Co-operatives Act, 2005 (Act No. 14 of 2005)Chapter 8 : Amalgamation, Division, Conversion and Transfer63. Transfers |
| (1) | A co-operative may apply to transfer its assets, rights, liabilities and obligations by mutual agreement to any other co-operative. |
| (2) | If a transfer in terms of subsection (1) is contemplated, a copy or summary of the proposed agreement to transfer, and the reasons for the transfer, must be sent to the members of the co-operatives in question together with the notice of the general meeting at which the transfer is to be considered. |
| (3) | A transfer in terms of subsection (1) must be approved by a special resolution of each of the co-operatives in question. |
| (4) | A declaration by the board of directors of each co-operative must be attached to an application in terms of subsection (1), establishing that— |
| (a) | there has been compliance with the relevant provisions of this Act and the constitution of each of the co-operatives; and |
| (b) | 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) | The registrar must approve the application referred to in subsection (1) if reasonably satisfied that there has been compliance with the relevant provisions of this Act, the constitutions of the co-operatives in question and the payment of the prescribed fee as stipulated in section 70A. |
[Section 63(6) substituted by section 47 of Notice No. 558, GG 36729, dated 5 August 2013]