Australian Capital Territory Consolidated Acts Australian Capital Territory Consolidated Acts(1) An explanatory statement must accompany every notice—
(a) sent to a creditor of a cooperative calling the court ordered meeting to obtain agreement to the compromise or arrangement; or
(b) sent to a member of a cooperative for the purpose of the conduct of the special postal ballot to obtain agreement to the compromise or arrangement.
(2) In every notice of a meeting mentioned in subsection (1) that is given by advertisement there must be included either a copy of the explanatory statement or notification of where and how creditors entitled to attend the meeting may obtain copies of the explanatory statement.
(3) The explanatory statement must—
(a) explain the effect of the compromise or arrangement and, in particular, state—
(i) any material interests of the directors of the cooperative, whether as directors, as members or creditors of the cooperative or otherwise; and
(ii) the effect on the interests of the compromise or arrangement so far as the effect is different from the effect on the like interests of other people; and
(b) set out—
(i) any information prescribed by regulation; and
(ii) any other information that—
(A) is material to the making of a decision by a creditor or member whether or not to agree to the compromise or arrangement; and
(B) is within the knowledge of the directors and has not previously been disclosed to the creditors or members of the cooperative.
(4) Subsection (1) (a) applies to a creditor whose debt is not more than $200 only if the Supreme Court orders that it applies.
(5) The notice calling the meeting that is sent to a creditor mentioned in subsection (1) (a) must state where a copy of the explanatory statement can be obtained on request.
(6) The cooperative must comply with a request under subsection (5) as soon as practicable.