(1) The board of a
co-operative must convene a general meeting of the co-operative on the written
requisition of such number of members who together are able to cast at least
20% (or any lesser percentage specified in the rules of the co-operative) of
the total number of votes able to be cast at a meeting of the co-operative.
(2) The following
provisions apply to a requisition for a general meeting —
(a) it
must state the objects of the meeting;
(b) it
must be signed by the requisitioning members, and may consist of several
documents in like form each signed by one or more of the requisitioning
members;
(c) it
must be served on the co-operative by being lodged at the registered office of
the co-operative.
(3) The meeting must
be called and held as soon as practicable and in any case must be held within
2 months after the requisition is served.
(4) If the board does
not call a meeting within 35 days after a requisition is served, the following
provisions apply —
(a) the
requisitioning members, or any of them representing at least half their total
voting rights, may call the meeting in the same way as nearly as possible as
meetings are called by the board;
(b) for
that purpose they may request the co-operative to supply a written statement
setting out the names and addresses of the persons entitled when the
requisition was served to receive notice of general meetings of the
co-operative;
(c) the
board must send the requested statement to the requisitioning members within 7
days after the request for the statement is made;
(d) the
meeting called by the requisitioning members must be held not later than 3
months after the requisition is served;
(e) any
reasonable expenses incurred by the requisitioning members because of the
board’s failure to call the meeting must be paid by the co-operative;
(f) any
amount required to be paid by the co-operative under paragraph (e) must be
retained by the co-operative out of any money due from the co-operative by way
of fees or other remuneration in respect of their services to such of the
directors as were in default.