Credit Union Act 1969 (NSW)

BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows: —

PART I .

PRELIMINARY.

1.     ( 1 ) This Act may be cited as the "Credit Union Act,

1 9 6 9 " .

( 2 ) This Act shall commence upon a day to be appointed by the Governor and notified by proclamation published in the Gazette.

2 .      This Act is divided as follows :—

PART	I.—PRELIMINARY—ss. 1 - 3 .
PART	I I .—OBJECTS AND POWERS—ss. 4 - 1 9 .

PART DIVISION 1.—Incorporation and Rules. DIVISION 2.—Name. DIVISION 3.—Office and Service of Documents. DIVISION 4.—Amalgamation. DIVISION 5.—Associations and Unions of Associa­	III.—INCORPORATION—ss.	2 0 - 3 8 .
tions.

DIVISION 4.—Returns. PART

PART DIVISION 1.—Members. DIVISION 2.—Share Capital. DIVISION 3.—Funds.	IV .—MEMBERS AND FUNDS—ss.	3 9 - 5 1 .
PART	V.—MANAGEMENT—ss. 5 2 - 6 9 .

DIVISION 1.—Directors and Officers. DIVISION 2.—Meetings and Voting. DIVISION 3.—Accounts, Audit and Registers.

PART VI.—DISPUTES—S. 7 0 .

PART VII.—OFFICIAL MANAGEMENT AND WINDING

U P — S S . 7 1 - 7 5 .

PART VIII.—EVIDENCE AND OFFENCES—SS. 7 6 - 9 3 . DIVISION 1.—Evidence.

DIVISION 2.—Offences.

PART IX.—ADMINISTRATION—ss. 9 4 - 1 0 1 .

DIVISION 1.—Registrar. DIVISION 2.—General. DIVISION 3.—Advisory Committee.

PART X.—MISCELLANEOUS—SS. 1 0 2 - 1 0 7 .

SCHEDULE.

( 1 ) In this Act, except to the extent that the context or subject matter otherwise indicates or requires—

3 .

"Advisory Committee" means the Credit Union Advisory Committee constituted under this Act;

"association" means association of credit unions registered under this Act and includes a union, so registered, of such associations and an amalgamated association so registered;

"board" means the board of directors of a credit union, or, as the case may require, of an association, and

includes a committee of management of a credit

union, or, as the case may require, of an association;
"Co-operation Acts" means the Co-operation, Com­

munity Settlement, and Credit Act, 1 9 2 3 ;

"credit union" means credit union registered under this Act and includes an amalgamated credit union;

"mortgage" includes lien, charge, and any other security

over property;

"officer"

"officer" includes director, secretary, treasurer, official manager, deputy official manager and any other person empowered under the rules of a credit union, or, as the case may require, of an association, or by this or any other Act or the regulations, to give directions in regard to the business of a credit union, or, as the case may require, of an association;

"prescribed" means prescribed by this Act or by

regulation;

"registrar" means the Registrar of Credit Unions under

this Act;

"regulation" means regulation made under this Act;

"rule" means registered rule of a credit union, or, as the

case may require, of an association, for the time
being in force;

"share" means share in the share capital of a credit union, or, as the case may require, of an association;

"special rule" means rule the terms of which the regis­ trar has separately and specifically approved before its registration and includes an altered rule, so approved.

(2) In this Act, sections one hundred and five, one hundred and six and one hundred and seven excepted, a reference to an Act includes all amendments of that Act, whether by subsequent Acts or otherwise, and any Act passed

of its provisions. in substitution for the Act referred to or incorporating any PART II.

OBJECTS AND POWERS.

4 .      The objects of a credit union shall be—

(a) the raising of a fund by subscriptions of its members and in any way authorised by this Act;

(b)

(b) making loans from that fund to its members as provided by or under this Act and the rules of the credit union; and

(c) to encourage habits of thrift among its members.

5 . If so authorised by its rules, a credit union may, subject to this Act and as incidental to its objects—

(a) raise money on loan for any of its objects;

(b)	receive money on deposit from a member of the credit union;
(c)	make and enter into arrangements, approved by the Advisory Committee, for the provision of loan protection insurance and life savings insurance;
(d)	acquire and hold shares not exceeding in the aggregate a total nominal value of ten thousand dollars or, where some other amount is prescribed, the prescribed amount, in—

(i)   any association of building societies regis­ tered under the Co-operation Acts;

(ii)   any association or federation referred to in section eighteen of this Act.

