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Statement for members relating to proposal under section 25 or 26.
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28.—(1) A society proposing to unite with one or more other societies, to transfer its engagements to another society or to undertake to fulfil the engagements of another society shall cause to be prepared for circulation and circulated to persons attending the meeting proposed to be held under section 25 (1) (a) or 26 (1) (a) and, where the Registrar so requires, send to each of its members a statement, in such form as the Registrar may direct, showing—
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(a) the financial position of each society concerned in the proposed union, transfer or undertaking,
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(b) the interest of the directors of each society concerned in the proposed union, transfer or undertaking,
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(c) any compensation or consideration proposed to be paid or given to the directors or other officers of each society concerned,
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(d) details of any payments proposed to members of each society concerned in consideration of the proposed union, transfer or undertaking, and
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(e) details of the arrangements proposed in relation to employees of the society.
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(2) Where the Registrar requires a statement to be sent to each member of a society under subsection (1), it shall be so sent that every member of the society receives it not later than the date on which he receives notice of any resolution to be moved at a meeting of the society in favour of the proposal, and where a society applies to its members to obtain their consent in writing under section 25 (1) (b) or 26 (1) (b), the statement shall be so sent that every member receives it not later than the date on which he receives the application for his consent.
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