Western Australian Current Acts Western Australian Current Acts (1) This section
applies to the issue of debentures of a co-operative if the issue is made
—
(a)
solely to members; or
(b)
solely to members and employees of the co-operative.
(2) This section does
not apply to the issue of debentures under section 73(2), 127(2) or 164(1).
(3A) Before issuing to
a person debentures to which this section applies, a co-operative must —
(a)
inform the person in writing that the person is entitled to receive a
disclosure statement on request to the co-operative; and
(b) give
the person a disclosure statement if the person requests it.
(3) For the purposes
of subsection (3A), the disclosure statement is a statement, approved by the
Registrar, and containing the information that is reasonably necessary to
enable a person to make an informed assessment of the financial prospects of
the co-operative, including —
(a) the
purpose for which the money raised by the co-operative by the issue of
debentures is to be used; and
(b) the
rights and liabilities attaching to the debentures; and
(c) the
financial position of the co-operative; and
(d) the
interests of the directors of the co-operative in the issue of the debentures;
and
(e)
compensation or consideration to be paid to officers or members of the
co-operative in connection with the issue of debentures; and
(f)
other matters that the Registrar directs.
(4) Sections 16
(except subsection (3)) and 29 apply to the approval of a disclosure statement
under this section with any necessary changes and, in particular, as if a
reference in section 16 to a formation meeting were a reference to the issue
of debentures.
(5) The Registrar may,
by order published in the Gazette , exempt a co-operative or class of
co-operatives from complying with this section.
(6) An exemption may
be granted unconditionally or subject to conditions.
[Section 252 amended: No. 7 of 2016 s. 88.]