Co-operatives Act, 2005 (Act No. 14 of 2005)

Chapter 8 : Amalgamation, Division, Conversion and Transfer

Purchase

(1)	The registrar may not register any amalgamation, division, conversion or transfer in terms of this Chapter unless the registrar is satisfied that—

(a)	written notice of at least three months of the proposal has been given to each known creditor who has a claim exceeding one thousand rand or such other amount as the Minister may prescribe by notice in the Gazette;

[Section 64(a) substituted by section 48(a) of Notice No. 558, GG 36729, dated 5 August 2013]

(b)	any creditors who have demanded payment of any amount due to them have been paid in full or will be paid before the amalgamation, division, conversion or transfer is effected; and

(c)	no creditor will be prejudiced by the amalgamation, division, conversion or transfer.

[Section 64 renumbered as section 64(1) by section 48(a) of Notice No. 558, GG 36729, dated 5 August 2013]]

(2)	It is an offence for any director to make a false declaration in respect of this section.

[Section 64(2) inserted by section 48(b) of Notice No. 558, GG 36729, dated 5 August 2013]