Australian Capital Territory Repealed Acts

This legislation has been repealed.

CO-OPERATIVE SOCIETIES ACT 1939 (REPEALED) NO 9 - SECT 37

    (1)     A society may invest its funds—

        (a)     in any securities authorised by law for the investment of trust funds; and

        (b)     by deposit with a bank, including a savings bank, carrying on business in Australia; and

        (c)     by deposit with—

              (i)     a building society or a credit union; or

              (ii)     a housing and services society; or

              (iii)     a prescribed trading society;

that is authorised by its rules to receive deposits from corporations; and

        (d)     in authorised bills of exchange; and

        (e)     in a prescribed security.

    (2)     A society may (if authorised by its rules) make a defined advance out of its reserve fund to a member on the security of the member's shares in the society.

    (3)     In subsection (2):

"defined advance" means an advance not exceeding 50% of the amount paid on the relevant shares.

    (4)     Any property to which a society becomes absolutely entitled by foreclosure, surrender or other extinguishment of the right of redemption shall, as soon afterwards as is conveniently practicable, be sold or converted into money.