Western Australian Current Acts Western Australian Current Acts (1) The board of a
distributing co-operative may require a member to take up or subscribe for
additional shares under a proposal approved by a special resolution of the
co-operative passed by a special postal ballot.
(2) The board of a
distributing co-operative may deduct amounts in payment for additional shares
from money payable to members for dealings with the co-operative, under a
proposal approved by a special resolution of the co-operative.
(3) A proposal to
require a member to take up or subscribe for additional shares must —
(a) be
accompanied by a disclosure statement, approved by the Registrar, that
explains the purpose for which the funds raised by the issue of the additional
shares are to be used; and
(b)
clearly show the total number of additional shares to be issued and the basis
on which the shares are to be apportioned among members; and
(c) be
accompanied by a statement informing the member that the member may inform the
board by notice on or before the date specified in the statement, being a date
before the passing of the special resolution, that the member resigns on the
passing of the special resolution.
(4) A proposal to
deduct amounts in payment for additional shares from amounts payable to
members for dealings with the distributing co-operative must clearly show
—
(a) the
basis on which the deductions are to be made; and
(b) the
time and way of making those deductions.
(5) A proposal
approved under this section is binding on —
(a) all
members of the distributing co-operative at the date of the passing of the
special resolution, other than a member who has given a notice of resignation
in accordance with subsection (3)(c); and
(b) all
persons who become members of the distributing co-operative after that date
and before the total number of shares to be issued under the proposal has been
issued.
(6) Sections 16
(except subsection (3)) and 29 apply to the approval of a disclosure statement
under this section with any necessary changes and in particular as if any
reference in section 16 to a formation meeting were a reference to the special
resolution.
(7) The requirements
in respect of a proposal to take up additional shares under subsection (3) do
not apply to the issue of bonus shares under section 144(4)(a), 147 or 271(2).
[Section 146 amended: No. 7 of 2016 s. 41.]