( 1 ) A credit union shall not make a loan to any person except a natural person who is a member of the credit union and is one of a class of persons specified by a special rule of the credit union as the class of persons to whom loans

6.

may be made. (2) Classification for the purposes of a special rule	referred to in subsection one of this section shall be effected in
a manner approved by the registrar and may include classifica­ tion by reason of residence in a specified district so approved.
(3) Application for a loan from a credit union shall be made in the manner prescribed.
(4) Subject to this section, a board may approve an application for a loan, or approve the application in part, on such terms as it may deem proper, including the giving of security

security by way of a guarantee, or promissory note or promissory notes, or by way of a mortgage, or otherwise, as it thinks necessary.

(5) Where a board approves a loan to a member of a credit union, the board shall, before any part of the loan is made available to the member—

(a)	obtain from the member an acknowledgment in writing of the amount of the loan and the terms and conditions upon which it was approved;
(b)	where the loan was approved subject to specified security for the repayment thereof being given, obtain that security; and
(c)	otherwise do all such things as may be necessary to be done to ensure that, if default is made in repayment of the loan, the credit union may forth­ with institute, and may thereafter prosecute, proceedings for recovery of the debt and may proceed to realise upon or enforce any security given.

(6) Subject to subsection seven of this section, the rules of a credit union shall fix the maximum amount (in this section called the "specified amount") by which the indebted­ ness of a member of the credit union may exceed the sum of the amount of the member's paid-up share capital in, and of his deposits with, the credit union.

The rules may fix different specified amounts where

different conditions, specified by the rules in each case, apply

in respect thereof.

( 7 ) In this subsection "prescribed security" means a

mortgage and includes, where some other form of security is prescribed by the regulations for the purposes of this sub- section, the form of security so prescribed.

Subject to subsection eight of this section, the specified amount—

(a) except as provided by paragraph (b) of this subsec­ tion shall not, unless the rules applicable in respect thereof require repayment of the indebtedness of a

member

member to be secured by prescribed security, exceed one thousand dollars or, where the regulations prescribe some other amount for the purposes of this paragraph, the amount so prescribed;

(b)	may, where the rules applicable in respect thereof do not require repayment of the indebtedness of a member to be secured by prescribed security but the terms and conditions applicable in respect there­ of are specified in special rules, be an amount not exceeding two thousand dollars or, where the regula­ tions prescribe some other amount for the purposes of this paragraph, the amount so prescribed;
(c)	may, where the rules applicable in respect thereof require repayment of the indebtedness of a member to be secured by prescribed security, be an amount not exceeding two thousand dollars or, where the regulations prescribe some other amount for the purposes of this paragraph, the amount so prescribed; and
(d)	may, where the terms and conditions applicable in respect thereof are specified in special rules, be an amount not exceeding four thousand dollars or, where the regulations prescribe some other amount for the purposes of this paragraph, the amount so prescribed.
(8) Where a rule registered before the first day of August, one thousand nine hundred and sixty-eight, would, but for this subsection, contravene paragraph (a) of subsec­	tion seven of this section, that paragraph, and any regulation
prescribing for the purposes of that paragraph a specified
amount less than that provided for by the rule, shall be read and construed, in relation to that rule, as if the amount prescribed by that paragraph, or by the regulation, were the specified amount provided for by the rule.
(9) A credit union shall not make a loan to a member if the indebtedness of the member to the credit union would thereby exceed the sum of—
(a)	the specified amount applicable in the circum­
stances; (b)

(b)	the amount of the member's paid-up share capital in the credit union; and
(c)	the amount of the member's deposits with the credit union.
( 1 0 )	Where the indebtedness of a member to a credit

union at any time exceeds the applicable specified amount, the credit union shall not make a refund of share capital to the member, or permit the withdrawal of any deposit of the member with the credit union, if the sum of—

(a) that specified amount;

(b)	the amount of the member's paid-up share capital in the credit union; and
(c)	the amount of the member's deposits with the credit union,

would thereby be reduced below the amount of the indebted­
ness at that time.

This subsection shall not operate to prevent a credit union, with the consent of a member, from applying paid-up share capital or deposits in reduction or repayment of the indebted­ ness of the member to the credit union.

