Western Australian Numbered Acts

CO-OPERATIVES ACT 2009 (NO. 24 OF 2009) - SECT 346

346 .         Directors to arrange for reports

        (1)         When a compromise or arrangement (whether or not for the purposes of or in connection with a scheme for the reconstruction of a co-operative or the merger of any 2 or more co-operatives) has been proposed, the directors of the co-operative must —

            (a)         if a meeting of the members of the co-operative by resolution so directs, instruct the accountants or legal practitioners or both named in the resolution to report on the proposals and send their report or reports to the directors as soon as practicable; and

            (b)         make any report or reports so obtained available at the registered office of the co-operative for inspection by the members and creditors of the co-operative at least 7 days before the day of the meeting ordered by the Supreme Court or the holding of the special postal ballot, as appropriate.

        (2)         If subsection (1) is not complied with, each director of the co-operative commits an offence.

        Penalty: a fine of $2 000.