Western Australian Current Acts Western Australian Current Acts (1) Even though a
person’s shares in a co-operative have been forfeited under this Part,
the person is to be taken to be the holder of shares in the co-operative (the
same in all respects as those that were forfeited) for the following purposes
—
(a) the
entitlements of a shareholder in relation to the purchase of shares in the
co-operative pursuant to an offer described in section 289(1)(a), (b) or (c)
or the purchase of all the shares in the co-operative, if the offer or
purchase occurs within 2 years after the person’s shares were forfeited;
(b) the
entitlement of a shareholder when the co-operative becomes registered as a
company if the relevant special resolution under section 306 is passed within
2 years after the person’s shares were forfeited;
(c) the
entitlement of a shareholder to a distribution of surplus in a winding-up of
the co-operative that commences within 2 years after the person’s shares
were forfeited.
(2) Subsection (1)(a)
does not apply to —
(a) an
offer described in section 289(1)(a) or (c) that is made by another
co-operative; or
(b) the
purchase of all the shares in the co-operative by another co-operative.
(3) Subsection (1)(c)
does not apply if the winding-up is for the purposes of a merger under Part 12
Division 1.
(4) For the removal of
doubt, it is declared that the entitlement under subsection (1)(a) of a person
whose shares have been forfeited does not include an entitlement to vote on
any matter.
(5) This section does
not apply to a forfeited shareholding in a co-operative if section 133
operates to require that forfeited shareholding to be regarded as a forfeited
shareholding in another co-operative.
[Section 132 amended: No. 7 of 2016 s. 33.]