sec.365Powers of board in response to suspected contravention

sec.365 Powers of board in response to suspected contravention

If the board of a co-operative is satisfied on reasonable grounds that a person has contravened section 361 in relation to the co-operative, the board may do either or both of the following— refuse to register a share transfer involving the person; suspend a stated right or entitlement a person has as a member of the co-operative or attaching to any shares of the co-operative in which the person has a relevant interest. The board may ask a person who it suspects has a relevant interest in shares of the co-operative to give stated information to the board about the interest. A failure by a person to comply with a request under subsection (2) is a reasonable ground for being satisfied the person has contravened section 361 . (sec.365-ssec.1) If the board of a co-operative is satisfied on reasonable grounds that a person has contravened section 361 in relation to the co-operative, the board may do either or both of the following— refuse to register a share transfer involving the person; suspend a stated right or entitlement a person has as a member of the co-operative or attaching to any shares of the co-operative in which the person has a relevant interest. (sec.365-ssec.2) The board may ask a person who it suspects has a relevant interest in shares of the co-operative to give stated information to the board about the interest. (sec.365-ssec.3) A failure by a person to comply with a request under subsection (2) is a reasonable ground for being satisfied the person has contravened section 361 .

• (a) refuse to register a share transfer involving the person;
• (b) suspend a stated right or entitlement a person has as a member of the co-operative or attaching to any shares of the co-operative in which the person has a relevant interest.