Australian Capital Territory Repealed Acts Australian Capital Territory Repealed ActsThis legislation has been repealed.
(1) A director or other officer of a society shall not borrow from it and the society shall not lend to a director or other officer except under a special resolution of the society, and if any loan is made in contravention of this section the members of the board who authorised the loan shall be jointly and severally liable for any loss on the loan occasioned to the society.
(2) Every officer having the receipt or charge of any money of the society shall give the security that is prescribed for rendering a just and true account of all money received and paid by the officer for the society and for payment of all money due from the officer to the society.