Western Australian Current Acts

LOANS (CO-OPERATIVE COMPANIES) ACT 2004 - SECT 4

4 .         Account established

        (1)         An agency special purpose account called the Co-operative Companies Loans Account is established under section 16 of the Financial Management Act 2006 .

        (2)         There are to be credited to the Co-operative Companies Loans Account —

            (a)         all sums transferred to it under section 6(2);

            (b)         moneys paid by eligible co-operatives by way of —

                  (i)         repayment of loans made under section 5; and

                  (ii)         interest on, and administration charges relating to, loans made under section 5;

                and

            (c)         any other moneys lawfully received for the purposes of this Act.

        (3)         There are to be charged to the Co-operative Companies Loans Account —

            (a)         all loans made under section 5 and the costs of administering them; and

            (b)         moneys necessary to be paid by way of —

                  (i)         repayment of principal moneys borrowed under section 6; and

                  (ii)         interest on and other expenses of borrowings under section 6.

        [Section 4 amended: No. 77 of 2006 s. 17.]