( 1 1 ) Where a credit union makes a loan or a refund

of share capital, or permits withdrawal of a deposit, in contra­ vention of this section, the credit union and every officer who is in default shall be guilty of an offence against this Act and shall be liable to a penalty not exceeding two hundred dollars, and every officer who is in default shall, in addition, be jointly

loan occasioned to the credit union. and severally liable to the credit union for any loss on the 7. ( 1 ) In this section—-
"liquid funds" means—

(a) cash at the bank or in hand;

(b) investments in securities authorised by law for the investment of trust funds (not being securities by way of mortgage over real or leasehold property) that are redeemable within ten years of their acquisition;

(c)

(c) funds on deposit with any prescribed bank;

(d)	funds on deposit with an association of credit unions of which the depositor is a member;
(e)	shares in, or deposits with, a permanent building society registered under the Permanent Building Societies Act, 1967; and
(f)	investments in prescribed securities or securities approved by the registrar under subsection two of section nineteen of this Act,

but does not include any such funds or investments to the extent that they are subject to a lien or charge or, in the case of deposits, to the extent that they may only be withdrawn on more than one month's notice or, where the regulations so provide, to the extent that the amount of any of those funds or investments specified by the regulations exceeds an amount prescribed by, or calculated as pre­ scribed by, the regulations;

"prescribed proportion" means—

(a)	in the case of a credit union that,
immediately before the commencement of
this Act, was registered under the

Co-operation Acts—

(i)   two per centum during the year commencing one year after its registration under this Act;

(ii)   four per centum during the year commencing two years after its registration under this Act; and

(iii) seven per centum thereafter; or

(b)

(b) in the case of any other credit union—

(i)   one per centum during the year commencing on the day of its regis­ tration under this Act;

(ii)   two per centum during the year commencing one year after its registration under this Act;

(iii)   three per centum during the year commencing two years after its registration under this Act;

(iv)   four per centum during the year commencing three years after its registration under this Act;

(v)   five per centum during the year commencing four years after its registration under this Act; and

(vi) seven per centum thereafter.

(2) For the purpose of calculating the amount of liquid funds held by a credit union, investments referred to in paragraphs (b) and (f) of the definition of "liquid funds" in subsection one of this section shall be assessed at cost or market value, whichever is the lesser.

( 3 ) This subsection shall not, during the period of

one year next succeeding the commencement of this Act, apply to or in respect of a credit union that, immediately before that commencement, was registered under the

Co-operation Acts.

A credit union shall not, in any month, make a loan of an amount that, if deducted from the amount of its liquid funds as at the last day of the next preceding month, would produce an amount that bears to the sum of—

(a) the amount of the paid-up share capital of the credit union; and

(b) the amount held by the credit union on deposit,

as at that day, a proportion less than the prescribed

proportion for that credit union.

( 4 )

( 4 ) Regulations may be made prescribing an amount,

or a method of calculating an amount, as the maximum amount of any funds or investments specified in the regula­ tions that may be taken into consideration in calculating the amount of the liquid funds of a credit union.

The regulations may prescribe different amounts or methods in respect of different funds or investments.

(1) The whole of the principal and interest, and any other amount that may lawfully be added thereto, in respect of a loan by a credit union to a member shall forthwith become due and payable—

8.

(a)	if default is made in payment of the loan or of the interest thereon or any part thereof;
(b)	if the member attempts to sell or dispose of, or in any way part with the possession of, any personal property upon which the credit union has a lien or charge, whether the loan is otherwise due or not, without the previous consent in writing of the credit union to the sale, disposal or parting with possession or if the member suffers or permits any such property to be seized or taken in execution;
(c)	if the member absconds or attempts to abscond
from the State;
(d)	if the member fails to insure or to keep insured any property to the extent agreed upon with the credit union;
(e)	if the member makes an assignment for the benefit of or compounds with his creditors or becomes bankrupt;
(f)	if default is made in the performance of any under­ taking given by the member in the application for the loan or set out in the terms upon which the loan is granted;

(g)

P64443—3

(g)	if the member has obtained the loan by fraud, or has made an untrue statement in his application for the loan; or
(h)	if the member becomes a mentally ill person, a protected person or an incapable person within the meaning of the Mental Health Act, 1958.

(2) Upon the occurrence of any of the events referred to in subsection one of this section, the credit union by any person authorised by it, with such assistance as may be required, may at any time during the day enter into or upon any land or premises upon which any property subject to a lien or charge in favour of the credit union may be, and may seize, remove and sell any such property, or any part thereof, by public auction or private contract.

( 3 ) A purchaser on a sale pursuant to this section

shall not be concerned to inquire whether the sale is authorised by this section, or to see to the application of the purchase money.

(4) The proceeds of a sale pursuant to this section

shall be applied in the first place in paying and reimbursing

the credit union all such moneys as may be due, owing, and	accruing under the terms of the loan, and all costs and
expenses that may have been incurred by the credit union in consequence of the default, neglect, or failure of the member to pay those moneys or any of them.
(5) Any surplus that remains after the proceeds of a sale pursuant to this section have been applied in accordance with subsection four of this section shall be payable to the member or other person entitled thereto.

A member of a credit union shall be liable not only for the payment of the amount of any loan to him by the credit union and interest thereon, but also for any charges and costs of collection of that amount and that interest.

