In the matter of Namoi Cotton Co-operative Ltd [2017] NSWSC 1436

In the matter of Namoi Cotton Co-operative Ltd [2017] NSWSC 1436

The requirements of the Co-operatives National Law relating to scheme approval were complied with, the schemes were approved by overwhelming statutory majorities, were fair and reasonable and no party appeared to oppose; statutory pre-conditions and procedural requirements were satisfied, so approval was granted.

Jurisdiction
Australia
Judgment Date
23 October 2017
Procedural Posture
Application for Approval of Scheme of Arrangement / Second Court Hearing Approval of Schemes
Outcome
Schemes approved
Legal Topics
['schemes of Arrangement' 'co Operatives Conversion' 'share Conversion' 'restructure']
['corporations Law' 'equity'] ['schemes of Arrangement' 'co Operatives Conversion' 'share Conversion' 'restructure']

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Procedural Posture

Application for Approval of Scheme of Arrangement / Second Court Hearing Approval of Schemes

Legal Issues

  1. 1 ['Whether the requirements of the Co-operatives National Law have been complied with for approval of the schemes' 'Whether the schemes were approved by requisite statutory majorities' 'Whether the schemes are fair and reasonable for stockholders and grower members' 'Whether orders made at the first court hearing regarding disclosure have been complied with' 'Whether statutory pre-conditions in s 424 of the Co-operatives National Law are satisfied']

Ratio Decidendi

The requirements of the Co-operatives National Law relating to scheme approval were complied with, the schemes were approved by overwhelming statutory majorities, were fair and reasonable and no party appeared to oppose; statutory pre-conditions and procedural requirements were satisfied, so approval was granted.

Court Disposition

Schemes approved

Orders

  • ["Stockholders' Scheme and Members' Scheme approved pursuant to s 414 of the Co-operatives National Law" 'Namoi Cotton exempted from compliance with s 421(1) of the Co-operatives National Law']