Co-operative Societies Act 1966 (ACT)

1966 Co-operative Societies No. 18 367

CO-OPERATIVE SOCIETIES

No. 18 of 1966

A n Ordinance to amend the Co-operative Societies

Ordinance 1939-1963.

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

Societies Ordinance 1966.* ««• citation.

(2.) The Co-operative Societies Ordinance 1939-1963f 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 1939-1966.

2. Section 14G of the Principal Ordinance is amended— Loutumit.

(a) by omitting the words " Three hundred pounds " and inserting in their stead the words "the maximum permissible amount"; and

(b) by adding at the end thereof the following sub-

sections:—

" (2.) The maximum permissible amount is,
subject to this section, Eight hundred dollars.
" (3.) Where a member is the owner of

No. 18, 1958; Nos. 3 and 7, 1962; and No. 10, 1963.

shares in the capital of a registered credit society,
or in a case where the capital of a society is
divided into borrowers' shares and ordinary

shares, the owner of ordinary shares, the maxi-

mum permissible amount is—

(a) the sum of the amount of the paid-up capital value of those shares and the amount of Eight hundred dollars; or

(b) Two thousand dollars,

whichever is the less.

• Made on 22 December. 1966; notified in the Commonwealth Gazette and commenced on 23

December, 1966.

t Ordinance No. 9. 1939, as amended by No. 1, 1946; No. 14, 1950; No. 14, 1954; No. 10, 1956;

1966 Co-operative Societies No. 18

" (4.) Where a member has given security to the satisfaction of the Board for the repay- ment of the loan, the maximum permissible amount is—

(a) the sum of the amount, that, in the opinion of the Board, represents the value of the security so given and the amount of Eight hundred dollars; or

(b) Two thousand dollars,

whichever is the less.

" (5.) Where a member—

(a) is the owner of shares in the capital of a registered credit society, or in a case where the capital of a society is divided into borrowers' shares and ordinary shares, the owner of ordin- ary shares; and

(b) has given security to the satisfaction of the Board for the repayment of the loan,

the maximum permissible amount is—

(c) the sum of—

(i) the amount of the paid-up

capital value of those

shares;

(ii) the amount that, in the opinion of the Board, represents the value of the security so given; and

(iii) the amount of Eight hundred

dollars; or

(d) Two thousand dollars,

whichever is the less.".

3. The Principal Ordinance is amended as set out in the

Schedule to this Ordinance.

1966 Co-operative Societies No. 18 369

THE SCHEDULE. Section 3.

Provisions amended	Omit—	Insert—
Section 14c (3.)	Twenty pounds	Forty dollars
Section 14CA (1.)	One hundred pounds	Two hundred dollars
Section 14CB (1.)	One hundred pounds	Two hundred dollars
Section 14cc (1.)	Five hundred pounds	One thousand dollars
Section 14cc (2.)	Two hundred pounds	Four hundred dollars
Section 14CE (3.)	Five hundred pounds	One thousand dollars
Section 14CE (4.)	Two hundred pounds	Four hundred dollars
Section 17 (3A.)	Fifty pounds	One hundred dollars
Section 29 (5.)	Two hundred pounds	Four hundred dollars
Section 30 (1.)	One hundred pounds	Two hundred dollars
Section 30 (2.)	One hundred pounds	Two hundred dollars
Section 32 (2.)	Five pounds	Ten dollars
Section 36 (3.)	Five pounds	Ten dollars
Section 36 (5.)	One hundred pounds	Two hundred dollars
Section 47 (1.)	Ten shillings	One dollar
Section 49 (4.)	Two shillings and sixpence	Twenty-five cents
Section 56 (6.)	two shillings	Twenty cents
Section 68	Five pounds or	Ten dollars or
Five pounds for	Ten dollars for
Section 69 (I.)	Fifty pounds	One hundred dollars
Section 69 (2.)	Ten pounds	Twenty dollars
Section 70(1.)	Five pounds	Ten dollars
Section 71 (1.)	Five pounds	Ten dollars
Section 71 (2.)	Fifty pounds	One hundred dollars
Section 72	Fifty pounds	One hundred dollars
Section 73	Fifty pounds	One hundred dollars
Section 74	One hundred pounds	Two hundred dollars
Section 75	One hundred pounds	Two hundred dollars
Section 76 (1.)	One hundred pounds	Two hundred dollars
Section 77(1.)	One hundred pounds	Two hundred dollars
Section 78	Twenty-five pounds	Fifty dollars
Section 81	Fifty pounds	One hundred dollars
Five pounds	Ten dollars