Div 6Conversion of co‑operative

Division 6—Conversion of co‑operative 35—Conversion of co‑operative (1) A co‑operative may, by amendment of its rules, convert from— (a) a co‑operative with share capital to a co‑operative without share capital, or vice versa; or (b) a distributing co‑operative to a non‑distributing co‑operative, or vice versa. (2) An amendment of the rules for the conversion of a co‑operative with share capital to a co‑operative without share capital cannot be passed until at least 2 weeks after a notice has been published in a newspaper circulating generally in the district in which the registered office of the co‑operative is situated advising of the proposal to submit the proposed amendment to members of the co‑operative. (3) An amendment of the rules for the conversion of a non‑distributing co‑operative to a distributing co‑operative does not have effect without the prior approval of the Registrar under section 60. (4) An amendment of the rules for the conversion of a co‑operative must be approved by special resolution passed by a special postal ballot. (5) The Registrar may exempt— (a) a co‑operative from subsection (4) by designated instrument; or (b) a class of co‑operatives from subsection (4) by designated instrument. (6) An exemption may be given unconditionally or subject to conditions.