| (1) |
The board of directors must submit a proposed agreement to divide a co-operative to a general meeting. |
| (2) |
A copy or summary of the proposed agreement referred to in subsection (1) must accompany the notice of such meeting. |
| (4) |
After the members of the co-operative have approved the division, the constitutions of the co-operatives to be constituted by the division must be submitted to the registrar for approval together with a notice of their registered offices, a notice of the directors and members of the co-operatives in question and the prescribed fee as contemplated in section 70A. |
[Section 60(4) substituted by section 45 of Notice No. 558, GG 36729, dated 5 August 2013]
| (5) |
The following must also be submitted to the registrar: |
| (a) |
A declaration by the directors of the co-operative being divided, establishing that the relevant provisions of its constitution have been complied with in approving the division; |
| (b) |
a declaration by the directors of each co-operative constituted by the division, establishing that there are reasonable grounds to believe that— |
| (i) |
the co-operatives to be constituted will be able to pay their liabilities as they become due; |
| (ii) |
the realisable value of the assets of the co-operatives to be constituted will not be less than the total liabilities, share capital and reserves; and |
| (iii) |
the interests of creditors will be protected in compliance with section 64. |
| (6) |
The registrar must issue a certificate of registration in the name of the co-operatives to be constituted if satisfied that— |
| (a) |
the co-operative has complied with all the relevant provisions of its constitution and this Act in approving the division; and |
| (b) |
the constitutions of the co-operatives to be constituted comply with this Act. |
Special Investigating Units and Special Tribunals Act, 1996
