sec.361Notice required to be given of substantial share interest

sec.361 Notice required to be given of substantial share interest

A person must give notice to a co-operative within 5 business days after becoming aware the person has a substantial share interest in the co-operative. Maximum penalty—$2,000. A person who has a substantial share interest in a co-operative must give notice to the co-operative within 5 business days after becoming aware a substantial change has occurred in the share interest. Maximum penalty—$2,000. A person who has ceased to have a substantial share interest in a co-operative must give notice to the co-operative within 5 business days after becoming aware the person has ceased to have the interest. Maximum penalty—$2,000. A person has a substantial share interest in a co-operative if the nominal value of the shares in the co-operative in which the person has a relevant interest represents 5% or more of the nominal value of the issued share capital of the co-operative. A substantial change takes place in a person’s share interest in a co-operative if there is an increase or decrease in the number of shares in the co-operative in which the person has a relevant interest and the increase or decrease represents at least 1% of the nominal value of the issued share capital of the co-operative. (sec.361-ssec.1) A person must give notice to a co-operative within 5 business days after becoming aware the person has a substantial share interest in the co-operative. Maximum penalty—$2,000. (sec.361-ssec.2) A person who has a substantial share interest in a co-operative must give notice to the co-operative within 5 business days after becoming aware a substantial change has occurred in the share interest. Maximum penalty—$2,000. (sec.361-ssec.3) A person who has ceased to have a substantial share interest in a co-operative must give notice to the co-operative within 5 business days after becoming aware the person has ceased to have the interest. Maximum penalty—$2,000. (sec.361-ssec.4) A person has a substantial share interest in a co-operative if the nominal value of the shares in the co-operative in which the person has a relevant interest represents 5% or more of the nominal value of the issued share capital of the co-operative. (sec.361-ssec.5) A substantial change takes place in a person’s share interest in a co-operative if there is an increase or decrease in the number of shares in the co-operative in which the person has a relevant interest and the increase or decrease represents at least 1% of the nominal value of the issued share capital of the co-operative.