477Disclosure statement required

477 Disclosure statement required (1) A special resolution of the local co-operative or participating co-operative is not effective for the purposes of this Part unless this section has been complied with.

Co-operatives (National Uniform Legislation) Act 2015 292 (2) Each co-operative must send to each of its members a disclosure statement approved by the appropriate Registrar specifying the (a) the financial position of the local co-operative and the participating co-operative as shown in financial statements that have been prepared as at a date that is not more than 6 months before the date of the statement; (b) any interest that any officer of the local co-operative or the participating co-operative has in the proposed merger or transfer of engagements; (c) any compensation or other consideration proposed to be paid, or any other incentive proposed to be given, to any officer or member of the local co-operative or participating co-operative in relation to the proposed merger or transfer of engagements; (d) whether the proposal is a merger or transfer of engagements and the reason for the merger or transfer of engagements; (e) in the case of a transfer of engagements – whether it is a total or partial transfer of engagements; (f) in the case of a merger – whether the merged co-operative will result in a local co-operative or a co-operative under the co-operatives law of the participating jurisdiction concerned; (g) any other information that the appropriate Registrar directs. (3) The disclosure statement must be sent to the members of the local co-operative or participating co-operative so that it will in the ordinary course of post reach each member who is entitled to vote on the special resolution not later than: (a) if the resolution is to be decided at a meeting – 21 days before the date of the meeting; or (b) if the resolution is to be decided by a postal ballot – 21 days before the day on or before which the ballot papers must be returned by members voting in the ballot. (4) The appropriate Registrar may exempt the local co-operative or participating co-operative from complying with this section. (5) The appropriate Registrar may give an approval or an exemption under this section unconditionally or subject to conditions.

Co-operatives (National Uniform Legislation) Act 2015 293