Co-Operative Societies Act 2008

94. Limitation on purchase of shares

Subject to the approval of the Registrar, only a registered society may purchase more than one-fifth of the shares of another society where—

a.      that other society is insolvent;

b.     the proposed purchase or acquisition would not render the purchasing society insolvent; or

c.      the proposed purchase or acquisition would not, in the opinion of the Board, be detrimental to the financial stability of the society.