Company conversion procedure tightened: Regional Director to hold hearings, record consensus and may refuse approval if investigations or prosecutions exist. Rule 41 is amended to change cross references, omit a clause and renumber sub rules. The substituted sub rule (7) requires the Regional Director to record objections in writing, hold hearings within thirty days, obtain an affidavit recording any consensus, and pass a reasoned order approving or rejecting the conversion within thirty days of the hearing. If no consensus arises, the Regional Director may still approve conversion if satisfied it is not against the company's interests and not to evade the Act; conversion is prohibited where any inquiry, inspection, investigation or prosecution under the Act is pending.
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Provisions expressly mentioned in the judgment/order text.
Company conversion procedure tightened: Regional Director to hold hearings, record consensus and may refuse approval if investigations or prosecutions exist.
Rule 41 is amended to change cross references, omit a clause and renumber sub rules. The substituted sub rule (7) requires the Regional Director to record objections in writing, hold hearings within thirty days, obtain an affidavit recording any consensus, and pass a reasoned order approving or rejecting the conversion within thirty days of the hearing. If no consensus arises, the Regional Director may still approve conversion if satisfied it is not against the company's interests and not to evade the Act; conversion is prohibited where any inquiry, inspection, investigation or prosecution under the Act is pending.
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