sec.22Requirements regarding formation meeting

sec.22 Requirements regarding formation meeting

At the formation meeting for a proposed co-operative— the proposed rules of the co-operative approved under section 24 for the proposed co-operative, including active membership provisions, must be passed by two-thirds of the proposed members of the proposed co-operative attending the meeting; and in the case of— a proposed distributing co-operative; or a proposed non-distributing co-operative that is the subject of a direction under section 23 (2) (a); a formation disclosure statement approved under section 25 must be presented to the meeting; and the proposed members of the proposed co-operative must sign the application for membership; and the proposed members must elect the first directors of the proposed co-operative under the proposed rules; and the proposed members must authorise a person— to apply to the Registrar for registration of the proposed co-operative; and to do anything necessary to have the proposed co-operative registered. The formation meeting must be held by— in the case of a co-operative group—not less than 2 co-operatives suitably qualified to be members of the proposed co-operative group; or in the case of any other co-operative—not less than 5 persons, or if a lesser number than 5 is approved by the Registrar not less than the approved number of persons, suitably qualified to be members of the proposed co-operative. For the purposes of subsection (2) , a person (including a co-operative) is suitably qualified to be a member if— there are reasonable grounds to believe the person will be an active member of the proposed co-operative; and in the case of an individual—the person is an adult; and the person satisfies any other requirements for membership in the proposed rules. Each co-operative forming a proposed co-operative group may be represented at the formation meeting by one person. An approval under subsection (2) may be given in relation to a particular co-operative or class of co-operatives or to all co-operatives. (sec.22-ssec.1) At the formation meeting for a proposed co-operative— the proposed rules of the co-operative approved under section 24 for the proposed co-operative, including active membership provisions, must be passed by two-thirds of the proposed members of the proposed co-operative attending the meeting; and in the case of— a proposed distributing co-operative; or a proposed non-distributing co-operative that is the subject of a direction under section 23 (2) (a); a formation disclosure statement approved under section 25 must be presented to the meeting; and the proposed members of the proposed co-operative must sign the application for membership; and the proposed members must elect the first directors of the proposed co-operative under the proposed rules; and the proposed members must authorise a person— to apply to the Registrar for registration of the proposed co-operative; and to do anything necessary to have the proposed co-operative registered. (sec.22-ssec.2) The formation meeting must be held by— in the case of a co-operative group—not less than 2 co-operatives suitably qualified to be members of the proposed co-operative group; or in the case of any other co-operative—not less than 5 persons, or if a lesser number than 5 is approved by the Registrar not less than the approved number of persons, suitably qualified to be members of the proposed co-operative. (sec.22-ssec.3) For the purposes of subsection (2) , a person (including a co-operative) is suitably qualified to be a member if— there are reasonable grounds to believe the person will be an active member of the proposed co-operative; and in the case of an individual—the person is an adult; and the person satisfies any other requirements for membership in the proposed rules. (sec.22-ssec.4) Each co-operative forming a proposed co-operative group may be represented at the formation meeting by one person. (sec.22-ssec.5) An approval under subsection (2) may be given in relation to a particular co-operative or class of co-operatives or to all co-operatives.