Australian Capital Territory Repealed Acts

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This legislation has been repealed.

COOPERATIVES ACT 2002 (REPEALED) - SECT 278

Notice required to be given of substantial share interest

    (1)     A person must give notice to a trading cooperative within 5 business days after the day the person becomes aware that the person has a substantial share interest in the cooperative.

Maximum penalty: 20 penalty units.

    (2)     A person who has a substantial share interest in a trading cooperative must give notice to the cooperative within 5 business days after the day the person becomes aware that a substantial change has happened in that share interest.

Maximum penalty: 20 penalty units.

    (3)     A person who has ceased to have a substantial share interest in a trading cooperative must give notice to the cooperative within 5 business days after the day the person becomes aware that the person has ceased to have the interest.

Maximum penalty: 20 penalty units.

    (4)     A person has a substantial share interest in a trading cooperative if the nominal value of the shares in the cooperative in which the person has a relevant interest represents 5% or more of the nominal value of the issued share capital of the cooperative.

    (5)     A substantial change takes place in a person's share interest in a trading cooperative if there is an increase or decrease in the number of shares in the cooperative in which the person has a relevant interest and the increase or decrease represents at least 1% of the nominal value of the issued share capital of the cooperative.



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