South Australian Consolidated Acts

CO-OPERATIVES ACT 1997 - SECT 145A

145A—Application of Corporations Act to shares

        (1)         Subject to subsection (2), the shares of a co-operative are declared to be applied Corporations legislation matters for the purposes of Part 3 of the Corporations (Ancillary Provisions) Act 2001 in relation to sections 716(2), 722, 723(2), 724(1)(a) and (2)(a) and 734 of the Corporations Act, subject to the following modifications:

            (a)         a reference in those provisions to a disclosure document is to be read as a reference to a disclosure statement under section 144; and

            (b)         a reference in those provisions to a disclosure document that has been lodged is to be read as a reference to a disclosure statement that complies with section 144; and

            (c)         a reference in those provisions to securities is to be read as a reference to shares; and

            (d)         such other modifications (within the meaning of Part 3 of the Corporations (Ancillary Provisions) Act 2001 ) as may be prescribed by the regulations.

        (2)         The provisions of the Corporations Act made applicable under this section only apply where—

            (a)         shares are offered to persons who are not shareholders in the co-operative; or

            (b)         an invitation is made to persons who are not shareholders in the co-operative.