Australian Capital Territory Repealed Acts

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This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 157

Notice of non-beneficial ownership not notified at time of transfer

    (1)     If on the registration of an instrument of transfer of shares the transferee holds non-beneficially any of the shares transferred, notice of that fact must be given to the cooperative.

    (2)     The notice must—

        (a)     set out the name and address of the transferee; and

        (b)     contain a statement to the effect that, as from registration of the transfer, the transferee holds the shares non-beneficially; and

        (c)     set out particulars of the shares; and

        (d)     be signed by or on behalf of the transferee.

    (3)     The notice must be given within 14 days after the registration of the transfer (even if before the end of that 14 days the transferee begins to hold any of the relevant shares beneficially).

    (4)     The transferee of the shares must ensure that this section is complied with.

Maximum penalty: 10 penalty units.

    (5)     This section does not apply in relation to any shares for which particulars were set out in a non-beneficial ownership notice under section 156 included in the instrument of transfer.



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