Co-operative Societies Act 1958 (ACT)

§ AUSTRALIAN CAPITAL TERRITORY.

No. 18 of 1958.

AN ORDINANCE

To amend the Co-operative Societies Ordinance

1939-1956.

I THE GOVERNOR-GENERAL in and over the Common-, wealth of Australia, acting with the advice of the Federal	Executive Council, hereby make the following Ordinance under
the Seat of Government (Administration) Act 1910-1955.

Dated this twenty-fifth day of September, 1958.

W. J. SLIM
Governor-General.

By His Excellency's Command,

ALLEN FA1RHALL

Minister of State for the Interior.

CO-OPERATIVE SOCIETIES ORDINANCE 1958.

1.—(1.) This Ordinance may be cited as the Co-operative short.taie

Societies Ordinance 1958.*

6216/58.—PRICE 3D.

(2.) The Co-operative Societies Ordinance 1939-19561 is

in this Ordinance referred to as the Principal Ordinance.

(3.) The Principal Ordinance, as amended by this Ordi- nance, may be cited as the Co-operative Societies Ordinance 1939-1958.

2. Section twenty-two of the Principal Ordinance is shares,

amended—

(a) by omitting from sub-section (3.) the word " The " and inserting in its stead the words " Except as provided in the next succeeding sub-section, the ";

» Notified in the Commonwealth Gazette on 2nd October, 1958.

t Ordinance No. 9, 1939, as amended by No. 1, 1946; No. 14, 1950; No. 14, 1954;

and No. 10, 1956.

(b) by inserting after sub-section (3.) the following

sub-section:—

" (3A.) Where the Rules of a building society or credit society provide that loans may be made on condition that the borrower subscribes for shares of a number and value depending upon the amount of the loan, the shares may be divided into two classes, borrowers' shares and ordinary shares, and the shares included in each of those classes shall confer such rights as are, respectively, speci- fied in the Rules of the society."; and

(c) by omitting from sub-section (4.) the word " No " and inserting in its stead the words " Except in the case of borrowers' shares, no ".

Bffisctof	3 . The Registrar of Co-operative Societies may, notwith- standing that the Rules of a building society in respect of which an application for registration under the Principal Ordinance was made before the date of commencement of this Ordinance were not in accordance with the Principal Ordinance, register the society under the Principal Ordinance as amended by this Ordinance if the Rules of the society are not contrary to the Principal Ordinance as amended by this Ordinance.
men	tt
*	'

By Authority: A. J. ARTHUR, Commonwealth Government Printer, Canberra,