Co-operation (Amendment) Act 1958 (NSW)

CO-OPERATION (AMENDMENT) ACT.

Act No. 38, 1958.

An Act to amend the law relating to co­ operation; for that purpose to amend the Co-operation, Community Settlement, and Credit Act, 1923, and certain other Acts in certain respects; and for purposes connected therewith. [Assented to, 31st December, 1958.]

lative Council and Legislative Assembly of New South	BE it enacted by the Queen'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 may be cited as the "Co-operation (Amendment) Act, 1958".
(2) The Co-operation, Community Settlement, and Credit Act, 1921), as amended by subsequent Acts and by this Act, may be cited as the Co-operation Act, 1923- 1958.
2 . (1) The Co-operation, Community Settlement, and Credit Act, 1923, as amended by subsequent Acts, is amended—

(b)

(a) by inserting in section five next after the definition of "Rura l industry" the following new definition:—

" S h a r e " means share in the share capital of the society, and includes stock except where a distinction between stock and shares is expressed or implied.

(b) by omitting subsection two of section eight and by inserting in lieu thereof the following sub­ section :—

(2) A rural society shall have and shall be deemed always to have had power to purchase or otherwise acquire and to sell, hire or other­ wise dispose of to its members or other persons any goods or commodities.

(c) (i) by inserting next after paragraph (di) of section fifteen the following new para­ graphs :—

(dii) sell or let land to its members or

to any other society;

(diii) subdivide land, make and maintain private ways, bridges, culverts, and drains, and make, open, and dedicate roads;

(ii)   by omitting paragraph (e) of the same section and by inserting in lieu thereof the following paragraph:—

(e) provide and maintain buildings and grounds for education, recrea­ tion, or other community purpose, or operate, maintain or carry on any club, or promote or assist clubs, for any such purpose;

(d) (i) by inserting in paragraph (a) of subsection

six of section 17A after the word " t h e " where firstly occurring the words "number of";

(ii)  by omitting from paragraphs (b) and (c) of the same subsection the words "with each such building society";

(iii)   by Inserting in paragraph (i) of the same subsection after the word " t h e " where firstly occurring the words "number of";

(iv)

(iv)   by omitting from paragraphs (ii) and (iii) of the same subsection the words "with each such building society";

(e) (i) by omitting subsection one of section eighteen and by inserting in lieu thereof the following subsections:—

(1) A building society, other than a Starr-Bowkett society, shall not advance money on the security of any property which is subject to prior mortgage unless—

(a)	where the advance is made by way of second mortgage, either the approval of the Co-operative Building Advisory Committee is obtained or the prior mortgage is held by the society or by another society;
(b)	where the advance is made by way of third mortgage, the second mort­ gage is held by the society; or
(c)	where the advance is made by way of fourth or subsequent mortgage, all prior mortgages, other than the first, are held by the society.

(1A) A building society, other than a Starr-Bowkett society, shall not advance by way of second or subsequent mortgage of

any property such a sum as when added to

the principal sum or sums, as the case may be, owing under the prior mortgage or mort­ gages, as the case may be, of the property (together with any interest or charges then due thereunder) reduced by the value of the share capital of the member in the society and, where the first mortgage is held by another society, also reduced by the share capital of the member in that other society would exceed ninety per centum of the value of the property.

( 1 B )

(1B) A Starr-Bowkett society shall not advance by way of second or subsequent mortgage of any property such a sum as when added to the principal sum or sums, as the ease may be, owing under the prior mortgage or mortgages, as the case may be, of the property (together with any interest or charges then due thereunder) reduced by the value of the share capital of the member in the society and, where the prior mort­ gage or, as the case may be, one or more of the prior mortgages is or are held by another society or societies, also reduced by the value of the share capital of the member in that other society or in those other societies, as the case may be, would exceed ninety per centum of the value of the property.

(1c) Where the approval of the Co­ operative Building Advisory Committee is required under subsection one of this section—

(a) the value of the share capital of a member in a society shall, for the purposes of this section, be calculated in such manner as the Co-operative Building Advisory Committee may direct;

(b) the value of property on the

security of which money is to be	advanced shall, for the purposes of
this section, be determined by such person as the Co-operative Build­ ing Advisory Committee may direct.

(ii)   by inserting in subsection two of the same section after the words "provided t ha t " the words " in a case where the approval of the Co-operative Building Advisory Committee is not required under subsection one of this

section"; (iii)

(iii)   by omitting from paragraph (b) of the same subsection all words after the word "pe r son" and by inserting in lieu thereof the words "approved by the registrar under section 18A of this Ac t " ;

(iv)   by inserting in subsection three of the same section after the words " a second" the words " o r subsequent";

(v)   by omitting from the same subsection the words " , or from advancing money on second mortgage, where the prior mortgage is in favour of the Commissioners of the Government Savings Bank of New South Wales" and by inserting in lieu thereof the following words "and, where the mortgage so taken by way of collateral security is a second mortgage, shall not require the society to obtain any approval to the mort­ gage under subsection one of this section";

(vi)   by omitting subsection four of the same section and by inserting in lieu thereof the following subsection:—

(4) A building society, other than a Starr-Bowkett society, shall not, without the consent of the Co-operative Building Advisory Committee, postpone the priority of a mortgage held by the society.

(f)	by omitting from subsection one of section thirty-
one the words " the district or is of the class specified in the rules and any rule specifying such district or class shall be approved by the Registrar before the society is registered" and by inserting in lieu thereof the words "such district or is of such class as may be specified in the rules of the society.
The registrar shall not register such a rule or any alteration of such a rule unless he approves of the district or class specified in the rule or in the rule as altered, as the case may
b e " ; (g)

(g) by omitting from subsection eight of section 31A

the words " a sum to be specified in the rules of the society. Provided that where the sum so specified exceeds one hundred pounds the rule shall be approved by the Registrar before the society is registered" and by inserting in lieu thereof the words "such sum as may be speci­ fied in the rules of the society: Provided that the registrar shall not register such a rule, or an alteration of such a rule, specifying the sum. at a figure exceeding one hundred pounds unless he approves of the sum specified in the rule or in the rule as altered, as the case may b e " ;

(h) by inserting in subsection one of section thirty- four after the words "building societies." the words "And a small loans society may become a component society of an association of building societies.";

(i) (i) by omitting subsection three of section

thirty-eight;

(ii)   by omitting from subsection four of the same section the words " I n the case of any other society, unless" and by inserting in

lieu thereof the word "Un le s s " ;

(j) (i) by inserting at the end of paragraph (b) of

words "presented to the meeting signed by	subsection five of section thirty-nine the
the chairman and secretary of the meeting";

(ii)   by omitting subsections seven and 7A of the same section and by inserting in lieu thereof the following subsections:—

(7) If the registrar is satisfied—

(a) that the society has complied with the provisions of this Act and the regulations;

(b)

(b)	that the proposed rules of the society are not contrary to this Act or the regulations and are such as may reasonably be approved by him;
(c)	that there are reasonable grounds for believing that the society, if registered, will be able to carry out its objects successfully; and
(d)	that there is no reasonable cause why the society and its rules should not be registered,

the registrar shall register the society and its rules and shall issue a certificate that the society is incorporated under this Act.

(7A) The registrar may refer any appli­

cation for registration to the Advisory
Council constituted under this Act.

If that Council is of opinion—

(a) that in the area in which the appli­ cant society proposes to operate, the functions and services which it is designed to discharge and perform are capable of being discharged and performed by an existing society or societies;

(b)	that the applicant society is not a
bona fide co-operative society; or

(c)

it may recommend that registration be not
granted.

that the applicant society is not designed or intended to serve equitably the interests of its members and prospective members,

Upon receipt of such a recommendation the registrar shall refuse to register the applicant society.