9 .

10. A credit union, and an association, shall each be a body corporate by the name under which it is registered, with perpetual succession and a common seal, and shall have power to enter into contracts, to institute and defend actions, suits and legal proceedings, and to do all things necessary for the purpose of its constitution.

(1) A credit union, or an association, may acquire by lease, purchase, donation, devise, bequest or otherwise any real or personal property necessary for the carrying out of any of the objects of the credit union or association and may sell or lease any such real or personal property.

1 1 .

The acquisition by a credit union, or by an association, of real or personal property primarily or mainly required for business or office accommodation of the credit union or association, or of the credit union or association and other credit unions or associations, shall be a valid exercise of its powers.

(2) Subject to subsection three of this section, a

credit union, or an association, may acquire shares in any

company registered under the Companies Act, 1961, or any
company or body corporate registered or incorporated under

any other Act, that has agreed to render special services to that credit union or association in the furtherance of its objects.

( 3 ) Except as provided by sections five and eighteen

of this Act, no credit union or association shall, without the prior approval of the Advisory Committee, apply funds in excess of two thousand dollars in the acquisition of shares pursuant to subsection two of this section in any one company or body corporate.

(1) Subject to this section, a credit union may, if authorised by its rules and within the limits provided in this section, raise money on loan or receive money on deposit at interest to be applied to the purposes of the credit union.

1 2 .

(2) The maximum rate which may be paid by way of interest on deposits with a credit union shall not exceed seven per centum per annum or, where some other rate has been fixed by the Minister by order published in the Gazette on the recommendation of the Advisory Committee, the rate so fixed.

( 3 ) Where a credit union is authorised by its rules

to raise money on loan the credit union may raise the money in such manner as the board may think fit and in particular by legal or equitable mortgage charged upon all or any part of the property and rights (both present and future) of the credit union, including its uncalled or unpaid capital, subscriptions, loan payments and other moneys.

(4) Subject to subsection five of this section, a credit union shall not in any month raise a loan of an amount that, if added to the amount owing as at the last day of the next preceding month by the credit union in respect of all loans made to it would produce an amount greater than twenty-five per centum of the sum of—

(a) the amount of the paid-up share capital of the credit union; and

(b) the amount of the deposits held by the credit union,

as at that day.

(5) If the registrar so approves, and subject to such limits, terms and conditions as the registrar may impose when giving his approval, subsection four of this section shall not apply to or in respect of—

(a) a credit union that, immediately before the com­ mencement of this Act was registered under the Co-operation Acts and was first so registered not earlier than four years before that commencement; or

(b)

(b) a credit union registered under this Act (section twenty-two excepted),

until the expiration of the period of four years next succeeding
the day on which it was first so registered.

(6) A credit union shall not raise money on loan to the extent authorised by subsection four or five of this section if the amount owing by the credit union in respect of all loans made to it would thereby exceed the amount specified by the rules of the credit union as the maximum amount that may be owed by the credit union in respect of loans made to it or, where no such maximum amount is so specified, two thousand dollars.

(7) Subject to subsection eight of this section, where a credit union is authorised by its rules to receive money on deposit, it shall not so receive money unless—

(a) the deposit is received on terms whereby not less than one month's notice may be required by the board before repayment;

(b) the depositor is a member of the credit union; and

(c) the rules of the credit union include special rules specifying the manner in which the board may regulate the withdrawal of deposits.

Nothing in this subsection or the rules of a credit union shall be construed as derogating from the provisions of subsection ten of section six of this Act.

(8) In so far as paragraph (c) of subsection

seven of this section would, but for this subsection, affect a

credit union that, immediately before the commencement of	this Act, was registered under the Co-operation Acts, sub-
section seven of this section shall not apply to or in respect of that credit union until the expiration of the period of one year next succeeding the commencement of this Act.
(9) No member or other person lending money to or depositing money with a credit union shall be bound to see to the application thereof or be in any way affected or prejudiced by the fact that the credit union, in borrowing the money or receiving the deposit, has contravened the provisions of this Act, the regulations or the rules of the credit union.

(10)

(10) The provisions of sections seventy and seventy- three and of Division 7 of Part IV of the Companies Act, 1961, shall mutatis mutandis and with such modifications, if any, as may be prescribed, extend to any mortgage or charge created by a credit union, not being a mortgage, charge or encumbrance of specific lands duly registered under the Real Property Act, 1900, or the Registration of Deeds Act, 1897, or of a specific lease, claim or tenement under and subject to the laws relating to mining.

For the purposes of that extension, a reference in any of those provisions to the Registrar shall be construed as a reference to the registrar under this Act.

