South Australian Consolidated Acts South Australian Consolidated Acts144—Disclosure to intending shareholders in trading co-operative
(1) The board of a
trading co-operative must give a person who intends to acquire shares in the
co-operative and is not already a shareholder in the co-operative a current
disclosure statement that—
(a) has
been approved by the Commission under section 17; or
(b)
complies with section 144A and has been filed by the co-operative with
the Commission.
(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
co-operative;
(b) a
significant change in the financial position or prospects of the co-operative;
(c) any
of the next financial, directors' or auditor's reports required to be prepared
under section 233(1) 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 co-operative must, within 14
days after the change—
(a) give
the Commission 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that the disclosure statement is no longer current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that the disclosure statement is no longer current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 Commission that complies with
section 144A.