The

T h e p r o v i s i o n s of t h i s s u b s e c t i o n h a v e

effect n o t w i t h s t a n d i n g a n y t h i n g c o n t a i n e d

i n s u b s e c t i o n s e v e n of t h i s s e c t i o n o r i n a n y

o t h e r s e c t i o n of t h i s A c t .

( k ) ( i ) b y o m i t t i n g s u b s e c t i o n t w o of s e c t i o n f o r t y -

s e v e n a n d b y i n s e r t i n g i n l i eu t h e r e o f t h e

f o l l o w i n g s u b s e c t i o n : —

(2 ) ( a ) S h a r e s s h a l l be of a f ixed a m o u n t

w h i c h	s h a l l	be	speci f ied	i n	t h e	r u l e s	of	t h e
soc i e ty .

( b ) A soc ie ty , o t h e r t h a n a t e r m i n a t ­

i n g b u i l d i n g soc i e ty , m a y , if a u t h o r i s e d b y

i t s r u l e s , c o n v e r t a l l o r a n y of i t s p a i d - u p

s h a r e s i n t o s tock , a n d r e c o n v e r t t h a t s tock

i n t o p a i d - u p s h a r e s .

T h e p o w e r c o n f e r r e d b y t h i s p a r a g r a p h

s h a l l be e x e r c i s e d b y s p e c i a l r e s o l u t i o n .

( i i ) b y i n s e r t i n g n e x t a f t e r s u b s e c t i o n five of

t h e s a m e s e c t i o n t h e f o l l o w i n g n e w

s u b s e c t i o n : —

(5A ) N o t w i t h s t a n d i n g a n y t h i n g c o n t a i n e d

in s u b s e c t i o n s t h r e e , f o u r a n d five of t h i s

s ec t ion , a p e r m a n e n t b u i l d i n g s o c i e t y m a y ,

if	a u t h o r i s e d	b y	i t s	r u l e s ,	d e c l a r e	a	g r e a t e r
r a t e	of	d i v i d e n d	in	r e s p e c t	of	p a i d - u p	s h a r e s
t h a n	i n	r e s p e c t	of	s h a r e s	t h a t	a r e	n o t
p a i d - u p	s h a r e s .

( i i i ) b y o m i t t i n g f r o m s u b s e c t i o n f o u r t e e n of t h e

s a m e s e c t i o n t h e w o r d s " s i x p e r c e n t u m . "

a n d	b y	i n s e r t i n g	i n	l i e u	t h e r e o f	t h e	w o r d s
" e i g h t	p e r	c e n t u m	( o r	such	l e s s	a m o u n t	p e r

c e n t u m	a s	m a y	b e	p r e s c r i b e d	in	l i eu
t h e r e o f ) " ;

(1) b y i n s e r t i n g a t t h e e n d of s e c t i o n 47A t h e fol low­

i n g n e w s u b s e c t i o n : —

(8) A n y s u c h p r o p o s a l a p p r o v e d a n d con­

s e n t e d	t o	in	t h e	m a n n e r	p r o v i d e d	i n	t h i s	s e c t i o n
sha l l	b e	b i n d i n g	o n	a l l	m e m b e r s	of	t h e	s o c i e t y

a t

a t t h e d a t e of t h e p a s s i n g of t h e s p e c i a l r e s o l u ­

t i o n	a n d	o n	a l l	p e r s o n s	w h o	b e c o m e	m e m b e r s	of
t h e	s o c i e t y	a f t e r	t h a t	d a t e	a n d	b e f o r e	t h e	t o t a l
n u m b e r	of	s h a r e s	t o	b e	i s s u e d	p u r s u a n t	t o	t h e

p r o p o s a l h a v e b e e n i s s u e d .

( m ) b y o m i t t i n g f r o m s u b s e c t i o n f o u r of s e c t i o n

f o r t y - e i g h t t h e w o r d s " a n a m o u n t n o t e x c e e d i n g

t e n	p e r	c e n t u m	of	t h e	s u r p l u s	a r i s i n g	i n	a n y
y e a r	f r o m	t h e	b u s i n e s s	of	t h e	s o c i e t y	m a y	b e

a p p l i e d t o a n y c h a r i t a b l e p u r p o s e o r f o r p r o m o t ­

i n g c o - o p e r a t i o n o r a n y c o m m u n i t y a d v a n c e ­

m e n t "	a n d	b y i n s e r t i n g	i n	l i eu	t h e r e o f	t h e	w o r d s
" t h e	s o c i e t y	m a y	a p p l y	p a r t	of	t h e	s u r p l u s

a r i s i n g i n a n y y e a r f r o m t h e b u s i n e s s of t h e

s o c i e t y t o a n y c h a r i t a b l e p u r p o s e o r f o r p r o m o t ­

i n g c o - o p e r a t i o n o r a n y c o m m u n i t y a d v a n c e ­

m e n t , b u t t h e p a r t t o b e so a p p l i e d s h a l l n o t ,

e x c e p t	w i t h	t h e	a p p r o v a l	of	t h e	A d v i s o r y	C o u n ­
ci l	c o n s t i t u t e d	u n d e r	t h i s	A c t ,	e x c e e d	t e n	p e r

c e n t u m of t h a t s u r p l u s " ;

( n ) b y o m i t t i n g s u b s e c t i o n f o u r of s e c t i o n fifty-

e i g h t a n d b y i n s e r t i n g i n l i e u t h e r e o f t h e

f o l l o w i n g s u b s e c t i o n : —

(4)	T h e	p r o v i s i o n s	of	t h i s	s e c t i o n	a r e	s u b j e c t
t o	s e c t i o n	o n e	h u n d r e d	a n d	t w e n t y - t w o	of	t h e
S t a m p	D u t i e s	A c t ,	1920,	a s	a m e n d e d	b y	s u b ­
s e q u e n t	A c t s .

( o ) b y i n s e r t i n g a t t h e e n d of s e c t i o n s i x t y - t w o t h e

f o l l o w i n g n o w s u b s e c t i o n : —

(4) "Where a c o m m u n i t y a d v a n c e m e n t s o c i e t y

w a s , b e f o r e i t w a s i n c o r p o r a t e d u n d e r t h i s A c t ,

a n	u n i n c o r p o r a t e d	c lub ,	a s s o c i a t i o n	o r	b o d y
o p e r a t i n g	t o	p r o v i d e	s p o r t i n g	o r	r e c r e a t i o n a l

f a c i l i t i e s f o r i t s m e m b e r s a n d n o t c a r r i e d o n f o r

t h e p e c u n i a r y p ro f i t of i t s m e m b e r s , t h e n a n y

i n s t r u m e n t	o r	d o c u m e n t	t r a n s f e r r i n g	t o	t h e
s o c i e t y	a n y	p r o p e r t y	w h i c h	w a s ,	i m m e d i a t e l y

b e f o r e	t h e	s o c i e t y	w a s	s o	i n c o r p o r a t e d ,	h e l d	b y
o r

o r o n b e h a l f of t h e u n i n c o r p o r a t e d c lub , a s s o c i a ­

t i o n	o r	b o d y	s h a l l	n o t	be	c h a r g e a b l e	w i t h	s t a m p
d u t y .

