Co-operatives National Law (Queensland)
sec.379Consequences of prohibited offer
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sec.379 Consequences of prohibited offer
If a person makes an offer to purchase shares in a co-operative in contravention of this Division— the person cannot be registered as the holder of the shares concerned; and if the transfer of the shares is registered—the person cannot vote at a meeting of the co-operative. A vote cast by or for a member when the member cannot vote because of this section must be disregarded. (sec.379-ssec.1) If a person makes an offer to purchase shares in a co-operative in contravention of this Division— the person cannot be registered as the holder of the shares concerned; and if the transfer of the shares is registered—the person cannot vote at a meeting of the co-operative. (sec.379-ssec.2) A vote cast by or for a member when the member cannot vote because of this section must be disregarded.
- (a) the person cannot be registered as the holder of the shares concerned; and
- (b) if the transfer of the shares is registered—the person cannot vote at a meeting of the co-operative.