Co-operation (Amendment) Act 1928 (NSW)

COOPEKATION (AMENDMENT)

ACT.

Act No. 18, 1928.

An Act to amend the Co-operation, Community Settlement, and Credit Act, 1923, in certain respects ; to amend the Companies Act, 1899, and certain other Ac t s ; and for purposes connected therewith. [Assented to, 16th

June , 1928. ]

(2) The Co-operation, Community Settlement, and Credit Act, 1923, as amended by the Co-operation, Community Settlement, and Credit (Amendment) Act, 1924, is in this Act referred to as the Principal Act. (3)

lative Council and Legislative Assembly of New South BE it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis-

Wales in Parliament assembled, and by the authority of the same, as follows :—

1 . (1) This Act maybe cited as the " Co-cpcration (Amendment) Act, 1928."

(3) The P r inc ipa l Act , as amended by th is A c t ,

m a y be cited as t h e " Co-operat ion Acts , 1 9 2 3 - 1 9 2 8 . "

2. The Pr inc ipa l A c t is fu r ther a m e n d e d —

(a)	by inserting in subsection one of section forty- four after t he words and figures " C o m p a n i e s Ac t , 1899 " t h e words " o r which is regis tered thereaf te r and is formed by the amalgamat ion of companies which at the said c o m m e n c e m e n t w e r e
registered as l imi ted companies u n d e r t ha t A c t " ;
(b)	by omitting subsection eleven of section forty- seven ;

(c) (i) by omi t t ing from subsection twelve of section forty-seven t h e words " subsect ions t en and e l e v e n " and by inser t ing in l ieu thereof t he words " subsect ion t en " ;

(ii)  by omitting from the same subsection the words " and m a y have or claim an in te res t t he re in to a nomina l va lue exceed ing one thousand pounds " ;

(d) (i) by inse r t ing a t t h e c o m m e n c e m e n t of

subsect ion e igh t of section fifty-five t h e

words " T h e foregoing provisions of" ;

(ii)   by inserting at the end of the same subsec- t ion t he words " A m e m b e r of such a society shal l be deemed to have h a d and shal l h a v e such r i g h t of ob ta in ing a refund of his subscript ions on shares in respect of wh ich an advance has n o t been m a d e as is pro­

vided from t ime to t i m e in t he rules of t h e society."

3.      The P r inc ipa l A c t is fu r the r amended by in se r t ing

t h e following new section n e x t after section 44 :—

44A . (1) A n y company regis tered or deemed to be regis tered unde r t h e Companies Ac t , 1899, m a y , if t h e company passes a special resolut ion w i t h i n t h e m e a n i n g of t h a t A c t for t h e purpose , app ly to be regis tered as a society unde r th is Act , provided t h a t before t h e appl ica t ion is g ran ted t h e c o m p a n y shal l m a k e such a l tera t ions in i ts m e m o r a n d u m and art icles of association as in t h e opinion of t h e

regis t rar

reg is t ra r are necessary to b r ing t h e m into comple te conformity wi th t he provisions of th is Ac t appl icable to societies formed and regis tered the reunder .

(2) The provisions of subsections th ree , four, six, seven, eight , and t en of section forty-four of th is A c t shall app ly to an appl icat ion unde r th is section.

4 . The Pr inc ipa l A c t is fur ther a m e n d e d —

(a) by omi t t ing p a r a g r a p h (e) of subsect ion eleven

of section e igh ty - fou r ;

(b) by inserting after subsection (12A) of section e ighty-four t h e following new subsect ion :—

12n. T h e office of a d i rec tor of a t e rmina t i ng

bu i ld ing society shall be vacated also if wi th in two m o n t h s after any money becomes due from h i m to the society he does n o t pay t h e same.

(c) by omi t t i ng sect ion one h u n d r e d and nine­

teen ;

(d) (i) by omi t t ing from pa rag raph (a) of section one h u n d r e d and twen ty t he words " and any r e t u r n required to be t r ansmi t t ed by a society " ;

(ii) by omi t t i ng from pa rag raph (b) of t h e

same section t h e words " or of any such

r e t u r n " ;

(iii) by inse r t ing in p a r a g r a p h (c) of t h e same

section a l te r the word " o t h e r " t h e word

" regis tered ."

5. (1) The Pr inc ipa l A c t is fu r ther a m e n d e d by

inser t ing n e x t after p a r a g r a p h (d) of subsect ion twelve

of section e ighty- four the following new pa rag raphs :—

(e)	Any loan made to a society and in which a director 's pecunia ry in teres t consists in his h a v i n g guaran teed or joined in gua ran tee ing
t h e r e p a y m e n t of t h e loan or a n y par t thereof ;
(f) a n y o ther deal ing be tween t h e society a n d	a
director which u n d e r i ts objects t h e	society
may	have wi th i ts m e m b e r s ;
(g)	such other dealings as may be prescribed by regula t ion .

(2)

(2) Paragraphs (e) and (f) of subsection one of this section shall he deemed to have come into operation upon the date of the commencement of the Co-operation Community Settlement and Credit Act, 1923.

(•".) The Principal Act is further amended by adding at the end of subsection thirteen of section ei^htv-four the following words :—

" This subsection shall not extend nor be deemed to have extended at any time to a vote in respect of any dealing referred to in paragraphs (a) (b) (c) (d) (e) (f) or (g) of subsection twelve of this section."