( p ) b y o m i t t i n g s u b s e c t i o n t h r e e of s e c t i o n s ixty-f ive

a n d b y i n s e r t i n g i n l i eu t h e r e o f t h e f o l l o w i n g

s u b s e c t i o n s : —

(3)	T h e	p r o v i s i o n s	of	s e c t i o n	one	h u n d r e d
a n d	s i x t y - n i n e ,	of	s e c t i o n	one	h u n d r e d	a n d

s e v e n t y - o n e a n d of P a r t I X of t h e C o m p a n i e s

A c t , 1936, a s a m e n d e d b y s u b s e q u e n t A c t s , s h a l l

m u t a t i s m u t a n d i s a n d w i t h s u c h m o d i f i c a t i o n s ,

if	a n y ,	a s	m a y	b e	p r e s c r i b e d	b y	r e g u l a t i o n ,
e x t e n d	t o	a n y	m o r t g a g e	o r	c h a r g e	c r e a t e d	o r

b o n d i s s u e d b y a soc i e ty , n o t b e i n g a m o r t g a g e ,

c h a r g e ,	o r	i n c u m b r a n c e	of	specific	l a n d s	d u l y
r e g i s t e r e d	u n d e r	t h e	Rea l	P r o p e r t y	A c t ,	1900,

o r t h e R e g i s t r a t i o n of D e e d s A c t , 1897, o r of a

specific	l e a s e ,	c l a i m	o r	t e n e m e n t	u n d e r	a n d
s u b j e c t	t o	t h e	l a w s	r e l a t i n g	t o	m i n i n g .
F o r	t h e	p u r p o s e s	of	t h a t	e x t e n s i o n ,	a

r e f e r e n c e i n a n y of t h o s e p r o v i s i o n s t o t h e

R e g i s t r a r - G e n e r a l	s h a l l	b e	c o n s t r u e d	a s	a
r e f e r e n c e	t o	t h e	r e g i s t r a r	of	c o - o p e r a t i v e

soc i e t i e s u n d e r t h i s A c t .

( 4 ) T h e p r o v i s i o n s of P a r t X I I of t h e C o m ­

p a n i e s	A c t ,	1936,	a s	a m e n d e d	b y	s u b s e q u e n t
A c t s ,	s h a l l	m u t a t i s	m u t a n d i s	a n d	w i t h	s u c h

m o d i f i c a t i o n s , if a n y , a s m a y b e p r e s c r i b e d b y

r e g u l a t i o n ,	e x t e n d	to	a n d	i n	r e s p e c t	of	t h e
a p p o i n t m e n t	of	a	r e c e i v e r	o r	m a n a g e r	of	t h e

p r o p e r t y of a soc i e ty , t o a n d in r e s p e c t of a

r e c e i v e r	o r	m a n a g e r	so	a p p o i n t e d	a n d	to	a n d	in
r e s p e c t	of	a	s o c i e t y	of	w h o s e	p r o p e r t y	a	r e c e i v e r

o r m a n a g e r h a s b e e n a p p o i n t e d .

F o r r e f e r e n c e t h e p u r p o s e s of t h a t e x t e n s i o n , a

in a n y of t h o s e p r o v i s i o n s t o t h e

R e g i s t r a r - G e n e r a l	s h a l l	b e	c o n s t r u e d	a s	a
r e f e r e n c e	to	t h e	r e g i s t r a r	of	c o - o p e r a t i v e

soc i e t i e s u n d e r t h i s A c t .

( q )

( q ) b y i n s e r t i n g n e x t a f t e r s u b s e c t i o n e i g h t of sec ­

t i o n s i x t y - s i x t h e f o l l o w i n g n e w s u b s e c t i o n :—

(8A) N o t w i t h s t a n d i n g t h e p r o v i s i o n s of s u b ­

s e c t i o n e i g h t of t h i s s e c t i o n b u t s u b j e c t t o t h e

p r o v i s i o n s -of s u b s e c t i o n s s ix , s e v e n , (7A ) a n d

(7B ) of t h i s s e c t i o n , a b u i l d i n g soc i e ty , o t h e r

t h a n	a	p e r m a n e n t	b u i l d i n g	s o c i e t y	o r	S t a r r -
B o w k e t t	s o c i e t y ,	m a y ,	w i t h o u t	t h e	a u t h o r i t y	of

a s p e c i a l r e s o l u t i o n , r a i s e m o n e y o n l o a n so t h a t

i t has on l o a n a t a n y t i m e a n a g g r e g a t e a m o u n t

n o t e x c e e d i n g t h e s u m se t f o r t h i n t h e w r i t t e n

s t a t e m e n t r e f e r r e d t o in s u b s e c t i o n t h r e e of sec­

t i o n	t h i r t y - n i n e	of	t h i s	A c t	a s	b e i n g t h e	s u m	t h e
s o c i e t y	p r o p o s e s	t o	b o r r o w	t o	e n a b l e	i t	t o	c a r r y

o u t i t s o b j e c t s .

( r ) ( i ) b y i n s e r t i n g i n s u b s e c t i o n (3A ) of s e c t i o n

s i x t y - e i g h t a f t e r t h e w o r d " c o m p a n y " t h e

w o r d s " o r o t h e r b o d y c o r p o r a t e " ;

( i i ) b y i n s e r t i n g i n t h e s a m e s u b s e c t i o n a f t e r

t h e	figures	" 1 9 3 6 , "	t h e	w o r d s	" o r	r e g i s ­
t e r e d	o r	i n c o r p o r a t e d	u n d e r	a n y	o t h e r	A c t

of t h i s S t a t e o r e l s e w h e r e " ;

( i i i ) b y i n s e r t i n g i n t h e s a m e s u b s e c t i o n a f t e r

t h e	w o r d	" o b j e c t s "	t h e	w o r d s	" o r	h a s
a g r e e d	t o	r e n d e r	s p e c i a l	s e r v i c e s	t o	t h e

m e m b e r s of t h e s o c i e t y " . ;

( i v ) b y i n s e r t i n g i n t h e s a m e s u b s e c t i o n a f t e r

t h e	w o r d	' " . c o m p a n i e s "	t h e	w o r d s	" o r
b o d i e s	c o r p o r a t e	o r	i n	s u c h	c o m p a n i e s	a n d

b o d i e s c o r p o r a t e " ;

( v ) b y o m i t t i n g f r o m t h e s a m e s u b s e c t i o n t h e

w o r d s " e i t h e r five t h o u s a n d p o u n d s o r " ;

( s ) b y i n s e r t i n g a t t h e e n d of s u b s e c t i o n t w o of

s e c t i o n s e v e n t y - f o u r t h e f o l l o w i n g n e w p a r a ­

g r a p h :—

(e ) a r e g i s t e r of p a i d - u p s h a r e s c o n v e r t e d

i n t o s t o c k ;

( t )

( t ) b y i n s e r t i n g n e x t a f t e r s e c t i o n s e v e n t y - f o u r t h e

f o l l o w i n g n e w s e c t i o n : —

74A . ( 1 ) A r u r a l s o c i e t y w h o s e o b j e c t s com­

p r i s e t h e t r a n s a c t i o n of b u s i n e s s i n a n y p a r t of

t h e C o m m o n w e a l t h of A u s t r a l i a o u t s i d e t h e

S t a t e ,	m a y ,	if	a u t h o r i s e d	b y	i t s	r u l e s ,	c a u s e	t o
b e	k e p t	i n	a n y	s u c h	p a r t	of	t h e	C o m m o n w e a l t h

of A u s t r a l i a i n w h i c h i t t r a n s a c t s b u s i n e s s a

b r a n c h r e g i s t e r of m e m b e r s r e s i d e n t i n t h a t

p a r t a n d of t h e i r s h a r e s ( in t h i s s e c t i o n c a l l e d

a " b r a n c h r e g i s t e r " ) .

( 2 ) T h e s o c i e t y s h a l l file w i t h t h e r e g i s ­

t r a r	a n o t i c e	of	t h e	s i t u a t i o n	of	t h e	office	w h e r e
a n y	b r a n c h	r e g i s t e r	i s	k e p t	a n d	of	a n y	c h a n g e

i n i t s s i t u a t i o n , a n d if i t i s d i s c o n t i n u e d of i t s

d i s c o n t i n u a n c e , a n d a n y s u c h n o t i c e s h a l l b e

filed w i t h i n f o u r t e e n d a y s a f t e r t h e o p e n i n g of

t h e	office	o r	of	t h e	c h a n g e	o r	d i s c o n t i n u a n c e ,	a s
t h e	c a s e	m a y	be .

