Australian Securities and Investments Commission Class Order [CO 02/1176] (Cth)

ASIC Class Order [CO 02/1176]

Credit union member shares

This instrument has effect under s911A(2)(l), 951B(1)(a) and 1020F(1)(a) of the Corporations Act 2001.

This compilation was prepared on 20 December 2011 taking into account amendments up to [CO 11/1277]. See the table at the end of this class order.

Prepared by the Australian Securities and Investments Commission.

Australian Securities and Investments Commission

Corporations Act 2001 – Paragraphs 911A(2)(l), 951B(1)(a) and 1020F(1)(a) – Exemptions

1. Under paragraph 911A(2)(l) of the Corporations Act 2001 ("Act") the Australian Securities and Investments Commission ("ASIC") hereby exempts each person specified in Schedule A (each a "credit union") from the requirement to hold an Australian financial services licence for the provision of financial services of the kind specified in Schedule B.

2. Under paragraph 951B(1)(a) of the Act ASIC hereby exempts each credit union from Part 7.7 of the Act in the cases specified in Schedule B.

3. Under paragraph 1020F(1)(a) of the Act ASIC hereby exempts each credit union from section 1017F of the Act in the case of a transaction described in paragraph 2 of Schedule B on the condition that each statement of account sent by the credit union to a holder of member shares includes a statement of:

(a)   the number of member shares held by that member; or

(b)   the amount subscribed by that member for the member shares.

Schedule A

A company that satisfies both of the following:

(a) is covered by clause 3 of Schedule 4 to the Act;

(b) on 1 July 1999 was permitted to use the expression “credit union”, “credit society”, or “credit co-operative” under section 66 of the Banking Act 1959.

Schedule B

1.    The provision of financial product advice to a member or prospective member of the credit union in relation to the issue to that member of one or more member shares as defined in Regulation 12.8.03 of the Corporations Regulations 2001, where the aggregate amount subscribed or to be subscribed by the member for:

(a)   all member shares then held by the member; and

(b)   all member shares proposed for issue to the member,

does not exceed $50.

2.    Any dealing in member shares that is constituted by:

(a)   an issue of member shares in the circumstances described in paragraph 1 of this Schedule; or

(b)   the redemption of such shares.

Notes to ASIC Class Order [CO 02/1176]

Note 1

ASIC Class Order [CO 02/1176] (in force under s911A(2)(l), 951B(1)(a) and 1020F(1)(a) of the Corporations Act 2001) as shown in this compilation comprises that Class Order amended as indicated in the tables below.

Table of Instruments

Instrument number	Date of making or FRLI registration	Date of commencement	Application, saving or transitional provisions
[CO 02/1176]	5/8/2002 (see F2008B00014)	5/8/2002
[CO 11/1277]	16/12/2011 (see F2011L02721)	20/12/2011	-

Table of Amendments

ad. = added or inserted     am. = amended     rep. = repealed     rs. = repealed and substituted

Provision affected	How affected
Sch A paras (a) and (b)....................................	am. [CO 11/1277]