Western Australian Numbered Acts Western Australian Numbered Acts (1) This section
applies to the issue of debentures of a co-operative if the issue is
made —
(a)
solely to members; or
(b)
solely to members and employees of the co-operative.
(2) This section does
not apply to the issue of debentures under section 73(2) or 127(1).
(3) Before issuing to
a person debentures to which this section applies, that person may request a
disclosure statement, approved by the Registrar, and containing the
information that is reasonably necessary to enable a person to make an
informed assessment of the financial prospects of the co-operative,
including —
(a) the
purpose for which the money raised by the co-operative by the issue of
debentures is to be used; and
(b) the
rights and liabilities attaching to the debentures; and
(c) the
financial position of the co-operative; and
(d) the
interests of the directors of the co-operative in the issue of the debentures;
and
(e)
compensation or consideration to be paid to officers or members of the
co-operative in connection with the issue of debentures; and
(f)
other matters that the Registrar directs.
(4) Sections 16
(except subsection (3)) and 29 apply to the approval of a disclosure
statement under this section with any necessary changes and, in particular, as
if a reference in section 16 to a formation meeting were a reference to
the issue of debentures.