New South Wales Consolidated Regulations

CO-OPERATIVES NATIONAL REGULATIONS - REG 3.23

3.23 Requirements to be satisfied before offer can be made (section 374(2))

For the purposes of 374(2) of the Law, an offer referred to in section 373(1)(e) of the Law can be made even if it has not been approved as referred to in section 374(1) of the Law if:

(a) the offer is made in circumstances where it is part of a scheme of arrangement referred to in section 414(1)(a) of the Law; or

(b) the offer is made in circumstances where:

(i) it is part of the normal course of a co-operative's activities in admitting new members or in dealing with membership changes while the co-operative is a going concern; and

(ii) the offeror's shareholding interest exceeds or would exceed 5% of the nominal value of the co-operative's issued share capital for less than 6 months; and

(iii) the Registrar has, on the application of the co-operative, exempted the co-operative under section 380 of the Law from compliance with section 374(1) of the Law in relation to the offer.