| (1) |
Two or more co-operatives may agree in writing to amalgamate, on condition that the co-operative to be constituted by the amalgamation will comply with the requirements for a co-operative to be registered in terms of this Act. |
| (2) |
An agreement to amalgamate referred to in subsection (1) must set out the terms of the amalgamation, and the means by which such amalgamation will be effected, including the following— |
| (a) |
the constitution of the amalgamated co-operative; |
| (b) |
the manner in which the shares of each amalgamating co-operative are to be converted into membership shares of the amalgamated co-operative or, if applicable, other securities of the amalgamated co-operative; |
| (c) |
if any membership share of an amalgamating co-operative is not to be converted into membership shares or other securities of the amalgamated co-operative, the amount of money that the holders of those membership shares are to receive in addition to or instead of shares of the amalgamated co-operative; |
[Section 56(2)(c) substituted by section 44 of Notice No. 558, GG 36729, dated 5 August 2013]
| (d) |
the continuation of the members’ respective interests in a fund of members of the amalgamated co-operative; |
| (e) |
the application of any surplus or loss which may have resulted from the operations of the amalgamating co-operatives; and |
| (f) |
the name and address of each proposed director of the amalgamated co-operative. |
Older Persons Act, 2006
