Australian Capital Territory Repealed Acts Australian Capital Territory Repealed ActsThis legislation has been repealed.
(1) In this Act:
Note A definition applies except so far as the contrary intention appears (see Legislation Act 2001 , s 155).
"accounts" means profit and loss accounts and balance sheets and includes statements, reports and notes, other than auditors' reports and directors' reports, attached to or intended to be read with any of those profit and loss accounts or balance sheets.
"administrator" means a person appointed to be an administrator under section 58B.
"authorised bill of exchange" means a bill—
(a) that has been accepted by a bank, being a bank within the meaning of the Banking Act 1959 (Cwlth); and
(b) that is payable on demand or not more than 200 days after the day it is transferred to a society; and
(c) in relation to which the society, on the transfer of the bill to it, becomes a holder in due course; and
(d) that has only been endorsed (if at all), before its transfer to the society, by—
(i) an excluded corporation within the meaning of the Corporations Law, section 65 (1); or
(ii) a building society.
"bond" includes debenture.
"commission" means the Australian Securities and Investment Commission.
"contributory", in relation to a society, means—
(a) a person liable as a member or past member to contribute to the property of the society in the event of its being wound up; and
(b) before the final determination of the persons who are contributories under paragraph (a)—a person alleged to be such a contributory.
"deadline", in relation to a financial year of a society, means the end of the 14th day before the last day of the period within which the society is required to hold an annual general meeting in relation to that financial year.
"financial year", in relation to a society, means the period in relation to which the accounts of the society are made up.
"group", in relation to a holding society at the end of a financial year, means—
(a) the society; and
(b) its subsidiary at the end of the financial year.
"group accounts", in relation to a society, means, if the society is a group holding society at the end of the financial year concerned—
(a) a set of consolidated accounts for the group; or
(b) 2 or more sets of consolidated accounts together covering the group; or
(c) separate accounts for each subsidiary in the group; or
(d) the combination of 1 or more sets of consolidated accounts, and one or more sets of separate accounts, together covering the group.
"holding society" means a society that has another society or other corporation as a subsidiary.
"housing and services society" means a society formed under section 14J.
"inspector" means an inspector under section 5A.
"member" means a member of a society.
"mortgage" includes lien, charge or other security over property.
"mortgage-backed security" means—
(a) a security specified in the regulations as a mortgage-backed security; and
(b) a security included in a class of securities specified in the regulations as a class of mortgage-backed securities.
"officer" includes director, secretary, treasurer or other person empowered under the rules to give directions in regard to the business of a society.
"prescribed bill of exchange" means a bill of exchange—
(a) that is drawn by a society in favour of itself; and
(b) that has been accepted by the person on whom it is drawn; and
(c) under which the date for payment is either fixed or determinable at the time the bill is drawn.
"promoter", in relation to a society, means a person who signed the application for membership on the formation of the society.
"registered" means registered under this Act.
"registrar" means the Registrar of Co-operative Societies under section 5.
"related corporation", in relation to a society, means a corporation (including a registered society) that would be a related corporation in relation to the society under the Corporations Act, section 50 if a society were a corporation within the meaning of that Act.
"society" means a society registered under this Act.
"special resolution"—see section 48.
"the board" means the board of directors of the society in relation to which the term is used.
"the court" means the Supreme Court.
"trading society" means a society formed under section 13.
"the rules" means the rules of the society in relation to which the term is used.
"the secretary" means the secretary of the society in relation to which the term is used.
"withdrawable funds", in relation to a society, means the aggregate of—
(a) the amount of the paid up capital of the society; and
(b) the amount of the deposits held by the society otherwise than as deposits made by members of the society in consideration for shares for which the members were, under the rules of the society, required to subscribe as a condition to obtaining loans from the society.
(2) For this Act, the surplus arising in a financial year of a society from the business of the society shall be calculated—
(a) after making proper allowance for depreciation in value of the property of the society and for contingent liability for loss; and
(b) after making proper allowance for the tax payable by the society under the Income Tax Assessment Act 1936 (Cwlth) in relation to the income of the society for that financial year.
(3) For this Act, a corporation shall, subject to subsection (5), be deemed to be a subsidiary of a society if the society—
(a) controls the composition of the board of directors of the corporation; or
(b) is in a position to cast, or control the casting of, more than 1 / 2 of the maximum number of votes that might be cast at a general meeting of the corporation; or
(c) holds more than 1 / 2 of the issued share capital of the corporation (excluding any part of that issued share capital that carries no right to participate beyond a specified amount in a distribution of either profits or capital).
(4) Without limiting by implication the circumstances in which the composition of a corporation's board of directors is to be taken to be controlled by a society, the composition of a corporation's board of directors shall be taken to be controlled by a society if the society, by the exercise of some power exercisable whether with or without the consent or concurrence of any other person by the society, can appoint or remove all or a majority of the directors, and, for this subsection, the society shall be deemed to have power to make such an appointment if—
(a) a person cannot be appointed as a director without the exercise in that person's favour by the society of such a power; or
(b) a person's appointment as a director follows necessarily from that person being a director or other officer of the society.
(5) In determining whether a corporation is a subsidiary of a society—
(a) any shares held or power exercisable by the society in a fiduciary capacity shall be treated as not held or exercisable by it; and
(b) subject to paragraphs (c) and (d), any shares held or power exercisable—
(i) by any person as a nominee for the society (except if the society is concerned only in a fiduciary capacity); or
(ii) by, or by a nominee for, a subsidiary of the society, other than a subsidiary that is concerned only in a fiduciary capacity;
shall be treated as held or exercisable by the society; and
(c) any shares held or power exercisable by any person under the provisions of any debentures of the corporation, or of a trust deed for securing any issue of any such debentures, shall be disregarded; and
(d) any shares held or power exercisable by, or by a nominee for, the society (other than held or exercisable as mentioned in paragraph (c)) shall be treated as not held or exercisable by the society if the shares are held or the power is exercisable only by way of security given for the purposes of a transaction entered into in the ordinary course of business in connection with the lending of money.
(6) In subsections (3), (4) and (5):
"corporation" means—
(a) a society; or
(b) a corporation
within the meaning of the Corporations Act.