(1) A draft of the
rules proposed for the co-operative (including active membership provisions in
accordance with Part 6) 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.
(2) The draft rules
submitted under subsection (1) must be accompanied by a written statement
specifying the date on which the formation meeting is due to be held.
(3) The proposed rules
must —
(a) be
in accordance with section 98; and
(b) be
in a form that may reasonably be approved.
(4) The Registrar may
—
(a)
approve the proposed rules as submitted; or
(b)
approve different proposed rules to those submitted; or
(c)
refuse to approve the proposed rules; or
(d)
require the person submitting the draft rules to give the Registrar any
additional information the Registrar reasonably requires, and then act under
paragraph (a), (b) or (c).
(5) Subject to
subsection (6), the Registrar approves proposed rules by giving written notice
of that approval to the person who submitted the proposed rules to the
Registrar.
(6) The Registrar is
taken to have approved the proposed rules as submitted to the Registrar 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 proposed rules that the Registrar —
(a) has
approved different proposed rules to those submitted; or
(b) is
still considering the matter; or
(c)
refuses to approve the proposed rules.
(7) If the Registrar
approves different rules to those submitted, or refuses to approve proposed
rules, the Registrar must give the person who submitted the proposed rules
notice of the reasons for doing so.
[Section 17 amended: No. 7 of 2016 s. 14.]