(11) The provisions of Part VIII of the Companies Act, 1961, shall, mutatis mutandis, and with such modifica­ tions, if any, as may be prescribed, extend to and in respect of the appointment of a receiver or manager of the property of a credit union, to and in respect of such a receiver or manager and to and in respect of a credit union of whose property a receiver or manager has been appointed.

For the purpose of that extension, a reference in any of those provisions to the Registrar shall be construed as a reference to the registrar under this Act.

Any property to which a credit union, or an associa­ tion, has become absolutely entitled by foreclosure, surrender or other extinguishment of the right of redemption shall as soon afterwards as may be conveniently practicable be sold or converted into money.

1 3 .

A credit union, and an association, shall each have power to create, operate and maintain or join with any other person or bodies of persons in the creation, operation and maintenance of a fund for the purpose of providing pension and superannuation benefits for officers and employees of the credit union or association and for their dependants.

14 .

(1) Contracts on behalf of a credit union, and of an

association, may be made, varied or discharged as provided
in this section.

15 .

(2)

(2) Any contract which, if made between private persons, would be by law required to be in writing and under seal, may be made on behalf of the credit union or associa­ tion in writing under the common seal of the credit union or association, and the contract may be in the same manner varied or discharged.

( 3 ) Any contract which, if made between private

persons, would be by law required to be in writing and signed by the party to be charged therewith, may be made on behalf of the credit union or association in writing signed by any person acting under the express or implied authority of the credit union or association, and the contract may in the same manner be varied or discharged.

( 4 ) Any contract which, if made between private

persons, would by law be valid, although made by parol only and not reduced into writing, may be made by parol on behalf of the credit union or association by any person acting under the express or implied authority of the credit union or association, and the contract may in the same manner be varied or discharged.

(5) Any contract made according to the provisions of this section shall be effectual in law and shall be binding upon the credit union or association and all other parties thereto.

1 6 . Any receipt or acknowledgment given to a credit union, or to an association, by a person under the age of twenty-one years, in respect of the payment to him of any amount deposited by him with the credit union or association, or of interest thereon, or in respect of any dividend on, or repayment of, capital in the credit union or association shall not be invalid on the ground that he is under that age.

(1) A credit union, or an association, may act as a collecting agent on behalf of any company, credit union or association, person or body of persons for the collection and payment to such company, credit union or association, person or body of persons, of any premiums payable by a member in respect of any policy of insurance covering any property held by the credit union or association as security for a loan to the member or in respect of any life, endowment, sickness or accident policy taken out by a member as a result of any terms and conditions imposed upon the granting of a loan or under any arrangement entered into by the member whereby the proceeds of the policy would be payable to the credit union or association in repayment of the whole or part of the member's liability under any mortgage to the credit union or association.

1 7 .

(2) A credit union, or an association, may act as collecting agent for any other credit union or association in respect of any money due to that credit union or association by its members.

(1) A credit union, or an association, may join an

association or federation of credit unions of whatsoever kind,
whether incorporated or unincorporated.

18 .

(2) Nothing in subsection one of this section shall authorise a credit union, or an association, to subscribe by any means to the funds of any such association or federation a sum which, together with all sums so subscribed before the

authorised, by section five of the Act, to apply in the	commencement of this Act exceeds the amount of funds it is
acquisition of shares.

(1) Subject to this section, a credit union, or an association, may invest any of its funds not immediately required for any of its objects, or for purposes incidental thereto, in—

1 9 .

(a) securities authorised by law for the investment of trust funds not being securities by way of mortgage over real or leasehold property;

(b)

(b) deposits with any prescribed bank;

(c)	deposits with an association of credit unions of which the credit union or association is a member;
(d)	shares in, or deposits with, a permanent building society registered under the Permanent Building Societies Act, 1967;
(e)	shares not exceeding a total nominal value of ten thousand dollars or, where some other amount is prescribed, the prescribed amount, in any co- operative insurance society registered under the Co-operation Acts; or

(f) prescribed securities.

(2) No credit union or association shall, pursuant to paragraph (a) of subsection one of this section, invest in any securities which are not redeemable within ten years of their acquisition by the credit union or association unless the registrar, in a particular case, approves.

(3) Nothing in this section shall affect the validity of any investment made, before the commencement of this Act, by a credit union, or by an association, that, immediately before that commencement, was registered under the Co-operation Acts, but any reinvestment thereof shall be made only in conformity with this section.

PART III.

INCORPORATION.

DIVISION 1.—Incorporation and Rules.

2 0 .      (1) A proposed credit union may be formed by

twenty-five or more adult persons who are by the proposed

rules of the credit union qualified to be members.

