Co-operative Housing Societies Acts Amendment Act of 1967 (Qld)

18 P RO IT. ANNO SEXTO DECIMO ELIZABETHAE SECUNDAE REGINAE No. 6 of 1967 An Act to Amend "The Co-operative Housing Societies Acts, 1958 to 1964," in certain particulars [ASSENTED TO 23RD MARCH, 1967] BE IT ENACTED by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:- 1. (1) Short title . This Act may be cited as " The Co-operative Housing Societies Acts Amendment Act of 1967." (2) Principal Act. " The Co-operative Housing Societies Acts, 1958 to 1964," are in this Act referred to as the Principal Act.

Co-operative Housing Societies Acts Amendment Act of 1967, No. 6 19 (3) Collective title. The Principal Act and this Act may be collectively cited as " The Co-operative Housing Societies Acts, 1958 to 1967." 2. Commencement of Act. This Act shall come into force on the first day of July, one thousand nine hundred and sixty-seven. 3. Amendment of s. 2 . Section two of the Principal Act is amended by inserting after the words and symbols- PART VII.-GUARANTEES AND PRIVILEGES;" the words and symbols " PART VIIA.-LOANS FROM MANAGEMENT FUND;". 4. Amendment of s. 13 (5). Subsection (5) of section thirteen of the Principal Act is amended by omitting paragraphs (a) and (b) of that subsection and the general words thereto preceding and inserting in their stead the following words:- "A person shall not at any one time be a member of more than one society unless before becoming a member of a society (other than the one of which he is first a member) he obtains the consent in writing of the registrar.". 5. Amendment of s. 25. Section twenty-five of the Principal Act is amended by inserting after subsection (2) the following subsection:- " (2A) A society may advance moneys to a member for the purpose of enabling such member to pay to the society any subscriptions due and payable by such member for the period commencing on and including the first pay and up to and including the date of his admission to membership of the society: Provided that nothing in this subsection shall authorize the society charging any fee by way of an administration or management fee in respect of such subscriptions. The purpose specified in this subsection shall be deemed to be included within the meaning of each purpose specified in subsection (2) of this section and to that extent each such purpose shall be amended accordingly.". 6. Amendments of s. 37. Section thirty-seven of the Principal Act is amended- (a) in subsection (4)- (i) by omitting in paragraph (b) the word " true " and inserting in its stead the word " fair "; (ii) by inserting in paragraph (c) after the word " Whether " the words "in his opinion "; (b) in subsection (5) by omitting all words and symbols appearing after the words " shall be transmitted to each member with the notice of the annual general meeting ".

20 Co-operative Housing Societies Acts Amendment Act of 1967, No. 6 7. Amendment of s. 39. Section thirty-nine of the Principal Act is amended by omitting subsection (3) and inserting in its stead the following subsection:- " (3) No item of business shall be transacted at any meeting of the society- (a) (where such meeting is the annual general meeting of the society) unless a copy of the balance sheet, final accounts, and auditors report is forwarded to each member prior to the meeting as provided by subsection (5) of section thirty-seven of this Act and a quorum is present during the time when such meeting is considering that item; (b) (in the case of any other meeting) unless a quorum is present during the time when such meeting is considering that item. In this subsection "quorum " means the quorum of members entitled under the rules of the society to vote, which shall not in any case be less than five such members.". 8. Amendment of s. 40 (1). Subsection (1) of section forty is amended by omitting the words " five such members " and inserting in their stead the words " three such members ". 9. Amendment of s. 58. (1) Section fifty-eight of the Principal Act is amended by omitting subsection (2) and inserting in its stead the following subsections:- " (2) No guarantee shall be executed by the Treasurer pursuant to this Part guaranteeing the repayment of any loan to be made to a society unless and until the society has first entered into an agreement with the Treasurer of Queensland with respect to the conduct of the affairs of the society while the guarantee is in force. The agreement shall contain the condition specified in subsection (3) of this section and in addition such other terms and conditions as are prescribed or, where no terms and conditions are prescribed, as the Treasurer thinks fit. (3) The condition referred to in subsection (2) of this section is:- While the guarantee is in force- (a) a society shall not charge a member a fee by way of an entrance fee in excess of twenty cents for every one hundred dollars of the nominal amount of the shares allotted to that member; (b) a society shall not charge a member a fee by way of an administration or management fee (apart from an entrance fee) at a rate per annum in excess of sixty cents for every one hundred dollars of the nominal amount of the shares allotted to that member, or such other higher or lower rate per annum as may be fixed from time to time by the Governor in Council by Order in Council;

Co-operative Housing Societies Acts Amendment Act of 1967, No. 6 .-, 21 (c) the nominal rate of interest per centum per annum on an advance to a member shall not exceed the nominal rate of interest per centum per annum which the society is required to pay in respect of the moneys borrowed by the society to finance the advance to such member; (d) the frequency of convertibility of the rate of interest payable by a member on an advance by the society shall be equal to the frequency of the payment of the member's subscriptions to the society; and (e) (where the periodical amount of interest payable per share includes a fraction of a cent) the amount of interest payable per share may be increased by an amount equal to the difference between that fractional part of the cent and one cent, and the periodical amount of interest if so increased shall be the periodical amount of interest payable. In paragraph (c) of this subsection the expression " nominal rate of interest " means the rate of interest payable without regard to its frequency of convertibility.". (2) On and from the commencement of this Act every agreement required to be entered into pursuant to the provisions of subsection (2) of section fifty-eight of the Principal Act and entered into before the commencement of this Act shall be deemed to include the condition (herein called the " later condition ") specified in subsection (3) of section fifty-eight of " The Co-operative Housing Societies Acts, 1958 to 1967," in lieu of the particular condition required to be contained in such agreement pursuant to subsection (2) of section fifty-eight of the Principal Act and to that extent such agreement shall be amended accordingly. A society which has entered into such an agreement shall take all such steps and do all such things as are necessary to comply with the later condition. 10. New Part VIIA. The Principal Act is amended by inserting the following headnote and sections after section sixty of the Principal Act and before the headnote appearing before section sixty-one of the Principal Act, namely:- " PART VIIA.-LOANS FROM MANAGEMENT FUND. [60A.] Society may lend from fund. (1) A society may from time to time make an advance to a member of the society for the purpose of making improvements to a dwelling-house in respect of which an advance has previously been made pursuant to this or any other Part of this Act by the society in question including the adding of one or more rooms thereto or i-rfiprovements to the land on which such dwelling-house is erected. (2) An advance made pursuant to this section shall be made from the fund kept by the society into which its management income is paid. [60B.] Registrar to approve of advance . An advance shall not be made by a society pursuant to section 60A of this Act without the prior approval of the registrar.

22 Co-operative Housing Societies Acts Anzendment Act of 1967. No. 6 The registrar may subject his approval to such terms and conditions as he thinks fit including (but without limiting the terms and conditions which may be subjected) terms and conditions as to the security for the advance, the rate of interest, and the period of redemption for the loan. [60C.] Power to make loans . The making of a loan by a society in accordance with this Part of this Act shall, unless otherwise declared in its rules, be deemed to be within the objects of such society." 11. Amendment of s. 75. Section seventy-five of the Principal Act is amended by inserting after the words " officer of a society " the words other than a solicitor bona fide carrying on practice as such ".