Schemes and contracts to which this Division applies

(1) This Division applies to a scheme or contract involving a transfer of shares in a co-operative (the transferor) to a person (the transferee) that has, within 4 months after the making of the offer relating to the scheme or contract by the transferee, been approved by the holders of at least 90% in nominal value of all the shares concerned (other than excluded shares).

(2) This Division does not apply to a scheme or contract arising out of the making of an offer to which Division 2 of Part 3.5 applies.