Western Australian Current Acts Western Australian Current Acts (1) A person cannot
have a relevant interest in shares of a co-operative the nominal value of
which is more than 20% of the nominal value of the issued share capital of the
co-operative.
(2) The Registrar, by
order published in the Gazette , may specify a maximum greater than 20% as the
maximum permissible level of share interest for the purposes of subsection (1)
for a particular co-operative.
(3) Unless an order
under subsection (2) is in force, a co-operative, by its rules, may specify a
maximum less than 20% as the maximum permissible level of share interest for
the purposes of subsection (1) for that co-operative.
(4) The maximum
permissible level of share interest applying under this section may be
increased for a particular person by special resolution of the co-operative
concerned passed by a special postal ballot.
(5) A resolution under
subsection (4) does not have effect unless —
(a) it
is approved by the Registrar; or
(b) the
person concerned is another co-operative.
(6) The
Registrar’s approval of the resolution may be given on conditions.