Co-operative Societies Regulations (Amendment) (ACT)

AUSTRALIAN CAPITAL TERRITORY

Regulations    1986    No. 2¹

Co-operative Societies Regulations² (Amendment)

I, GORDON GLEN DENTON SCHOLES, the Minister of State for Territories, hereby make the following Regulation under the Co-operative Societies Ordinance 1939.

Dated 23 May 1986.

G. SCHOLES

Minister of State for Territories

After regulation 2AE of the Co-operative Societies Regulations the following regulation is inserted:

Loan limits—registered credit societies

“2AF.  (1)  The amount prescribed for the purposes of sub-section 14G (1) of the Ordinance is—

(a)where the amount shown in the last audited balance sheet of the registered credit society as the value of the assets of the society is not less than $2,000,000—1% of that amount; or

(b)in any other case—$15,000.

“(2)  The amount prescribed for the purposes of sub-section 14G (1A) of the Ordinance is $7,000.

“(3)  The amount prescribed for the purposes of sub-section 14G (1D) of the Ordinance is $20,000.

“(4)  For the purposes of sub-paragraph 14G (2) (a) (i) of the Ordinance the prescribed period is—

(a)in the case of a loan not exceeding $20,000 in respect of which a member has given security, other than by way of mortgage—15 years; and

(b)in any other case—30 years.

“(5)  For the purposes of sub-paragraph 14G (2) (a) (ii) of the Ordinance the prescribed period is 5 years.”.

NOTES

1. Notified in the Commonwealth of Australia Gazette on 28 May 1986.

2. Regulations 1945 No. 2 as amended by 1956 No. 13; 1979 Nos. 24 and 27; 1980 No. 3; 1982 Nos. 52 and 53; 1985 Nos. 8 and 18; 1986 No 1.