Co-operation, Community Settlement, and Credit (Amendment) Act 1924 (NSW)

CO-OPERATION, COMMUNITY SETTLEMENT, AND CREDIT

(AMENDMENT) ACT.

Act No. 45, 1924.

An Act to amend the Co-operation, Community

Settlement, and Credit Act, 1923, in certain

particulars; and for purposes connected

therewith. [Assented to, 20th December,

1924.]

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. This Act may be cited as the "Co-operation, Community Settlement, and Credit (Amendment) Act, 1924," and shall be read and construed with the Co-operation, Community Settlement, and Credit Act, 1923, herein referred to as the Principal Act.

advanced shall not, when added to the principal sum secured by the prior mortgage, together with any interest and charges then due there- under, exceed ninety per centum of the value of the property ' ' ; b)

2 . (1) Section eighteen of the Principal Act is

amended :—

(a) By inserting at the end of subsection one the words " or is for a fixed period, of which three

years at least are then current, whether with or without any right or obligation of repaying

by instalments, provided that the amount so

(b) by inserting at the end of subsection two the "words ' 'provided that they shall not he so liable by reason only of the advance exceeding: ninety per centum of the value of the property if, in making the advance, they have acted upon either—

(a)	a certificate of valuation under the Valuation of Land Act, 1916 ; or
(b)	a report as to the value of the property made by a person whom they reasonably believe to he a competent valuer, in- structed and employed independently of any owner of the property, whether the valuer carries on business in the locality where the property is situate or elsewhere."

(2) Section twenty-two of the Principal Act is

amended—

(a)	by omitting from subsection seven the words " at the court of petty sessions nearest to the registered office of the society " and inserting in lieu thereof the words " in the office of the Registrar-General";
(b)	by inserting at the end of subsection ten the words '' under the Conveyancing Act, 1919 " ;
(e)	by inserting after subsection ten the following new subsections:—
(10A) In order that any certificate men­ tioned in subsection ten of this section may be registered, the certificate shall he lodged in duplicate, together with such fees as may bo prescribed by regulation under the Con­ veyancing Act, 1919, either at the court of petty sessions nearest to the registered office of the society or at the office of the Registrar- General, and thereupon one of the duplicates shall be transmitted by the clerk of the court to the Registrar-General for registration, or by the Registrar-General to the clerk of the court for record, as the case may be.

(10B)

(10B) A certificate lodged at a court of petty sessions or transmitted to the clerk of the court in pursuance of this section shall he recorded by the clerk in a list to be kept as prescribed.

(10c) The register and list of certificates shall he open to inspection on payment of such fee as may be prescribed with respect to the register by regulation under the Conveyancing Act, 1919, and with respect to the list by regulation under this Act.

( 3 ) Section forty-one of the Principal Act is

amended by inserting at the end of subsection twelve the words "and in the case of a memorandum of mort- gage under the Peal Property Act, 1900, may discharge the mortgage as if the society were the registered proprietor thereof."

(4) Section forty-six of the Principal Act is

amended—

(a) by inserting after paragraph (i) of subsection nine the following new paragraph :—

(ii)  in the case of a trading society where the value of his share is repaid to him in accordance with the rules of the society ;

(b) by inserting after paragraph (j) of subsection nine the following new paragraph :—

(jj) in the case of an investment society where the value of his share is repaid to him, or where shares debentures or securities are allotted to him in satis­	faction of his share, in accordance with
the rules of the society.

(5) Section forty-seven of the Principal Act is

amended—

(a) by adding to subsection one the following proviso:—

" Provided that in the case of a terminating building society a maximum amount of capital to be subscribed may be fixed by the rules."

(b) by omitting from subsection eight the words '' Starr-Bowkett" and by inserting in lieu thereof the words " terminating building."

(6)

( 6 ) Section fifty-four of the Principal Act is

amended by inserting in subsection two after the word ' ' r ece ived" the words "from any person who is not a member."

(7) The Principal Act is amended by inserting

after section fifty-four the following new section :—

54A. (1) An investment society may repay to any

member, with his consent, the value of his shares
to be ascertained in accordance with the rules.

(2) An investment society may allot to any member, with his consent, any shares debentures or securities belonging to the society, in satisfaction or on account of his shares, the value of his shares and of the shares debentures or securities so allotted to be ascertained in accordance with the rules.

(3) Where shares debentures or securities belonging to the society are allotted under this section on account of shares of a member which are not fully paid, the amount, if any, by which the value of the shares debentures or securities so allotted exceeds the value of the shares of the member, together with interest on such amount, shall be secured to the society in accordance with the rules.

( S ) Section sixty-six of the Principal Act is

amended—

(a) by omitting from subsection six the words " two- th i rds" and by inserting in lieu thereof the words " four-fifths" ;

(b) by inserting after subsection seven the follow­	ing new subsections :—
(7A) Notwithstanding the provisions of sub­ sections five or six of this section the total amount raised on loan by any of the societies therein mentioned during the first financial year of the society or within four months after the expiration of that year may be such sum as the society deems proper if the society shall not have received deposits during such period.
(7B) Notwithstanding the provisions of sub­ sections five or six of this section the total amount raised on loan, otherwise than by the

issue

issue of bonds, by any of the societies therein mentioned, may he such sum as the society deems proper if the society shall not have issued bonds or received deposits or if all bonds issued and deposits received have been repaid.

(9) Section seventy-seven of the Principal Act is amended by adding at the end of subsection one the following words :—" , and any such sum shall for the purposes of section fifty-seven of this Act be deemed to be a debt due from the member to the society."
(10) Section eighty-two of the Principal Act is amended by inserting after subsection five the following new subsection :—

(5A) The rules of an investment society shall, in

addition to the matters mentioned in subsections

one and two of this section, set forth—

(a)	the manner in which the value of shares is to be ascertained for repayment, or for allotment of shares debentures or securities belonging to the society in satisfaction or on account of shares;
(h)	the manner in which the value of shares debentures or securities belonging to the society is to be ascertained for allotment in satisfaction or on account of shares;
(c)	the manner in which the amount, if any, by which the value of share debentures or securities allotted in satisfaction or on account of the shares of a member exceeds
the value of those shares, together with, interest at a specified rate on such amount,

is to be secured to the society.

( 1 1 ) Section eighty-four of the Principal Act is

amended—

(a) by omitting from subsection twelve; the words

" Starr-Bowkett" and by inserting in lieu

thereof the Avords " terminating building " ;

(b) by adding after the same subsection the following new subsection :—

(12A) In the case of a community settlement society the provisions of paragraph (i) of sub- section eleven of this section shall not be

deemed

deemed t > extend to any sale of land by the director to the society in accordance with a special resolution.

amended by inserting1 in subsection four before the (12) Section ninety-two of the Principal Act is

words "of this section' ' the words "of subsection
three."

(13) Sec; ion one hundred and seventeen of the Principal Act is amended by adding the following new subsection : —

(o) The registrar shall be authorised at his discretion to obtain iVom any bank in which the funds of the society are deposited or invested a statement of the amount of such deposit or invest- ment and any other particulars required by him to be furnished :

(14) The Third. Schedule to the Principal Act is amended bv inserting after the figures " 7S " the figures " 80."