Co-Operative Societies Act · s 10A

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10A.
(1) No registered society shall form, own, acquire or hold a subsidiary without the approval of the Registrar.

Co-operative Societies
(2) The Registrar may approve a society to form a subsidiary if —
(a) the by-laws of the society make provision for such formation;
(b) the activity of such subsidiary is related to the society;
(c) the activity of the subsidiary is such that it can only be performed by the subsidiary;
(d) the formation of such subsidiary benefits all members of the society and is not prejudicial to the interest of the members of the society;
(e) the formation of such subsidiary does not pose a threat to the society;
(f) such subsidiary is approved by the general meeting;
(g) the society has been operating profitably for a least 2 years continuously and has a healthy cash balance;
(h) such subsidiary has a long term objective.
(3) For the purpose of subsection (1), the society must submit the following to the Registrar —
(a) current audited accounts;
(b) minutes of the last annual general meeting;
(c) current list of management personnel.

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s 10A

(1)

No registered society shall form, own, acquire or hold a subsidiary without the approval of the Registrar.

Co-operative Societies

(2)

The Registrar may approve a society to form a subsidiary if —

(a)

the by-laws of the society make provision for such formation;

(b)

the activity of such subsidiary is related to the society;

(c)

the activity of the subsidiary is such that it can only be performed by the subsidiary;

(d)

the formation of such subsidiary benefits all members of the society and is not prejudicial to the interest of the members of the society;

(e)

the formation of such subsidiary does not pose a threat to the society;

(f)

such subsidiary is approved by the general meeting;

(g)

the society has been operating profitably for a least 2 years continuously and has a healthy cash balance;

(h)

such subsidiary has a long term objective.

(3)

For the purpose of subsection (1), the society must submit the following to the Registrar —

(a)

current audited accounts;

(b)

minutes of the last annual general meeting;

(c)

current list of management personnel.