476Requirements before application can be made

476 Requirements before application can be made (1) Before a local co-operative and a participating co-operative can apply for approval under this Part of a merger or transfer of engagements, the proposed merger or transfer must have been approved by each of the co-operatives: (a) by a special resolution passed by special postal ballot; or (b) if permitted by subsection (2), by a special resolution, or by a resolution of the board, of the co-operative. (2) The proposed merger or transfer of engagements may be approved by special resolution, or by resolution of the board, of the (a) the local Registrar consents to that procedure applying in the particular case; and (b) the participating Registrar also consents to that procedure applying in the particular case. (3) A consent referred to in subsection (2) may be granted subject to conditions, including any condition that a disclosure statement be provided to members or directors. (4) A co-operative that contravenes a condition of a consent is taken not to have been given consent.