<2)

(2) No proposed credit union formed after the commencement of this Act shall be registered unless there has been a meeting for the purpose of forming the credit union (in this Part called the "formation meeting") at which there have been present twenty-five or more such persons.

(3) At the meeting there shall be presented—

(a)	a written statement showing the objects of the proposed credit union and the reasons for believing that, if registered, it will be able to carry out its objects successfully; and
(b)	a copy of the rules which it is proposed shall be tendered for registration.

( 4 ) If, at the same or any subsequent or adjourned

meeting, after consideration of the statement and rules, twenty-five or more such persons approve the rules with or without amendment and sign applications for membership and shares, they shall proceed to elect the first directors of the proposed credit union in accordance with the rules as so approved.

Following the election of the first directors, the persons who have signed applications for membership and shares may proceed to elect the members of such committees as may be provided for in the rules of the proposed credit union.

( 5 ) The expenses of and incidental to the formation

of the proposed credit union may be paid either out of capital

or out of income.

(1) A proposed credit union formed under section twenty of this Act shall not be registered under this Act unless within two months after the election of the first directors referred to in that section, or within such further period as the registrar may allow, application in the prescribed manner is made to the registrar for registration of the proposed credit union accompanied by—

2 1 .

(a) a statutory declaration by the chairman and secretary of the formation meeting as to compliance with the requirements of section twenty of this Act;

(b)

(b)	a copy of the statement presented to the formation meeting signed by the chairman and secretary of the meeting;
(c)	two copies of the proposed rules signed by the chairman and secretary of the formation meeting and certified by them as being the rules approved in accordance with subsection four of section twenty of this Act;
(d)	a list containing the full name and the occupation and address of each director;
(e)	a list containing the full name and the occupation and address of twenty-five persons who attended the formation meeting and signed applications for membership and shares; and

(f) such other particulars as may be prescribed.

(2) The statutory declaration mentioned in sub- section one of this section may be accepted by the registrar as sufficient evidence of compliance with the requirements of section twenty of this Act.

(3) If the registrar is satisfied—

(a)	that the proposed credit union has complied with the provisions of this Act and the regulations in so far as they are applicable;
(b)	that the rules of the proposed credit union are not
contrary to this Act or the regulations and are such as may reasonably be approved by him;
(c)	that there are reasonable grounds for believing that the proposed credit union, if registered, will be able to carry out its objects successfully; and
(d)	that there is no reasonable cause why the proposed credit union and its rules should not be registered,

the registrar shall register the proposed credit union and its rules and shall issue a certificate that the credit union is incorporated under this Act.

22 . (1) A corporation that, immediately before the commencement of this Act, was registered under the Co- operation Acts as a credit union or an association of credit unions shall, on and from that commencement be deemed, subject to this Act, to be registered under this Act as a credit union or an association of credit unions, as the case may be, and the rules thereof in force immediately before that com­ mencement shall, on and from that commencement, be deemed, subject to this Act, to be the rules thereof registered under this Act.

(2) The identity of a corporation registered under this Act by virtue of subsection one of this section shall not be affected and it shall continue as the same entity.

(3) A reference in any document, or in any other Act, to a credit union or an association of credit unions, or to the Co-operation Acts shall, in so far as it affects a cor­ poration registered under this Act by virtue of subsection one of this section, be deemed to be a reference to a credit union or an association of credit unions, as the case may be, registered under this Act.

(4) Where a corporation registered under this Act by virtue of subsection one of this section so applies, the registrar may, upon surrender of its certificate of incorporation under the Co-operation Acts, issue a substitute certificate of

incorporation in or to the effect of the prescribed form.

(1) A certificate of incorporation under this Act shall be in or to the effect of the prescribed form.

2 3 .

(2) The certificate shall be conclusive evidence that all the requirements of this Act in respect of registration have been complied with, but this subsection shall not affect any provisions of this Act for the winding-up or dissolution of a credit union, or of an association, or the cancellation of its registration.

The rules of a credit union, and of an association, shall, in addition to rules otherwise required by this Act to be included, include rules relating to the matters set forth in the Schedule to this Act.

24 .

(1) The rules of a credit union, and of an associa­ tion, shall bind the credit union or association and all members thereof and all persons claiming through them res­ pectively to the same extent as if the rules were incorporated in a deed executed by each member and there were contained in the rules a covenant on the part of each member and, in the case of a member of a credit union, on the part of his legal representatives, to observe all the provisions of the rules, subject to the provisions of this Act.

25 .

(2) No credit union or association shall impose or levy a charge upon a member in respect of his membership unless the charge is imposed by, and specified in, a special rule.

