(1) Before applying
for registration as a co-operative, a corporation must pass a resolution
approving of —
(a) the
proposed registration; and
(b) any
alterations of its existing constitution necessary to enable the corporation
to comply with this Act; and
(c) the
proposed rules of the proposed co-operative approved under section 17,
including active membership provisions in accordance with Part 6.
(2) At the meeting to
pass the resolution, a disclosure statement approved under section 16 must be
presented to the meeting in the case of —
(a) a
proposed distributing co-operative; or
(b) a
proposed non-distributing co-operative that is the subject of a direction
under section 16(2B).
(3) A resolution under
this section must have been passed by a two-thirds majority of eligible
members present at the meeting.
[Section 22 amended: No. 7 of 2016 s. 16.]