Queensland Consolidated Regulations

CO-OPERATIVES NATIONAL REGULATION - REG 3.17

3.17 Fundraising—other requirements and restrictions for deposit-taking co-operatives (section 332)

(1) The purpose of this regulation is to impose other requirements and restrictions on the obtaining of financial accommodation and the giving of security for obtaining financial accommodation by a deposit-taking co-operative, as contemplated by section 332 of the Law.

(2) Before a deposit-taking co-operative first accepts money on deposit from a person after the commencement of section 332 of the Law in this jurisdiction, the co-operative must give to the person a disclosure statement, not more than 1 year old, containing the information in subregulation (3).

Penalty—

Maximum penalty: $2,000.

(3) The information for subregulation (2) is:

(a) the latest statement of the co-operative’s assets and liabilities available to members; and

(b) the latest statement of the co-operative’s financial position available to members; and

(c) the latest income and expenditure statement for the co-operative available to members; and

(d) any other information the co-operative considers reasonably necessary to enable a person to make an informed assessment of the co-operative’s financial prospects; and

(e) any other information the Registrar reasonably requires to be in the statement.

(4) The first disclosure statement under this regulation must be prepared as soon as practicable after the first annual general meeting after the commencement of section 332 of the Law in this jurisdiction.

(5) Within 1 month after its annual general meeting, the co-operative must file a copy of the disclosure statement with the Registrar.

Penalty—

Maximum penalty: $2,000.

(6) The Registrar may require a deposit-taking co-operative to give to a depositor, within the time the Registrar decides, a document that:

(a) contains all or some of the conditions on which deposits are accepted by, or withdrawn from, a co-operative; and

(b) acknowledges the receipt of a deposit with a co-operative; and

(c) enables further deposits to be made adding to the balance of an existing deposit; and

(d) enables all or part of the balance of a deposit to be withdrawn, whether at call or on the giving of a fixed period of notice; and

(e) acknowledges the amount of the withdrawal and the balance remaining.

(7) This regulation does not apply to:

(a) the acceptance of money by a deposit-taking co-operative for the issue of debentures; or

(b) the acceptance by a co-operative of a deposit of money for goods or services to be supplied by the co-operative in the ordinary course of business.

(8) Subregulation (2) does not apply to a deposit-taking co-operative that accepts money on deposit after section 332 of the Law in this jurisdiction and before the first disclosure statement is prepared under this regulation if the co-operative gives to the person the latest available information of the type mentioned in subregulation (3).