( 3 ) A b r a n c h r e g i s t e r s h a l l b e d e e m e d

t o b e p a r t of t h e s o c i e t y ' s r e g i s t e r of m e m b e r s

a n d s h a r e s ( in t h i s s e c t i o n ca l l ed " t h e p r i n c i p a l

r e g i s t e r " ) .

(4 ) T h e s o c i e t y s h a l l t r a n s m i t t o i t s

r e g i s t e r e d	office	a	c o p y	of	e v e r y	e n t r y	in	i t s
b r a n c h	r e g i s t e r	a s	s o o n	a s	m a y	b e	a f t e r	t h e

e n t r y i s m a d e , a n d s h a l l c a u s e t o b e k e p t a t i t s

r e g i s t e r e d office, d u l y e n t e r e d u p f r o m t i m e t o

t i m e , a d u p l i c a t e of i t s b r a n c h r e g i s t e r , w h i c h

sha l l , f o r a l l t h e p u r p o s e s of t h i s A c t , be d e e m e d

t o be p a r t of t h e p r i n c i p a l r e g i s t e r .

(5 ) S u b j e c t t o t h e p r o v i s i o n s of t h i s

s e c t i o n w i t h r e s p e c t t o t h e d u p l i c a t e r e g i s t e r ,

t h e s h a r e s r e g i s t e r e d i n a b r a n c h r e g i s t e r s h a l l

b e	d i s t i n g u i s h e d	f r o m	t h e	s h a r e s	r e g i s t e r e d	i n
t h e	p r i n c i p a l	r e g i s t e r ,	a n d	n o	t r a n s a c t i o n	w i t h

r e s p e c t t o a n y s h a r e s r e g i s t e r e d i n a b r a n c h

r e g i s t e r	sha l l ,	d u r i n g	t h e	c o n t i n u a n c e	of	t h a t
r e g i s t r a t i o n ,	b e	r e g i s t e r e d	in	a n y	o t h e r	r e g i s t e r .

(6)

(6) A s o c i e t y m a y d i s c o n t i n u e a b r a n c h

r e g i s t e r ,	a n d	t h e r e u p o n	a l l	e n t r i e s	in	t h a t
r e g i s t e r	s h a l l	be	t r a n s f e r r e d	t o	s o m e	o t h e r

b r a n c h r e g i s t e r k e p t b y t h e s o c i e t y i n t h e s a m e

p a r t of t h e C o m m o n w e a l t h of A u s t r a l i a , o r t o

t h e p r i n c i p a l r e g i s t e r .

( ? ) I f d e f a u l t i s m a d e i n c o m p l y i n g w i t h

s u b s e c t i o n t w o o r f o u r of t h i s s e c t i o n , t h e s o c i e t y

a n d e v e r y officer o f t h e s o c i e t y w h o i s i n d e f a u l t

s h a l l b e g u i l t y of a c o n t r a v e n t i o n o f t h i s A c t .

(8 ) ( a ) T h e b o a r d m a y , b y w r i t i n g u n d e r

t h e	c o m m o n	s e a l	of	t h e	s o c i e t y ,	a u t h o r i s e	a n y
p e r s o n	( i n	t h i s	s e c t i o n	r e f e r r e d	t o	a s	" t h e

a u t h o r i t y " ) i n t h e p a r t o f t h e C o m m o n w e a l t h

of A u s t r a l i a i n w h i c h a b r a n c h r e g i s t e r h a s b e e n

e s t a b l i s h e d a n d n o t d i s c o n t i n u e d t o r e g i s t e r

t r a n s f e r s of s h a r e s r e g i s t e r e d o n the b r a n c h

r e g i s t e r a n d t o e x e r c i s e t h e p o w e r s of t h e b o a r d

u n d e r s e c t i o n fifty-eight of t h i s A c t i n r e s p e c t

of s h a r e s so r e g i s t e r e d o n t h e d e a t h of t h e

m e m b e r i n w h o s e n a m e t h e y a r e r e g i s t e r e d .

T h e b o a r d m a y i m p o s e s u c h c o n d i t i o n s a s i t

m a y t h i n k fit u p o n t h e e x e r c i s e b y t h e a u t h o r i t y

of a n y of t h o s e p o w e r s .

( b ) T h e b o a r d m a y m a k e s u c h p r o ­

v i s i o n s	a s	i t m a y	t h i n k	fit	r e s p e c t i n g	t h e	k e e p i n g
of	a n y	b r a n c h	r e g i s t e r	a n d	t h e	t r a n s f e r	of
s h a r e s	f r o m	t h e	p r i n c i p a l	t o	a	b r a n c h	r e g i s t e r

o r v i c e v e r s a , o r f r o m a b r a n c h r e g i s t e r t o

a n o t h e r b r a n c h r e g i s t e r .

( u ) b y i n s e r t i n g a t t h e e n d of s e c t i o n seven ty - f ive

t h e	f o l l o w i n g	n e w	p a r a g r a p h	a n d	s u b s e c t i o n : —
(f )	t h e	p r e s c r i b e d	r e g i s t e r	of	p a i d - u p

s h a r e s c o n v e r t e d i n t o s tock .

(2 ) A n y m e m b e r m a y i n s p e c t h i s o w n a c c o u n t

i n	t h e	b o o k s	of	t h e	s o c i e t y	a t	a n y	r e a s o n a b l e
t i m e	o n	p a y m e n t	of	a	fee	n o t	e x c e e d i n g	t w o

s h i l l i n g s .

( v )

( v ) b y o m i t t i n g s u b s e c t i o n (2A ) of s e c t i o n s e v e n t y -

s ix a n d b y i n s e r t i n g i n l i eu t h e r e o f t h e f o l l o w i n g

s u b s e c t i o n

(2A )	A	s o c i e t y	sha l l ,	if	d i r e c t e d	b y	t h e	r e g i s ­
t r a r ,	t r a n s m i t	t o	h i m	w i t h i n	s u c h	t i m e	a n d	in
s u c h	m a n n e r	a s	m a y	be	p r e s c r i b e d	a	fu l l	l i s t

of	t h e	m e m b e r s	of	t h e	s o c i e t y ,	t o g e t h e r	w i t h
s u c h	p a r t i c u l a r s	w i t h	r e g a r d	t h e r e t o	a s	m a y	be

p r e s c r i b e d .

( w ) ( i ) b y i n s e r t i n g i n s u b s e c t i o n f o u r of s e c t i o n

e i g h t y - t h r e e a f t e r t h e w o r d " h i m " t i e

w o r d s	" a n d	t h a t	t h e r e	is	n o	r e a s o n a b l e
c a u s e	w h y	t h e	a l t e r a t i o n	s h o u l d	n o t	be

r e g i s t e r e d " ;

( i i ) b y i n s e r t i n g n e x t a f t e r t h e s a m e s u b s e c t i o n

t h e f o l l o w i n g n e w s u b s e c t i o n : —

(4A ) T h e r e g i s t r a r m a y r e f e r a n y a p p l i ­

c a t i o n u n d e r t h i s s e c t i o n t o t h e A d v i s o r y

C o u n c i l c o n s t i t u t e d u n d e r t h i s A c t .

I f a l t e r a t i o n t h a t C o u n c i l i s of o p i n i o n t h a t t h e

w o u l d n o t o r i s n o t d e s i g n e d o r

i n t e n d e d to s e r v e e q u i t a b l y t h e i n t e r e s t s of

t h e m e m b e r s of t h e s o c i e t y i t m a y r e c o m ­

m e n d t h a t r e g i s t r a t i o n b e n o t g r a n t e d .

U p o n r e c e i p t of s u c h a r e c o m m e n d a t i o n

t h e r e g i s t r a r s h a l l r e f u s e t o r e g i s t e r t h e

a l t e r a t i o n .

