Western Australian Current Acts

CO-OPERATIVES ACT 2009 - SECT 151

151 .         Disclosure by member of relevant interests and instructions

        (1)         A person given a direction under section 150 must, unless subsection (2) applies, disclose to the board —

            (a)         full details of the person’s relevant interest in the shares of the co-operative (the relevant shares ) and of the circumstances that gave rise to the interest; and

            (b)         the name and address of each other person who has a relevant interest in the relevant shares together with full details of —

                  (i)         the nature and extent of the interest; and

                  (ii)         the circumstances that gave rise to the other person’s interest;

                and

            (c)         the name and address of each person who has given the person instructions about —

                  (i)         the acquisition or disposal of the shares; or

                  (ii)         the exercise of any voting or other rights attached to the shares; or

                  (iii)         any other matter relating to the shares,

                together with full details of those instructions, including the date or dates on which they were given.

        Penalty for this subsection: a fine of $1 000.

        (2)         A matter referred to in subsection (1)(b) or (c) need only be disclosed to the extent to which the matter is ascertainable by the person required to make the disclosure.

        (3A)         Despite The Criminal Code section 23B(2), it is immaterial for the purposes of subsection (1) that any event occurred by accident.

        (3)         The disclosure must be made within the period of 5 days after the person is given the direction, unless within that period the person applies in writing to the Registrar for an exemption from compliance with the direction.

        (4)         The Registrar may, in writing, exempt a person from complying with a direction if the Registrar believes the direction is unjustified.

        (5)         If the Registrar refuses to give an exemption under subsection (4), the disclosure required by the direction must be made within the period of 5 days after the person receives written notice of that refusal.

        (6A)         A person does not have to comply with a direction if the person proves that the giving of the direction is vexatious.

        (6)         A board that receives information from a person acting on a direction given to the person by the board must pay to the person the fee, if any, prescribed by the regulations.

        [Section 151 amended: No. 7 of 2016 s. 44.]