Western Australian Current Acts Western Australian Current Acts (1) The Registrar may,
if the Registrar considers it is in the interests of a co-operative’s
members, by written notice served on a co-operative, give a direction to the
co-operative as to the way in which it is to exercise its functions in
connection with the activities of the co-operative in obtaining financial
accommodation.
(2) A direction under
subsection (1) may make provision for any one or more of the following matters
—
(a)
requiring the co-operative to stop obtaining financial accommodation or to
stop obtaining financial accommodation in a particular way;
(b)
requiring the co-operative to repay in accordance with the direction all or
part of financial accommodation obtained;
(c)
requiring the co-operative to re-finance in a specified way financial
accommodation repaid in accordance with the Registrar’s direction;
(d) the
way in which the co-operative is permitted to invest or use the proceeds of
financial accommodation it obtains.
(3) Within 28 days of
receiving a direction, a co-operative may apply to the Supreme Court for a
review of that decision.