T h e p r o v i s i o n s of t h i s s u b s e c t i o n h a v e

effect n o t w i t h s t a n d i n g a n y t h i n g c o n t a i n e d

in s u b s e c t i o n f o u r of t h i s s e c t i o n o r i n a n y

o t h e r s e c t i o n of t h i s A c t .

( x ) ( i ) b y o m i t t i n g f r o m s u b s e c t i o n s ix of s ec t ion

e i g h t y - f o u r t h e w o r d s " T h e d i r e c t o r s s h a l l

be e l ec ted a t a g e n e r a l m e e t i n g of t h e s o c i e t y

i n

i n a c c o r d a n c e w i t h t h e r u l e s " a n d b y i n s e r t ­

i n g in l i e n t h e r e o f t h e words " T h e d i r e c t o r s

s h a l l be e l ec t ed in s u c h m a n n e r a s m a y be

spec i f i ed i n t h e r u l e s of t h e . s o c i e t y " ;

( i i ) b y i n s e r t i n g at t h e e n d of t h e same s u b s e c ­

t i o n t h e w o r d s :—

T h e r e g i s t r a r s h a l l n o t r e g i s t e r s u c h a

r u l e o r amy a l t e r a t i o n of s u c h a r u l e u n l e s s

h e a p p r o v e s of t h e m a n n e r of e l e c t i n g

d i r e c t o r s speci f ied in t h e r u l e o r in t h e r u l e

a s a l t e r e d , a s t h e c a s e m a y b e .

( y ) b y i n s e r t i n g a t t h e e n d of s u b s e c t i o n o n e of sec­

t i o n 84A t h e f o l l o w i n g n e w p a r a g r a p h : —

( d ) e v e r y b u i l d i n g s o c i e t y w h i c h h a s

e x e c u t e d a m o r t g a g e t o t h e R u r a l B a n k

of N e w S o u t h W a l e s i n c o n s i d e r a t i o n

of w h i c h t h a t B a n k h a s a g r e e d t o m a k e

l o a n s to t h e soc i e ty .

( z ) b y i n s e r t i n g a t t h e e n d of s u b s e c t i o n one of

s e c t i o n 8 8 B t h e f o l l o w i n g w o r d a n d n e w p a r a ­

g r a p h :—

a n d

(c) e v e r y b u i l d i n g s o c i e t y w h i c h h a s

e x e c u t e d a m o r t g a g e t o t h e R u r a l B a n k

of N e w S o u t h W a l e s i n c o n s i d e r a t i o n

of w h i c h t h a t B a n k h a s a g r e e d to m a k e

l o a n s t o t h e soc i e ty .

( a a ) b y o m i t t i n g s e c t i o n e i g h t y - n i n e a n d b y i n s e r t i n g

i n l i eu t h e r e o f t h e f o l l o w i n g s e c t i o n : —

89. a u d i t e d (1 ) T h e a n n u a l l y a c c o u n t s of a s o c i e t y s h a l l b e

o r m o r e f r e q u e n t l y a s m a y b e

p r e s c r i b e d b y t h e r u l e s of t h e soc i e ty .

( 2 ) N o n e of t h e f o l l o w i n g p e r s o n s s h a l l

b e qua l i f i ed f o r a p p o i n t m e n t o r t o a c t a s a u d i t o r

of	a	s o c i e t y : —
( a ) a n officer o r s e r v a n t of t h e s o c i e t y ;

( b )

( b ) a p e r s o n w h o is a p a r t n e r of o r i n t h e

e m p l o y m e n t of o r t h e e m p l o y e r of a n

officer o r s e r v a n t of t h e s o c i e t y ; a n d

(c ) R e f e r e n c e s a b o d y c o r p o r a t e .

in t h i s s u b s e c t i o n to a n officer o r

s e r v a n t s h a l l be c o n s t r u e d a s n o t i n c l u d i n g

r e f e r e n c e s t o a n a u d i t o r .

(3 ) A p p o i n t m e n t a s t h e p u b l i c officer of

a s o c i e t y f o r t h e p u r p o s e s of a n y l a w r e l a t i n g

t o t a x a t i o n s h a l l n o t b e a d i s q u a l i f i c a t i o n f o r

a p p o i n t m e n t a s t h e a u d i t o r of a soc i e ty .

( 4 ) T h e a u d i t o r s shall m a k e a r e p o r t t o

t h e	m e m b e r s	o n	t h e	a c c o u n t s	e x a m i n e d	b y	t h e m
a n d	o n	t h e	r e g i s t e r	of	m e m b e r s	a n d	o t h e r

r e c o r d s	w h i c h	t h e	s o c i e t y	i s	r e q u i r e d	t o	k e e p	b y
l a w	o r	b y	i t s	r u l e s ,	a n d	o n	e v e r y	b a l a n c e - s h e e t
a n d	e v e r y	p ro f i t	a n d	l o s s	a c c o u n t	l a i d	b e f o r e	t h e

s o c i e t y	i n	g e n e r a l	m e e t i n g	d u r i n g	t h e i r	t e n u r e
of	office,	a n d	t h e	r e p o r t	s h a l l	s t a t e —

( a ) w h e t h e r t h e y h a v e o b t a i n e d a l l t h e

i n f o r m a t i o n a n d e x p l a n a t i o n s w h i c h t o

he b e s t of t h e i r k n o w l e d g e a n d bel ief

w e r e	n e c e s s a r y	f o r	t h e	p u r p o s e s	of
t h e i r	a u d i t ;

( b ) w h e t h e r , i n t h e i r o p i n i o n , p r o p e r b o o k s

of	a c c o u n t	h a v e	b e e n	k e p t	b y	t h e
soc i e ty ,	so	f a r	a s	a p p e a r s	f r o m	t h e i r

e x a m i n a t i o n	of	t h o s e	b o o k s ,	a n d	p r o p e r
r e t u r n s	a d e q u a t e	f o r	t h e	p u r p o s e s	of
t h e i r	a u d i t	h a v e	b e e n	r e c e i v e d	f r o m

b r a n c h e s n o t v i s i t e d b y t h e m ;

(c ) w h e t h e r t h e s o c i e t y ' s b a l a n c e - s h e e t a n d

p ro f i t	a n d	l o s s	a c c o u n t	d e a l t	w i t h	b y
t h e	r e p o r t	a r e	i n	a g r e e m e n t	w i t h	t h e

b o o k s of a c c o u n t a n d r e t u r n s ;

( d )

( d ) w h e t h e r , i n t h e i r o p i n i o n , a n d t o t h e

b e s t of t h e i r i n f o r m a t i o n a n d a c c o r d ­

i n g t o t h e e x p l a n a t i o n s g i v e n t o t h e m ,

t h e s a i d a c c o u n t s g i v e t h e i n f o r m a t i o n

r e q u i r e d b y o r u n d e r t h i s A c t i n t h e

m a n n e r so r e q u i r e d a n d g i v e a t r u e a n d

f a i r	v i e w —
( i ) i n t h e c a s e of t h e b a l a n c e - s h e e t ,

of t h e s t a t e of t h e s o c i e t y ' s

a f f a i r s a s a t t h e e n d of i t s

f i nanc i a l y e a r ; a n d

( i i ) i n t h e c a s e of t h e p ro f i t a n d

l o s s a c c o u n t , of t h e p ro f i t o r

l o s s f o r i t s f i nanc i a l y e a r ;

( e ) w h e t h e r , i n t h e i r o p i n i o n , t h e r e g i s t e r

of m e m b e r s a n d o t h e r r e c o r d s , w h i c h

t h e	s o c i e t y	i s	r e q u i r e d	t o	k e e p	b y	o r
u n d e r	t h i s	A c t	o r	b y	i t s	r u l e s , h a v e	b e e n

p r o p e r l y k e p t ;

( f ) w h e t h e r t h e r u l e s r e l a t i n g t o t h e a d m i n ­

i s t r a t i o n of t h e f u n d s of t h e s o c i e t y

h a v e b e e n o b s e r v e d .

