Protection of Creditors ito Amalgamations, Divisions, Conversion of Transfer of Co-operatives
The Registrar may not register any amalgamation, division, conversion or transfer of a co-operative unless the Registrar is satisfied that:
- 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 amount as the Minister may from time to time prescribe;
- any creditor who 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
- no creditor will be prejudiced by the amalgamation, division, conversion or transfer.