Queensland Consolidated Acts Queensland Consolidated Acts(1) Before a proposed cooperative (other than an existing corporation) can be registered, a formation meeting must be held under this section.
(2) At the formation meeting—
(a) for a proposed trading cooperative—a disclosure statement approved under section 17 must be presented to the meeting; and
(b) the proposed rules of the cooperative approved under section 18 for the proposed cooperative, and including active membership provisions under part 6, must be passed by two-thirds of the proposed members of the proposed cooperative attending the meeting; and
(c) the proposed members of the proposed cooperative must sign the application for membership; and
(d) the proposed members must elect the first directors of the proposed cooperative under the proposed rules; and
(e) the proposed members must authorise a person—
(i) to apply to the registrar for registration of the proposed cooperative; and
(ii) to do anything necessary to have the proposed cooperative registered.
(3) The formation meeting must be held by—
(a) for an association—not less than 2 suitably qualified cooperatives; or
(b) for a federation—not less than 2 suitably qualified associations; or
(c) for another cooperative—not less than 5 persons, or if a lesser number than 5 is prescribed under a regulation, not less than the prescribed number of persons, suitably qualified to be members of the proposed cooperative.
(4) For subsection (3), a person is suitably qualified to be a member if—
(a) there are reasonable grounds to believe the person will be an active member of the proposed cooperative; and
(b) for an individual—the person is 18 or older; and
(c) the person satisfies any other requirements for membership in the proposed rules.
(5) Each cooperative forming a proposed association and each association forming a proposed federation may be represented at the formation meeting by 1 person.