(5 ) E v e r y a u d i t o r of a s o c i e t y s h a l l h a v e

a r i g h t a c c o u n t s , of a c c e s s v o u c h e r s , a t a l l t i m e s t o t h e b o o k s ,

s e c u r i t i e s a n d d o c u m e n t s of

t h e s o c i e t y , a n d s h a l l b e e n t i t l e d t o r e q u i r e f r o m

t h e d i r e c t o r s a n d o t h e r officers of t h e s o c i e t y

s u c h i n f o r m a t i o n a n d e x p l a n a t i o n a s h e t h i n k s

n e c e s s a r y f o r t h e p e r f o r m a n c e of t h e d u t i e s of

t h e a u d i t o r s .

( 6 ) T h e a u d i t o r s of a s o c i e t y s h a l l be

e n t i t l e d t o a t t e n d a n y g e n e r a l m e e t i n g of t h e

s o c i e t y a n d to r e c e i v e a l l n o t i c e s of a n d o t h e r

c o m m u n i c a t i o n s r e l a t i n g to a n y g e n e r a l m e e t i n g

w h i c h	a n y	m e m b e r	of	t h e	s o c i e t y	i s	e n t i t l e d	t o
r e c e i v e	a n d	t o	b e	h e a r d	a t	a n y	g e n e r a l	m e e t i n g
w h i c h	t h e y	a t t e n d	on	a n y	p a r t	of	t h e	b u s i n e s s

of t h e m e e t i n g w h i c h c o n c e r n s t h e m a s a u d i t o r s .

(7 )

(7 ) A c o p y of t h e b a l a n c e - s h e e t a n d p rof i t

a n d l o s s a c c o u n t d u l y a u d i t e d , t o g e t h e r w i t h a

c o p y of t h e a u d i t o r s ' r e p o r t t o t h e m e m b e r s of

t h e s o c i e t y , s h a l l toe t r a n s m i t t e d to each m e m b e r

w i t h t h e n o t i c e of t h e a n n u a l g e n e r a l m e e t i n g ,

o r i n t h e a l t e r n a t i v e , if t h e r u l e s of t h e s o c i e t y

so	p r o v i d e ,	t h e	n o t i c e	of	t h e	a n n u a l	g e n e r a l
m e e t i n g	m a y	i n c l u d e	a	n o t i c e	t h a t	t h e	b a l a n c e -
s h e e t	a n d	p rof i t	a n d	l o s s	a c c o u n t	a n d	a u d i t o r s '

r e p o r t may b e i n s p e c t e d by m e m b e r s a t t h e office

of t h e s o c i e t y for s u c h p e r i o d b e f o r e t h e m e e t i n g

a s m a y b e p r e s c r i b e d by t h e r u l e s .

( 8 ) S u b j e c t t o t h e p r o v i s i o n s of t h i s sub­

sec t ion , a n y p r o v i s i o n , w h e t h e r c o n t a i n e d i n t h e

r u l e s of a s o c i e t y o r i n a n y c o n t r a c t w i t h a

s o c i e t y	o r	o t h e r w i s e ,	f o r	e x e m p t i n g	a n y	a u d i t o r
f r o m ,	o r	i n d e m n i f y i n g	h i m	a g a i n s t ,	a n y	l i a b i l i t y

w h i c h b y v i r t u e of a n y r u l e of l a w w o u l d o t h e r ­

w i s e a t t a c h t o h i m in r e s p e c t of a n y n e g l i g e n c e ,

d e f a u l t o r b r e a c h of d u t y of w h i c h h e m a y b e

g u i l t y in r e l a t i o n t o t h e s o c i e t y s h a l l b e v o i d :

P r o v i d e d h o w e v e r t h a t a s o c i e t y m a y , in pur­

s u a n c e of a n y such p r o v i s i o n , i n d e m n i f y a n y

a u d i t o r a g a i n s t a n y l i a b i l i t y i n c u r r e d b y h i m in

d e f e n d i n g a n y p r o c e e d i n g s , whether c iv i l o r

c r i m i n a l , i n w h i c h j u d g m e n t i s g i v e n in h i s

f a v o u r o r in w h i c h h e i s a c q u i t t e d o r i n c o n n e c ­

t i o n w i t h a n y a p p l i c a t i o n u n d e r s u b s e c t i o n n i n e

of	t h i s	s e c t i o n	i n	w h i c h	re l i e f	is	g r a n t e d	to	h i m
b y	t h e	c o u r t .

(9 ) ( a ) I f i n a n y p r o c e e d i n g s f o r neg l i ­

g e n c e , d e f a u l t or b r e a c h of d u t y a g a i n s t a n

a u d i t o r of a s o c i e t y i t a p p e a r s t o t h e c o u r t h e a r ­

i n g t h e c a s e t h a t t h a t p e r s o n i s o r m a y be l i ab l e

in r e s p e c t of t h e n e g l i g e n c e , d e f a u l t o r b r e a c h

of d u t y , tout t h a t h e h a s a c t e d h o n e s t l y a n d

r e a s o n a b l y , a n d t h a t , h a v i n g r e g a r d c i r c u m s t a n c e s to a l l t h e

c i r c u m s t a n c e s of t h e c a s e , i n c l u d i n g t h o s e con­

n e c t e d	w i t h	h i s	a p p o i n t m e n t ,	h e	o u g h t	f a i r l y	t o
b e	e x c u s e d	f o r	t h e	n e g l i g e n c e ,	d e f a u l t	o r	b r e a c h
of	d u t y ,	t h a t	c o u r t	m a y	r e l i e v e	h i m ,	e i t h e r
w h o l l y	o r	p a r t l y ,	f r o m	h i s	l i a b i l i t y	o n	s u c h

t e r m s a s t h e c o u r t t h i n k s fit.

( b ) W h e r e a n y a u d i t o r of a s o c i e t y

h a s	r e a s o n	t o	a p p r e h e n d	t h a t	a n y	c l a i m	wi l l	o r
m i g h t	b e	m a d e	a g a i n s t	h i m	i n	r e s p e c t	of	a n y

n e g l i g e n c e ,	d e f a u l t	o r	b r e a c h	of	d u t y ,	h e	m a y
a p p l y	t o	t h e	S u p r e m e	C o u r t	i n	i t s	e q u i t a b l e
j u r i s d i c t i o n	f o r	re l ief ,	a n d	t h a t	C o u r t	o n	a n y
s u c h	a p p l i c a t i o n	s h a l l	h a v e	t h e	s a m e	p o w e r	t o
r e l i e v e	h i m	a s	u n d e r	t h i s	s u b s e c t i o n	i t	w o u l d

h a v e h a d if i t h a d b e e n a c o u r t b e f o r e w h i c h

p r o c e e d i n g s a g a i n s t t h a t a u d i t o r f o r n e g l i g e n c e ,

d e f a u l t o r b r e a c h of d u t y h a d b e e n b r o u g h t .

( c ) W h e r e a n y c a s e t o w h i c h p a r a ­

g r a p h ( a ) of t h i s s u b s e c t i o n a p p l i e s i s b e i n g

t r i e d b y a j u d g e w i t h a j u r y , t h e j u d g e , a f t e r

h e a r i n g t h e e v i d e n c e , m a y , if h e i s s a t i s f i ed t h a t

t h e d e f e n d a n t o u g h t i n p u r s u a n c e of t h a t p a r a ­

g r a p h t o b e r e l i e v e d e i t h e r i n w h o l e o r i n p a r t

f r o m t h e l i a b i l i t y s o u g h t t o b e e n f o r c e d a g a i n s t

h i m , w i t h d r a w t h e c a s e i n w h o l e o r i n p a r t f r o m

t h e j u r y a n d f o r t h w i t h d i r e c t j u d g m e n t t o b e

e n t e r e d f o r t h e d e f e n d a n t o n s u c h t e r m s a s t o

c o s t s	o r	o t h e r w i s e	a s	t h e	j u d g e	m a y	t h i n k
p r o p e r .

