431Schemes and contracts to which this Division applies

431 Schemes and contracts to which this Division applies (1) This Division applies to a scheme or contract involving a transfer of shares in a co-operative (the transferor) to a person (the transferee) that has, within 4 months after the making of the offer relating to the scheme or contract by the transferee, been approved by the holders of at least 90% in nominal value of all the shares concerned (other than excluded shares). (2) This Division does not apply to a scheme or contract arising out of the making of an offer to which Division 2 of Part 3.5 applies.