Disclosure statements
The Co-operatives Act 1992 requires co-operatives to provide a disclosure statement to members for certain purposes, including:
- an acquisition or disposal of assets (section 285)
- compulsory issue of shares (section 155)
- compulsory member loans (section 268)
- conversion of a trading co-operative to a non-trading co-operative (section 28)
- increasing the maximum possible level of share interest in the co-operative (section 289)
- issue of debentures (section 266A)
- members voluntary winding up (section 326)
- merger of two or more co-operatives (section 311)
- takeovers (section 305)
- transfer of engagements from one co-operative to another (section 311)
- transfer of incorporation (section 316).
Trading co-operatives that have a minimum share subscription in excess of $200 are also required to provide a disclosure statement to intending members in accordance with section 146A. Download a draft disclosure statement for intending members in RTF format (size: 42k).
The Registry has drafted proforma disclosure statements to assist co-operatives and their advisers in the preparation of disclosure statements. The proformas developed by the Registry are not intended to be an exhaustive statement that would constitute appropriate disclosure in every case. They may need adjustment to account for the particular circumstances of an individual co-operative. In some cases it may also be necessary for an additional report regarding certain aspects of a proposal to be prepared.
Information regarding formation disclosure statements is available in the Formation kit section of the Forming a co-operative page.
Please contact the Registry on 6333 1400 or freecall 1800 502 042 for information regarding the requirements for and preparation of disclosure statements.