(1) This Division
applies to a scheme or contract involving a transfer of shares in a
co-operative (the transferor ) to a person (the transferee ) that has, within
4 months after the making of the offer relating to the scheme or contract by
the transferee, been approved by the holders of at least 90% in nominal value
of all the shares (other than excluded shares) to which the offer relates.
(2) This Division does
not apply to a scheme or contract arising out of the making of an offer to
which Part 11 Division 2 applies.