Queensland Consolidated Acts Queensland Consolidated Acts(1) The board of a trading cooperative must give a person who intends to acquire shares in the cooperative and is not already a shareholder in the cooperative a current disclosure statement that—
(a) has been approved by the registrar under section 17; or
(b) complies with section 143A and has been filed by the cooperative with the registrar.
(2) The disclosure statement must be given before the person becomes bound to acquire the shares.
(3) The disclosure statement is in addition to any information required to be provided to the person under part 4.
(4) A disclosure statement is current until whichever of the following happens first after the statement is prepared—
(a) a change in the rights or liabilities attaching to any class of share in the cooperative;
(b) a significant change in the financial position or prospects of the cooperative;
(c) any of the next financial, directors' or auditor's reports required to be prepared under section 232(2) become available.
(5) If a disclosure statement stops being a current disclosure statement because of a change mentioned in subsection (4)(a) or (b), the cooperative must, within 14 days after the change—
(a) give the registrar written notice—
(i) that the disclosure statement is no longer current because of a change mentioned in subsection (4)(a); or
(ii) that the disclosure statement is no longer current because of a change mentioned in subsection (4)(b); or
(b) file a current disclosure statement with the registrar that complies with section 143A.