| (i) |
into any other form of co-operative; |
| (ii) |
into a company as contemplated in the Companies Act, 2008 (Act No. 71 of 2008); or |
| (iii) |
into any form of corporate or unincorporated body other than a co-operative or a company, in accordance with the applicable legislation; |
[Section 62(1)(a) substituted by section 46(a) of Notice No. 558, GG 36729, dated 5 August 2013]
| (b) |
cancel its registration as a co-operative. |
| (2) |
An application in terms of subsection (1) may only be made if the board of directors has submitted a proposal to a general meeting, detailing the reasons for and the terms of the proposed conversion. |
| (3) |
A copy of the proposal referred to in subsection (2) must be attached to the notice of the general meeting, and must be adopted by special resolution. |
| (4) |
A declaration by the Board must be attached to an application in terms of subsection (1), establishing— |
[Words preceding section 62(4)(a) substituted by section 46(b) of Notice No. 558, GG 36729, dated 5 August 2013]
| (a) |
compliance with the relevant provisions of this Act and the constitution of the co-operative; and |
| (b) |
that the interests of creditors will be protected in accordance with section 64. |
| (5) |
The registrar may require the board of directors to submit such proof as the registrar may require in respect of any matter contained in a declaration referred to in subsection (4). |
| (6) |
If the registrar is satisfied that there has been compliance with the provisions of this Act and after payment of the prescribed fee contemplated in section 70A, the registrar must— |
[Words preceding section 62(6)(a) substituted by section 46(c) of Notice No. 558, GG 36729, dated 5 August 2013]
| (a) |
cancel the registration of the co-operative; |
| (b) |
remove its name from the register of co-operatives; and |
| (c) |
in the case of the conversion of a co-operative into another form of legal entity or different form of co-operative, register the newly converted form of legal entity or co-operative. |
[Section 62(6) substituted by section 46(d) of Notice No. 558, GG 36729, dated 5 August 2013]
| (7) |
As from the date on which the registration of a co-operative is cancelled— |
| (a) |
the co-operative ceases to exist; |
| (b) |
all assets, rights, liabilities and obligations of the co-operative vest in the corporate body or unincorporated association of persons into which the co-operative has been converted, if it is by virtue of its constitution capable of owning property separate from its members; and |
| (c) |
if the co-operative is converted into a company— |
| (i) |
all members of the co-operative become shareholders of that company; and |
| (ii) |
it cannot continue to use the word "co-operative" in its name or any of its documents, marketing and other materials. |
[Section 62(7)(c) substituted by section 46(e) of Notice No. 558, GG 36729, dated 5 August 2013]
Special Investigating Units and Special Tribunals Act, 1996