( b b ) b y o m i t t i n g s e c t i o n n i n e t y a n d b y i n s e r t i n g in

l i e u t h e r e o f t h e f o l l o w i n g s e c t i o n : —

90. T h e financial y e a r of a s o c i e t y s h a l l e n d

on	s u c h	clay i n	e a c h	c a l e n d a r	y e a r	a s	i s	p r o v i d e d
f o r	b y	t h e	r u l e s	of	t h e	s o c i e t y :	P r o v i d e d	t h a t —

( a ) t h e first financial y e a r of a s o c i e t y m a y

e x t e n d f r o m t h e d a t e of i t s r e g i s t r a t i o n

to a d a t e n o t l a t e r t h a n e i g h t e e n m o n t h s

f r o m t h e d a t e of i t s r e g i s t r a t i o n ;

( b )

(b ) o n a n a l t e r a t i o n of t h e r u l e s of a s o c i e t y

a l t e r i n g	i t s	f i nanc ia l	y e a r ,	t h e	a l t e r a t i o n
m a y	p r o v i d e	e i t h e r	t h a t	t h e	f inanc ia l

y e a r	c u r r e n t	a t	t h e	d a t e	of	a l t e r a t i o n
s h a l l	b e	e x t e n d e d	f o r	a	p e r i o d	n o t

e x c e e d i n g s i x m o n t h s o r t h a t t h e

financial y e a r n e x t f o l l o w i n g t h e

financial y e a r t h a t i s so c u r r e n t s h a l l b e

a p e r i o d e x c e e d i n g t w e l v e m o n t h s b u t

n o t e x c e e d i n g e i g h t e e n m o n t h s .

(cc) ( i ) b y o m i t t i n g f r o m s u b s e c t i o n f o u r of s ec t ion

n i n e t y - o n e t h e w o r d " s h a l l " a n d b y i n s e r t ­

i n g i n l i eu t h e r e o f t h e w o r d " m a y " ;

( i i ) b y i n s e r t i n g a t t h e e n d of s u b s e c t i o n f o u r

of t h e p a r a g r a p h s . - — s a m e s e c t i o n t h e f o l l o w i n g n e w

( b ) W h e r e t h e r e g i s t r a r d e c i d e s n o t t o

h e a r	o r	d e p u t e	t h e	h e a r i n g	of	t h e	d i s p u t e ,
h e	sha l l , w i t h i n	o n e	m o n t h	of	r e c e i p t	of	the

r e f e r e n c e , n o t i f y t h e p a r t i e s i n "wr i t ing of

h i s d e c i s i o n .

(e) I f t h e r e g i s t r a r d e c i d e s n o t t o h e a r

o r d e p u t e t h e h e a r i n g of t h e d i s p u t e , t h e

d i s p u t e	s h a l l	b e	d e t e r m i n e d	i n	t h e	m a n n e r
( o t h e r	t h a n	b y	r e f e r e n c e	to	t h e	r e g i s t r a r
u n d e r	t h i s	s e c t i o n )	p r e s c r i b e d	b y	t h e	r u l e s

of

t h e p r e s c r i b e d s o c i e t y , b u t w h e r e t h e o n l y m a n n e r

b y t h o s e r u l e s f o r t h e d e t e r m i n a ­

t i o n of t h e d i s p u t e i s b y r e f e r e n c e t o t h e

r e g i s t r a r t h e d i s p u t e s h a l l b e d e t e r m i n e d

b y a r b i t r a t i o n i n a c c o r d a n c e w i t h t h e A r b i ­

t r a t i o n	A c t ,	1902, a s	a m e n d e d	b y	s u b s e q u e n t
A c t s .

( i i i ) b y i n s e r t i n g i n s u b s e c t i o n five of t h e s a m e

s e c t i o n a f t e r t h e w o r d " r e f e r r e d " t h e w o r d s

" a n d t h e r e g i s t r a r d e c i d e s t o h e a r o r d e p u t e

t h e b e a r i n g of t h e d i s p u t e " ;

( d d )

( d d ) ( i ) b y o m i t t i n g f r o m s u b s e c t i o n five of s e c t i o n

n i n e t y - t w o t h e w o r d s " a n d be e n t i t l e d t o

r e c e i v e s u c h f ee s a s m a y b e p r e s c r i b e d b y

r e g u l a t i o n " a n d b y i n s e r t i n g in l i eu t h e r e o f

t h e w o r d s " a s m a y b e p r e s c r i b e d a n d b e

e n t i t l e d t o r e c e i v e s u c h f ee s a s s h a l l b e fixed

b y t h e A d v i s o r y C o u n c i l c o n s t i t u t e d u n d e r

t h i s A c t " ;

( i i ) b y i n s e r t i n g i n p a r a g r a p h ( a ) of s u b s e c t i o n

s ix of " w i n d i n g - u p " t h e s a m e s e c t i o n w h e r e v e r a f t e r t h e w o r d

o c c u r r i n g t h e

w o r d s " o r d i s s o l u t i o n " ;

( i i i ) b y o m i t t i n g f r o m p a r a g r a p h ( b ) of t h e

s a m e s u b s e c t i o n t h e w o r d s ' ' t o t h e w i n d i n g -

u p " a n d b y i n s e r t i n g i n l i eu t h e r e o f t h e

w o r d s	" i n c l u d i n g	t h e	p r o v i s i o n s	a s	t o	d i s ­
s o l u t i o n	c o n t a i n e d	in	D i v i s i o n	6	of	t h a t

P a r t , t o t h e w i n d i n g - u p o r d i s s o l u t i o n " ;

( e e ) b y o m i t t i n g s e c t i o n n i n e t y - f o u r ;

( f f ) b y i n s e r t i n g i n s u b s e c t i o n t h r e e of sec t ion

n i n e t y - s i x a f t e r t h e w o r d " r e g i s t r a r " t h e w o r d ;

" o r d e p u t y r e g i s t r a r " ;

( g g ) b y i n s e r t i n g n e x t a f t e r s e c t i o n one h u n d r e d a n d

n i n e t h e f o l l o w i n g n e w s e c t i o n : —

109A . ( 1 ) I f a n y p e r s o n —

( a ) s e e k s , c l a i m s o r r e c e i v e s a n y c o m m i s ­

s ion , f ee o r r e w a r d , w h e t h e r p e c u n i a r y

o r o t h e r w i s e , f r o m a n y p e r s o n a s a con ­

s i d e r a t i o n	o r	c h a r g e	f o r	p r o c u r i n g	o r
o b t a i n i n g ,	o r	o f f e r i n g	o r	a t t e m p t i n g	t o

p r o c u r e o r o b t a i n , f o r a n y p e r s o n a

l o a n f r o m a n y b u i l d i n g s o c i e t y ; o r

( b )

( b ) a d v e r t i s e s o r o t h e r w i s e h o l d s h i m s e l f

o u t a s b e i n g a b l e t o a r r a n g e o r o b t a i n

f inance f o r a n y p e r s o n t h r o u g h o r f r o m

a n y b u i l d i n g s o c i e t y ,

h e s h a l l be g u i l t y of a n offence a n d s h a l l be

l i ab l e	t o	a	p e n a l t y	n o t	e x c e e d i n g	one	h u n d r e d
p o u n d s .

(2 ) A n y s u m r e c e i v e d i n c o n t r a v e n t i o n

of t h i s s e c t i o n m a y b e r e c o v e r e d b y t h e p e r s o n

w h o	p a i d	i t	f r o m	t h e	p e r s o n	b y	w h o m	i t	w a s
r e c e i v e d	i n	a n	a c t i o n	f o r	d e b t	i n	a n y	c o u r t	of

c o m p e t e n t j u r i s d i c t i o n .

