sec.416Registrar to be given notice and opportunity to make submissions

sec.416 Registrar to be given notice and opportunity to make submissions

The Supreme Court may make an order under this Division if the court is satisfied— at least 14 days notice of the hearing of the application for the order, or a shorter period of notice the court or the Registrar permits, has been given to the Registrar; and the Registrar has had a reasonable opportunity to examine the terms of, and make submissions to the court in relation to, the proposed compromise or arrangement concerned and a draft explanatory statement relating to it. In this section— draft explanatory statement means a statement— explaining the effect of the proposed compromise or arrangement and, in particular, stating— material interests of the directors of the co-operative, whether as directors, as members or creditors of the co-operative or otherwise; and the effect on the interests of the proposed compromise or arrangement in so far as the effect is different from the effect on the like interests of other persons; and setting out information prescribed by the National Regulations; and setting out other information that— is material to the making of a decision by a creditor or member of the co-operative whether or not to agree to the proposed compromise or arrangement; and is within the knowledge of the directors of the co-operative; and has not previously been disclosed to the creditors or members of the co-operative. (sec.416-ssec.1) The Supreme Court may make an order under this Division if the court is satisfied— at least 14 days notice of the hearing of the application for the order, or a shorter period of notice the court or the Registrar permits, has been given to the Registrar; and the Registrar has had a reasonable opportunity to examine the terms of, and make submissions to the court in relation to, the proposed compromise or arrangement concerned and a draft explanatory statement relating to it. (sec.416-ssec.2) In this section— draft explanatory statement means a statement— explaining the effect of the proposed compromise or arrangement and, in particular, stating— material interests of the directors of the co-operative, whether as directors, as members or creditors of the co-operative or otherwise; and the effect on the interests of the proposed compromise or arrangement in so far as the effect is different from the effect on the like interests of other persons; and setting out information prescribed by the National Regulations; and setting out other information that— is material to the making of a decision by a creditor or member of the co-operative whether or not to agree to the proposed compromise or arrangement; and is within the knowledge of the directors of the co-operative; and has not previously been disclosed to the creditors or members of the co-operative.

• (a) at least 14 days notice of the hearing of the application for the order, or a shorter period of notice the court or the Registrar permits, has been given to the Registrar; and