Western Australian Current Acts

CO-OPERATIVES ACT 2009 - SECT 16

16 .         Approval of disclosure statement

        (1)         A draft disclosure statement of a proposed distributing co-operative must be submitted to the Registrar at least 35 days (or a shorter period the Registrar may allow in a particular case) before the formation meeting is due to be held.

        (2A)         If the Registrar so directs under subsection (2B), a draft disclosure statement of a proposed non-distributing co-operative must be submitted to the Registrar by the time specified in the direction.

        (2B)         The Registrar may by written notice direct that —

            (a)         a draft disclosure statement of a proposed non-distributing co-operative must be submitted to the Registrar by the time specified in the direction, being a time before the formation meeting is due to be held; and

            (b)         a disclosure statement approved under this section must be presented to the formation meeting for the co-operative.

        (2)         A draft disclosure statement submitted under subsection (1) or (2A) must be accompanied by a written statement specifying the date on which the formation meeting is due to be held.

        (3)         A draft disclosure statement of a proposed distributing co-operative submitted under subsection (1) must contain the information necessary to ensure that eligible members are adequately informed of the nature and extent of a person’s financial involvement or liability as a member of the co-operative including so far as applicable —

            (a)         the estimated costs of formation; and

            (b)         the active membership provisions of the proposed co-operative; and

            (c)         the rights and liabilities attaching to shares in the proposed co-operative; and

            (d)         the capital required for the co-operative at the time of formation; and

            (e)         the projected income and expenditure of the co-operative for its first year of operation; and

            (f)         information about any pre-registration contractual obligations of the co-operative under Part 3 Division 5; and

            (g)         any other information that the Registrar directs.

        (4A)         A draft disclosure statement of a proposed non-distributing co-operative submitted under subsection (2A) must contain the information that the Registrar directs to be included.

        (4)         A draft disclosure statement submitted under subsection (1) or (2A) cannot include a statement purporting to be made by an expert or to be based on a statement made by an expert unless —

            (a)         the expert has given, and has not withdrawn, the expert’s written consent to the submission of the disclosure statement with the statement included in the form and context in which it is included; and

            (b)         there appears in the disclosure statement a statement that the expert has given, and has not withdrawn, the expert’s consent.

        (5)         The Registrar may, in respect of a draft disclosure statement submitted under subsection (1) or (2A) —

            (a)         approve the draft statement as submitted; or

            (b)         amend the draft statement, or require a stated amendment of the draft, and then approve the amended statement; or

            (c)         approve a different statement to that submitted; or

            (d)         refuse to approve the statement; or

            (e)         require the person submitting the disclosure statement to give the Registrar any additional information the Registrar reasonably requires, and then act under paragraph (a), (b), (c) or (d).

        (6)         The Registrar may approve a disclosure statement submitted under subsection (1) or (2A) with or without conditions.

        (7)         Subject to subsection (8), the Registrar approves of a disclosure statement submitted under subsection (1) or (2A) by giving written notice of the approval of the statement to the person who submitted the draft statement to the Registrar.

        (8)         The Registrar is taken to have approved a disclosure statement as submitted to the Registrar under subsection (1) or (2A) unless at least 5 days before the date specified in the written statement submitted under subsection (2), the Registrar gives written notice to the person who submitted the draft statement that the Registrar —

            (a)         has approved an amended or different disclosure statement; or

            (b)         is still considering the matter; or

            (c)         refuses to approve the disclosure statement.

        (9)         If the Registrar approves an amended or different disclosure statement, or refuses to approve a disclosure statement, the Registrar must give the person who submitted the draft statement written notice of the reasons for doing so.

        [Section 16 amended: No. 7 of 2016 s. 13.]