Tasmanian Numbered Acts

COOPERATIVES ACT 1999 (NO. 85 OF 1999) - SECT 349

349. Directors to arrange for reports

      (1) When a compromise or arrangement (whether or not for the purposes of or in connection with a scheme for the reconstruction of a cooperative or the merger of any 2 or more cooperatives) has been proposed, the directors of the cooperative must –

(a) if a meeting of the members of the cooperative by resolution so directs, instruct the accountants or solicitors or both named in the resolution to report on the proposals and send their report or reports to the directors as soon as practicable; and

(b) make any report or reports so obtained available at the registered office of the cooperative for inspection by the members and creditors of the cooperative at least 7 days before the day of the meeting ordered by the Supreme Court or the holding of the special postal ballot, as appropriate.

      (2) If this section is not complied with, each director of the cooperative concerned is guilty of an offence and liable on summary conviction to a fine not exceeding 20 penalty units.