Western Australian Current Acts

CO-OPERATIVES ACT 2009 - SECT 380C

380C .         Restrictions on advertising and publicity: shares in participating co-operatives

        (1)         A person must not advertise, or publish a statement that directly or indirectly refers to, an offer, or intended offer, of shares in a participating co-operative that is a distributing co-operative (within the meaning of the relevant corresponding co-operatives law of another jurisdiction) unless —

            (a)         a current disclosure statement relating to the shares is registered with the Registrar for the other jurisdiction under a provision of that corresponding co-operatives law that substantially corresponds to section 137A; and

            (b)         any other applicable requirements specified in regulations for the purposes of this section are complied with.

        Penalty for this subsection: a fine of $1 000.

        (2)         Subsection (1) applies in relation to shares in a distributing co-operative only if the shares are offered, or intended to be offered, to persons who are not shareholders in the co-operative.

        (3)         A person does not contravene subsection (1) by publishing an advertisement or statement if they publish it in the ordinary course of a business of —

            (a)         publishing a newspaper or magazine; or

            (b)         broadcasting by radio or television,

                and the person did not know and had no reason to suspect that its publication would amount to a contravention of that subsection.

        (4)         Despite The Criminal Code section 23B(2), it is immaterial for the purposes of subsection (1) that any event occurred by accident.

        [Section 380C inserted: No. 7 of 2016 s. 135.]