Co-operation (Amendment) Act 1931 (NSW)

CO-OPERATION (AMENDMENT)

ACT.

Act No. 67, 1931.

An Act to authorise societies registered under the

Co-operation Acts, 1923-1929, to require

that members should take up or sub­
scribe for additional shares, and to make deductions in payment for such shares
from moneys due to its members; to vali­

date certain matters; to amend in certain respects the Co-operation Acts, 1923-1929, as amended by subsequent Acts; and for purposes connected therewith. [Assented

to, 29th December, 1931.]

BE it enacted by the King's Most Excellent Majesty, by and with the advice and consent of the Legis­	lative Council and Legislative Assembly of New South
Wales in Parliament assembled, and by the authority of
the same, as follows :—-

1. (1) This Act may be cited as the "Co-operation

(Amendment) Act, 1931."

(2) The Co-operation Acts, 1923-1929, as amended by subsequent Acts, is in this Act referred to as the Principal Act.

(2)

(3) The Principal Act, as amended by this Act, may be cited as the " Co-operation Act, 1923-1931."

1. The Principal Act is amended—

(a) by inserting next after section forty-seven the

following new section : —
47A. (1) The board of a society may require a member to take or subscribe for additional shares in accordance with a proposal ap­

proved and consented to in the manner
provided in this section.

( 2 ) The hoard of a society may deduct

amounts in payment for any such additional shares from moneys due to members in respect

of dealings with the society, in accordance

with a proposal approved and consented to in

the manner provided in this section.

(3) Any proposal to require a member

to take or subscribe for additional shares shall

clearly show—

(i)  the total number of such shares to be issued;

(ii)   the basis upon which the shares are to be apportioned amongst members.

(4) Any proposal to deduct amounts in

payment for such shares from moneys due to members in respect of their dealings with the
society shall clearly show—

(i)  the basis upon which the deductions are to be made;

(ii)  the time and manner of making such deductions.

(5) Any such proposal shall be sub­

mitted to the registrar by the board, and
approved by him in writing.

(6) Where the registrar has signified

in writing his approval of any such proposal, the proposal shall be submitted to the members of the society, and shall not take effect unless

the consent in writing of not less than two-	thirds of the total members of the society,
holding in the aggregate not less than two thirds of the total shares in the society, is
given to the proposal.

(7) Where the registrar does not give

his approval under subsection five of this section he shall, as soon as practicable, notify the board of his reasons for withholding his approval, and forward a copy of such notifica­ tion to the Minister.

(b)

(1)) by inserting next after subsection eight of

section forty-eight the following new subsec­
tion : —

(9) A society shall be deemed to have had

power prior to the commencement of the Co-operation (Amendment) Act, 1931, to
deduct from moneys due to its members in respect of their dealings with the society such amounts as have been deducted for the purpose
of paying for shares and to allot such shares

without any application therefor.

A society may allot shares made after the said commencement in respect of moneys deducted before such commencement, but such allotment shall be made within twelve months after such commencement, and shall be of fully paid shares only, and may be made without any application for such shares.

(c) ( i ) by omitting from subsection two of section

fifty-eight the words " shall pay the value thereof " and by inserting in lieu thereof

the words " may purchase such shares and pay the amount of the purchase money " ;

(ii)  by inserting at the end of the same sub­ section the following words :—

The proviso to section fifty-two shall not extend to such a purchase.

W E S T E R N