Australian Capital Territory Consolidated Acts

COOPERATIVES ACT 2002 - SECT 339

    (1)     A compromise or arrangement is binding only if it is approved by order of the Supreme Court and it is agreed to—

        (a)     if the compromise or arrangement is between the cooperative and any of its creditors—at a court ordered meeting by a majority in number of those creditors who are present and voting (in person or by proxy) and whose debts or claims against the cooperative amount to at least 75% of the total of the debts and claims of all those creditors who are present and voting (in person or by proxy); or

        (b)     if the compromise or arrangement is between the cooperative and any of its members—by those members by special resolution passed by a special postal ballot.

    (2)     The court ordered meeting mentioned in subsection (1) (a) is a meeting called in accordance with an order of the Supreme Court under this part.

    (3)     The Supreme Court may approve a compromise or arrangement subject to any changes or conditions it considers just.

    (4)     An order of the Supreme Court approving a compromise or arrangement does not have any effect until an office copy of the order is filed with the registrar.

    (5)     On the office copy being filed, the order takes effect from the date of filing or, if an earlier date is stated in the order, the earlier date.