( h h ) b y i n s e r t i n g n e x t a f t e r s u b s e c t i o n o n e of s e c t i o n

o n e h u n d r e d a n d t w e n t y - f o u r t h e f o l l o w i n g n e w

s u b s e c t i o n : —

(1A )	W i t h o u t	p r e j u d i c e	t o	t h e	g e n e r a l i t y	of
t h e	f o r e g o i n g	p r o v i s i o n s	of	t h i s	s ec t ion ,	t h e

G o v e r n o r m a y m a k e r e g u l a t i o n s p r e s c r i b i n g a l l

m a t t e r s w h i c h a r e b y s u b s e c t i o n t h r e e o r f o u r

of s e c t i o n s ix ty- f ive of t h i s A c t r e q u i r e d o r p e r ­

m i t t e d	t o	b e	p r e s c r i b e d	o r	w h i c h	a r e	n e c e s s a r y
o r	c o n v e n i e n t	t o	b e	p r e s c r i b e d	f o r	g i v i n g	effect
t o t h e p a r t i c u l a r ,	s a i d	s u b s e c t i o n	t h r e e	o r	f o u r	a n d ,	i n

f o r p r e s c r i b i n g t h e f ee s t o b e t a k e n

i n t h e	office	of	t h e	r e g i s t r a r	f o r	a n y	m a t t e r	o r
t h i n g	to	b e	d o n e	t h e r e i n	u n d e r	t h e	s a i d	s u b s e c ­

t i o n t h r e e o r f o u r .

( i i ) b y i n s e r t i n g i n t h e T h i r d S c h e d u l e a f t e r t h e

figures " 1 8 " t h e figures " , 5 2 " .

(2) ( a ) T h e a m e n d m e n t s m a d e b y p a r a g r a p h ( p )

of	s u b s e c t i o n	o n e	of	t h i s	s e c t i o n	s h a l l	c o m m e n c e	u p o n	a
d a y	t o	b e	a p p o i n t e d	b y	t h e	G o v e r n o r	a n d	not if ied	b y

p r o c l a m a t i o n p u b l i s h e d i n t h e G a z e t t e .

( b ) T h e a m e n d m e n t s m a d e b y s u b p a r a g r a p h s

( i i )	a n d	( i i i )	of p a r a g r a p h	( d d )	of	s u b s e c t i o n	o n e	of	t h i s
s e c t i o n	s h a l l	b e	d e e m e d	t o	h a v e	c o m m e n c e d	o n	t h e	first

d a y of J a n u a r y , one t h o u s a n d n i n e h u n d r e d a n d t h i r t y -

s e v e n . 3 .

3 .	( 1 )	T h i s	s e c t i o n	s h a l l	a p p l y	t o	e v e r y	a g r e e m e n t
w h i c h	w a s	e n t e r e d	i n t o	b e f o r e	t h e	c o m m e n c e m e n t	of	t h i s

s e c t i o n b e t w e e n a b u i l d i n g s o c i e t y d u l y r e g i s t e r e d u n d e r

t h e C o - o p e r a t i o n , C o m m u n i t y S e t t l e m e n t , a n d C r e d i t

A c t , 1923 , a s a m e n d e d b y s u b s e q u e n t A c t s , a n d t h e

C o l o n i a l T r e a s u r e r , a n d w h i c h w a s in f o r c e a t s u c h c o m ­

m e n c e m e n t , w h e r e b y in c o n s i d e r a t i o n of t h e e x e c u t i o n b y

t h e C o l o n i a l T r e a s u r e r p u r s u a n t t o t h e G o v e r n m e n t

G u a r a n t e e s A c t , 1934-1948, of a g u a r a n t e e i n f a v o u r of

t h e	b a n k	s o c i e t y	o r	b o d y	of	p e r s o n s	m e n t i o n e d	i n	t h e
a g r e e m e n t	( w h i c h	b a n k	s o c i e t y	o r	b o d y	of	p e r s o n s	i s	i n

t h i s s e c t i o n r e f e r r e d t o a s " t h e l e n d e r " ) t h e b u i l d i n g

s o c i e t y u n d e r t a k e s t o o b s e r v e t h e c o v e n a n t s , s t i p u l a t i o n s

a n d c o n d i t i o n s speci f ied i n t h e a g r e e m e n t .

( 2 ) N o t w i t h s t a n d i n g a n y t h i n g c o n t a i n e d in a n y

a g r e e m e n t t o w h i c h t h i s s e c t i o n a p p l i e s , t h e a g r e e m e n t

s h a l l n o t o p e r a t e t o p r e c l u d e t h e b u i l d i n g s o c i e t y w h i c h

i s a p a r t y t h e r e t o f r o m m a k i n g , o u t of m o n e y s b o r r o w e d

b y i t f r o m t h e l e n d e r , a d v a n c e s t o a m e m b e r of t h e

s o c i e t y t o t h e e x t e n t a n d i n t h e c i r c u m s t a n c e s c o n t e m ­

p l a t e d b y s e c t i o n 17A of t h e C o - o p e r a t i o n A c t , 1923-1954.

( 3 ) T h i s s e c t i o n s h a l l b e d e e m e d t o h a v e c o m m e n c e d

o n t h e t w e n t y - n i n t h d a y of A p r i l , one t h o u s a n d n i n e

h u n d r e d a n d fifty-four.

4 .	( 1 )	A l l	i n s t r u m e n t s	r e g i s t e r e d	o r	p u r p o r t i n g	to
h a v e	b e e n	r e g i s t e r e d	p u r s u a n t	t o	s u b s e c t i o n	t h r e e	of

s e c t i o n s ix ty- f ive of t h e C o - o p e r a t i o n , C o m m u n i t y S e t t l e ­

m e n t ,	a n d	C r e d i t	A c t ,	1923 ,	a s	a m e n d e d	b y	s u b s e q u e n t
A c t s ,	i n	t h e	office	of	t h e	R e g i s t r a r - G e n e r a l	b e f o r e	t h e
c o m m e n c e m e n t	of	t h i s	s e c t i o n	s h a l l	b e	d e e m e d	t o	h a v e

b e e n d u l y r e g i s t e r e d in t h e m a n n e r r e q u i r e d b y t h a t s u b ­

s e c t i o n	a n d	a n y	ce r t i f i c a t e	i n	r e l a t i o n	t h e r e t o	g i v e n	b y
t h e	R e g i s t r a r - G e n e r a l	a n d	a l l	e n t r i e s	m a d e	b y	h i m	in

t h e r e g i s t e r s h a l l be v a l i d a n d e f f ec tua l f o r a l l p u r p o s e s .

(2 ) A l l i n s t r u m e n t s of w h a t s o e v e r k i n d r e g i s t e r e d

b y t h e R e g i s t r a r - G e n e r a l p u r s u a n t t o s u b s e c t i o n t h r e e of

s e c t i o n s ix ty- f ive of t h e C o - o p e r a t i o n , C o m m u n i t y S e t t l e ­

m e n t , a n d C r e d i t A c t , 1923 , a s a m e n d e d b y s u b s e q u e n t

A c t s ,

Acts, and the register and all indexes, books, documents p
and writings relating exclusively to those instruments
shall be transferred by the Registrar-General to the regis-
t r a r of co-operative societies under that Act, and the
register kept by the Registrar-General shall be incor-
porated in the register to be kept by the registrar of
co-operative societies under that Act, and particulars of
all entries in the register so incorporated shall thereupon
be deemed to have been duly made by the registrar of
co-operative societies under that Act.

(3) This section shall commence upon the day appointed and notified pursuant to paragraph (a) of subsection two of section two of this Act.