Co-operative Societies (Amendment) Act (No 4) 1986 (ACT)

AUSTRALIAN CAPITAL TERRITORY

Co-operative Societies (Amendment) Ordinance (No. 4) 1986

No. 75 of 1986

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

Dated 14 November 1986.

N. M. STEPHEN

Governor-General

By His Excellency’s Command,

G.  SCHOLES

Minister of State for Territories

An Ordinance to amend the Co-operative Societies Ordinance 1939

Short title

1.  This Ordinance may be cited as the Co-operative Societies (Amendment) Ordinance (No. 4) 1986.¹

Principal Ordinance

2.  In this Ordinance, “Principal Ordinance” means the Co-operative Societies Ordinance 1939.²

Investments

3.  Section 37 of the Principal Ordinance is amended—

(a)by inserting in sub-section (1) “registered building society or” before “registered” (first occurring);

(b)by adding at the end of paragraph (1) (d) “and”;

(c)by omitting from paragraph (1) (e) “and”;

(d)by omitting paragraph (1) (f); and

(e)by inserting after sub-section (1) the following sub-section:

“(1A)  Except as otherwise provided in the regulations, a registered building society may invest its funds in accordance with its Rules.”.

Investments in corporations

4.  Section 37A of the Principal Ordinance is amended—

(a)by omitting from sub-section (1) “or a registered permanent building society”; and

(b)by omitting from paragraph (1) (c) “, financial or prescribed” and substituting “or financial”.

Amendment of Ordinance No. 74 of 1985

5.  Section 1 of Ordinance No. 74 of 1985 is amended by omitting “(No. 2)” and substituting “(No. 3)”.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 19 November 1986.

2. No. 9, 1939 as amended to date.  For previous amendments see Note 2 to No. 9, 1986 and see also Nos. 9, 10, 31, and 40, 1986.