Co-operative Societies Act 1963 (ACT)

1963. Co-operative Societies. No. 10. 623

CO-OPERATIVE SOCIETIES.

No. 10 of 1963.

An Ordinance to amend the Co-operative Societies

Ordinance 1939-1962.

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

Societies Ordinance 1963.* and citation.

(2.) The Co-operative Societies Ordinance 1939-1962f 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 1939-1963.

2. Section three of the Principal Ordinance is amended by parts.

omitting the words—

" Part IIIA.—Co-operative Building Societies (Sec-

tions 14A-14C) . "

and inserting in their stead the words—

" Part IIIA.—Co-operative Building Societies (Sec-

tions 14A-14CF) ." .

3. After section 14c of the Principal Ordinance the follow-

ing sections are inserted in Part I I I A . : —

" 14CA.—(1.) A person shall not advertise, circulate Of Advertising

publish, or cause to be advertised, circulated or published, by building any means whatsoever any statement— societies.

1956; No. 18, 1958; and Nos. 3 and 7, 1962.

(a) that, or to the effect that, he is able to arrange a loan from a building society for or on behalf of another person; or

(b) that, or to the effect that, a loan may be obtained on

a property from a building society.

Penalty: One hundred pounds.

" (2.) A statement that, or to the effect that, the statement

is not an advertisement offering to arrange a loan from a build-

ing society does not affect the operation of this section.

" 14CB.—(1.) A person shall not claim, demand or receive penaitie«and

any consideration for obtaining or attempting to obtain a loan SSSLdiei.

from a building society.

Penalty: One hundred pounds.

• Made on 25th April. 1963; notified in the Commonwealth Gazette and commenced on 9th

May, 1963.

t Ordinance No. 9, 1939, as amended by No. 1, 1946; No. 14, 1950; No. 14, 1954; No. 10

624 No. 10. Co-operative Societies. 1963.

" (2.) The provisions of the last preceding sub-section do not apply to professional charges made by a solicitor in connexion with work done in obtaining or attempting to obtain a loan from a building society.

" (3.) Where any consideration is paid or given to a person for obtaining or attempting to obtain a loan from a building society in contravention of sub-section (1.) of this section, the person paying or giving the consideration may recover it, or an amount equal to it, in a court of competent jurisdiction.

Advertising by	" 14cc.— (1.) Except as provided by section forty of this
building
societies.	Ordinance, a building society shall not—

(a) make or publish, or cause to be made or published,

by any means whatsoever, any statement; or

(b) exhibit, or cause to be exhibited, any form of

exhibition,

advertising, or having the effect of advertising, its existence or objects unless the Registrar has approved the advertisement or exhibition, as the case may be, under the next succeeding section.

Penalty: Five hundred pounds.

" (2.) Where a building society is guilty of an offence against the last preceding sub-section, a person who is a director, manager, secretary or employee of the building society shall, unless he establishes that he did not authorize or permit the doing of the act constituting the offence, be deemed to be guilty of an offence and upon conviction shall be liable to a penalty of Two hundred pounds or imprisonment for three months, or both.

" 14CD.—(1.) Subject to the next succeeding sub-section,

Powers of
the Registrar
concerning	the Registrar, on receipt of an application by a building society
advertisements
and displays.	for approval of an advertisement or exhibition referred to in the last preceding section, may—

(a) approve the publication of the advertisement or the exhibiting of the exhibition in the form submitted;

(b) prohibit the publication of the advertisement or

the exhibiting of the exhibition; or

(c) direct the building society to amend or alter the

advertisement or exhibition.

" (2.) The Registrar shall not prohibit the publication of an advertisement or the exhibiting of an exhibition unless he has given to the building society not less than seven days notice of his intention to do so.

1963. Co-operative Societies. No. 10. 625

" (3.) A building society may, during the period of notice given to it by the Registrar, show cause to the Registrar why the Registrar should not prohibit the publication of the adver- tisement or the exhibiting of the exhibition.

" 14CE.—(1.) Where it appears to the Registrar that there Minister may

is good reason in the interests of persons who have invested or FartS"
deposited or may invest or deposit moneys with a building society „ d£i£$tm?
to prohibit any further raising of moneys by, or depositing of rc!ci1ety"i'din8
moneys with, the building society, the Registrar shall report that
fact to the Minister.

" (2.) Upon receiving a report from the Registrar, the Minister may, by notice in the Gazette, prohibit during a specified period the building society—

(a) raising moneys on loan;
(b) receiving moneys on loan;

(c) accepting payment of moneys owing on any share

in the building society, other than the payment

of moneys—

(i) that fell due before the publication of the

notice; or

(ii) for the repayment of a loan made to a member that is charged on a share belonging to the member or that is payable in respect of such a share under a mortgage or other security or under the Rules of the building society; or

(d) disposing of, or otherwise dealing with, any pro-

perty belonging to the building society,

without the consent of the Registrar.

" (3.) A building society shall not—

(a) raise moneys on loan;
(b) receive moneys on loan;

(c) accept payment of moneys owing on any share in

the building society; or

{d) dispose of, or otherwise deal with, any property

belonging to the building society,

in contravention of the last preceding sub-section.

Penalty: Five hundred pounds.

" (4.) Where a building society is guilty of an offence
against the last preceding sub-section, a person who is a director,

manager, secretary or employee of the building society shall,

2492/64.—II.—3

626 No. 10. Co-operative Societies. 1963.

unless he establishes that he did not authorize or permit the doing of the act constituting the offence, be deemed to be guilty of an offence.

Penalty: Two hundred pounds or imprisonment for three months, or both.

" (5.) Where, at the time the Minister causes a notice to be published in the Gazette, a member is obliged to pay moneys for the purchase of a share (other than a payment referred to in sub-paragraph (ii) of paragraph (c) of sub-section (2.) of this section) in a building society, payment of the moneys is, subject to the Rules of the building society or to any agreement between the building-society and its members, suspended during the currency of the period referred to in the notice.

juiutrarto	" 14CF.—(1.) The Registrar shall not furnish to the
SSudtag	Minister a report in relation to a building society in accordance
•ooiety.	^ ^ ^ g j a s t p r e c e c j ing section unless he has given to the building society not less than fourteen days notice of his intention to do so.
" (2 . ) A building society may, during the period of notice given to it by the Registrar, show cause to the Registrar why the Registrar should not furnish a report to the Minister.".