Australian Capital Territory Repealed Acts

This legislation has been repealed.

CO-OPERATIVE SOCIETIES ACT 1939 (REPEALED) NO 9 - SECT 58A

    (1)     If, in relation to a society, the registrar considers it expedient to do so in the interests of—

        (a)     persons who are or may become members of the society; or

        (b)     persons who have deposited or may deposit money with the society;

the registrar may, with the approval of the Minister, by written notice given to the society, direct the society not to do any 1 or more of the following:

        (c)     make any money available on loan to members or other persons;

        (d)     accept the deposit of any money;

        (e)     borrow any money;

        (f)     raise money by negotiating prescribed bills of exchange;

        (g)     accept any payment on account of share capital, other than a payment that fell due before the direction was given;

        (h)     repay any money paid on shares;

              (i)     repay any money on deposit or loan;

        (j)     dispose of or otherwise deal with any of its property;

        (k)     acquire any property.

    (2)     A society to which a direction has been given under subsection (1) may make representations to the Minister in relation to the direction and the Minister may direct the registrar to withdraw or amend the direction.

    (3)     The registrar may, and shall if directed by the Minister, withdraw or amend any direction given to a society under subsection (1).

    (4)     A society shall comply with a direction given to it under subsection (1).

    (5)     If a society fails to comply with subsection (4), a director or other officer who is concerned in, or takes part in, the management of the society shall be taken to have committed an offence.

Maximum penalty: 50 penalty units, imprisonment for 6 months or both.

    (6)     In subsection (1):

"continuing credit arrangement" means an agreement by which a society:

        (a)     agrees with a member to provide credit to that member in relation to cash or cheques supplied by the society to that member from time to time; or

        (b)     agrees with a member:

              (i)     on behalf of that member to satisfy liabilities of the member to a third person in relation to payment for goods and services or cash or cheques supplied by that third person to the member from time to time; and

              (ii)     to provide credit to that member in relation to payment by the member of amounts owing from time to time to the society in relation to the satisfaction by the society of those liabilities on behalf of that member;

and agrees to calculate the amount owing to it from time to time under the agreement on the basis that all amounts owing and all payments made by the member under or in relation to the agreement are entered in the same account.