(1) A proposed
alteration of the rules of a co-operative must be approved by the Registrar
before the resolution altering the rules is passed by the co-operative or the
board of the co-operative.
(2) A draft of the
proposed alteration must be submitted to the Registrar at least 21 days
(or a shorter period the Registrar may allow in a particular case)
before —
(a) the
notice of the proposed special resolution altering the rules is due to be
given to the members by the co-operative; or
(b) the
resolution is due to be passed by the board of the co-operative.
(3) The proposed
alteration submitted under subsection (2) must be accompanied by a
written statement specifying the date on which the notice is due to be given
to members or the resolution is due to be passed by the board, as the case may
be.
(4) The proposed
alteration must —
(a) be
in accordance with section 98; and
(b) be
made in a form approved by the Registrar; and
(c) be
accompanied by a statement setting out the reasons for the alteration.
(5) The Registrar
may —
(a)
approve the proposed alteration as submitted; or
(b)
approve a different alteration to that submitted; or
(c)
refuse to approve the proposed alteration.
(6) Subject to
subsection (7), the Registrar approves a proposed alteration by giving
written notice of the approval to the co-operative.
(7) The Registrar is
taken to have approved a proposed alteration as submitted to the Registrar
unless at least 5 days before the date specified in the written statement
submitted under subsection (3), the Registrar gives written notice to the
co-operative that the Registrar —
(a) has
approved a different alteration to that submitted; or
(b) has
refused to approve the proposed alteration; or
(c) is
still considering the matter.