( 3 ) A credit union, and an association, shall furnish

any person with a copy of its rules upon application and payment of an amount not exceeding, where an amount is specified in the rules, the amount so specified or, where there is no amount so specified, an amount of fifty cents or, where some other amount is prescribed, that other amount.

(1) No rule of a credit union, or of an association, shall be altered unless the alteration has been approved by a

26 .

special resolution.

(2) A credit union, or an association, that resolves to alter its rules shall, within the prescribed time and in the prescribed manner, apply to the registrar to have the alteration registered.

( 3 ) If the registrar is satisfied that the alteration is

not contrary to this Act or to the regulations and is such as may reasonably be approved by him and that there is no reasonable cause why the alteration should not be registered, the registrar shall register the alteration as prescribed and, until the alteration is so registered, it shall not take effect.

( 4 )

( 4 ) In this Act the expression "alteration of a rule"

includes addition to, or rescission of, a rule or any part

thereof.

DIVISION 2.—Name.

(1) Except with the consent of the Minister a credit union, or an association, shall not be registered by a name that, in the opinion of the registrar, is undesirable, or is a name, or a name of a kind, that the Minister has directed the registrar not to accept for registration.

27 .

(2) The Minister shall cause a direction given by him under subsection one of this section to be published in the Gazette.

( 3 ) A credit union, and an association, shall have

the word "Limited" or the abbreviation "Ltd." as part of and at the end of its name and shall include in its name the words "credit union" or, in the case of an association, the words "credit unions" in consecutive form.

(4) If a credit union, or an association, through inadvertence or otherwise is registered by a name by which the credit union or association could not be registered without contravention of this section the credit union or association shall, if the registrar, with the approval of the Minister, so directs, change its name.

(5) Where a credit union, or an association, was, immediately before the commencement of this Act, registered under the Co-operation Acts, the registrar shall not require the credit union or association to change its name except with the approval of the Minister.

(6) Subject to this section, a credit union, or an association, may, by an alteration of its rules in the manner provided by this Act, change its name to a name by which it could be registered under this Act without contravention of this section.

( 7 )

( 7 ) Upon registration of an alteration of the rules

of a credit union, or an association, pursuant to subsection six of this section the registrar shall register the change of name and either note the change of name on the certificate of incorporation of the credit union or association or, upon surrender to the registrar of the certificate of incorporation of the credit union or association or production of such evidence as to its loss as the registrar may require, issue a new certificate of incorporation in lieu thereof.

(8) A change of name of a credit union, or of an association, shall be published, at the expense of the credit union or association, in the manner prescribed.

(9) A change of name shall not affect any right or obligation of a credit union, or of an association, or of any member or other person or render defective any legal pro­ ceedings by or against the credit union or association.

(10) After a credit union, or an association, has changed its name, any legal proceedings that might have been continued or commenced against the credit union or association by its former name may be continued or com­ menced against it by its new name.

(11) No description of a credit union, or of an

association, shall be deemed to be inadequate or incorrect

by reason of the use of—

(a)	the abbreviation "Ltd." in lieu of the word "Limited" contained in the name of the credit union or association;
(b)	the symbol "&" in lieu of the word "and" contained in the name of the credit union or association; or
(c)	any of those words in lieu of the corresponding abbreviation or symbol contained in the name of the credit union or association.

(12)

(12) Subsection one of section sixty-one of the Co-operation Acts shall not, during the period of three years next succeeding the commencement of this Act, apply to or in respect of a credit union, or an association, registered by virtue of section twenty-two of this Act.

2 8 .      (1) Subject to this section, no person or body of

persons, whether incorporated or unincorporated, other than a credit union, or an association of credit unions, registered under this Act shall—

(a)

trade or carry on business (which expression shall include establishing or using an office for the receipt of share capital, deposits or loan funds, advertising for share capital, deposits or loan funds, or the making of loans to members residing in New South Wales, whether by servants or agents or otherwise) under any name or title of which the words "credit union", or any other words importing a similar meaning, form part; or

(b)

in any other manner hold out that its trade or business is that of a credit union, or an association of credit unions, registered under this Act.

(2) Any society or company formed or incorporated

outside New South Wales that desires to trade or carry on

business in New South Wales may apply to the registrar for	exemption from the provisions of subsection one of this
section, and that subsection and subsection (4A) of section sixty-one of the Co-operation Acts shall not apply to any such society or company in respect of which the registrar has granted exemption, while that exemption subsists.
(3) The registrar may grant any exemption referred to in subsection two of this section for such time and upon such conditions as he thinks fit and may, upon non-compliance with any such conditions, revoke any such exemption, but the

registrar

registrar shall not grant any such exemption unless he is satisfied that the society or company would be able to trade or carry on business in New South Wales in accordance with the principles contained in this Act for the carrying on of the business of a credit union or, as the case may require, of an association and, if he does grant any such exemption, he shall notify the Registrar of Companies accordingly.

