South Australian Consolidated Acts

CO-OPERATIVES ACT 1997 - SECT 193

193—Decision of Commission on application to register special resolution

        (1)         If the Commission is satisfied that the co-operative has complied with the provisions of this Act and the regulations, and that the resolution is not contrary to this Act or the regulations, the Commission must register the resolution.

        (2)         If the Commission is of the opinion that the effect of a special resolution lodged for registration would be in contravention of this Act or the regulations or the Commission has other reasonable cause to refuse to register the special resolution, the Commission may—

            (a)         refuse to register the special resolution; and

            (b)         give written notice to the co-operative that the special resolution—

                  (i)         has no effect, in the case of a special resolution referred to in section 191(2); and

                  (ii)         has no effect as from the date that it was passed, in any other case.

        (3)         A certificate of registration of a special resolution given by the Commission is, in favour of any person advancing money to the co-operative on the faith of the certificate or in favour of any guarantor of that advance, conclusive evidence that the resolution was duly passed.