92Disclosure by member of relevant interests and instructions

92 Disclosure by member of relevant interests and instructions

92 Disclosure by member of relevant interests and instructions

(cf Corporations Act s 672B)

(1) A person given a direction under section 91 must disclose in writing to the board of the co-operative giving the direction—

(a) full details of their own relevant interest in the shares and of the circumstances that give rise to that interest; and

(b) the name and address of each other person who has a relevant interest in any of the shares together with full details of—

(i) the nature and extent of the interest; and

(ii) the circumstances that give rise to the other person’s interest; and

(c) the name and address of each person who has given the person instructions about—

(i) the acquisition or disposal of the shares; or

(ii) the exercise of any voting or other rights attached to the shares; or

(iii) any other matter relating to the shares or interests;

together with full details of those instructions (including the date or dates on which they were given).

Maximum penalty—$1,000 or imprisonment for 3 months, or both.

(2) However, a matter referred to in subsection (1) (b) or (c) need be disclosed only to the extent to which it is known to the person required to make the disclosure.

(3) An offence based on subsection (1) is an offence of strict liability.

(4) A defendant bears an evidential burden in relation to the matter in subsection (2).

(5) The disclosure must be made within 5 business days after—

(a) the person is given the direction; or

(b) if the person applies for an exemption under subsection (6) from complying with the direction and the Registrar refuses to grant the exemption—the Registrar notifies the person of the Registrar’s decision on the application.

(6) The Registrar may, by designated instrument, exempt a person from complying with a direction if the Registrar believes the direction is unjustified.