( 4 ) Every person contravening this section and every

director or other person having the control and management of any unincorporated body of persons contravening this section shall be guilty of an offence and be liable to a penalty not exceeding one hundred dollars. Default penalty.

(1) The name of a credit union, and of an associa­ tion, shall appear in legible characters on its seal and in legible characters on all business letters, notices, advertisements and other official publications of the credit union or association and on all bills of exchange, cheques, promissory notes, endorsements, orders for money or goods, invoices, receipts and other documents required in the business of the credit union or association.

29.

(2) Subject to subsection eleven of section twenty- seven of this Act no credit union or association shall use any name or title other than its registered name.

( 3 ) A credit union, and an association, shall paint

or affix and keep painted or affixed on the outside of every office or place in which its business is carried on in a conspicuous position in letters easily legible its name and also, in the case of the registered office, the words "Registered Office".

( 4 ) A credit union, or an association, which

contravenes the provisions of this section and any officer in default shall be guilty of an offence and be liable to a penalty not exceeding one hundred dollars. Default penalty.

DIVISION

DIVISION 3.—Office and Service of Documents.

( 1 ) A credit union, and an association, shall have

a registered office, and the registered office of the credit
union or association shall be situated—

3 0 .

(a)	in the case of a credit union, or of an association, that, immediately before the commencement of this Act, was registered under the Co-operation Acts— at the address of its registered office under those Acts immediately before that commencement; or
(b)	in the case of any other credit union or association -—at the address specified in the rules as the address of its first office.

(2) A credit union, and an association shall, not later than fourteen days after a change in the address of its registered office, notify the registrar, in the prescribed manner, of the change of address.

( 3 ) A document may be served on a credit union, or

on an association, or on an officer of a credit union or associa­ tion other than a director, by leaving it at the registered office of the credit union or association with some person apparently in the service of the credit union or association, or by post enclosed in a prepaid registered letter addressed to the credit union or association at its registered office.

A document may be served on a director of a credit union,

or of an association, by post enclosed in a prepaid registered

in returns transmitted to the registrar pursuant to this Act.	letter addressed to the last address of the director as disclosed
Service by post shall be deemed to be effected at the time at which the letter would be delivered in the ordinary course of post.

No fee shall be chargeable for the registration of a

credit union, or of an association, or of any rules, or of any
alteration of rules.

3 1 .

3 2 . (1) Where the registrar refuses to register a proposed credit union, or a proposed association, or any of its proposed rules, or any proposed alteration of the rules of a credit union or of an association, or directs a change of its name, the registrar shall, if so required by the applicant for registration or, as the case may be, the credit union or association, set forth in writing under his hand within two months of the date of receipt of the requisition, the grounds of his refusal or, in the case of a direction, the grounds upon which the direction was given.

(2) The applicant for registration or, as the case may be, the credit union or association may, unless the grounds of the registrar's refusal or direction are that the credit union or association would be, or is, registered by a name, or a name of a kind, that the Minister has directed the registrar not to accept for registration, summon the registrar to appear before a judge of the Supreme Court to substantiate and uphold the grounds of the refusal or direction.

( 3 ) The judge may direct any question of fact to be

determined in such manner as he may deem fit, and may make such order, including an order as to costs, as may be proper in the circumstances.

( 4 ) The judges of the Supreme Court or any three of

them may make rules of court for the practice and procedure

in applications under this section.

DIVISION 4.—Amalgamation.

(1) Subject to this section, any two or more credit unions may apply to be registered as an amalgamated credit union, and any two or more associations, may apply to be registered as an amalgamated association, with or without any

3 3 .

winding-up

winding-up or any division of the funds of the credit unions or associations or any of them, but no such application shall be considered by the registrar unless—

(a)	the amalgamation and the terms thereof have been approved by a special resolution of each of the credit unions, or associations, as the case may be; and
(b)	if the registrar so requires in the case of credit unions, certificates have been furnished by the secretary of each of the credit unions that the amalgamation has been approved in writing by the holders of not less than two-thirds of the whole number of shares in the credit union of which he is the secretary.

(2) An application under subsection one of this section shall be in or to the effect of the form prescribed and shall be accompanied by—

(a) two copies of the proposed rules of the amalgamated credit union or association; and

(b) such other particulars as may be prescribed.

(3) If the registrar is satisfied that the credit unions or associations have complied with the provisions of this Act, and of the regulations, in relation to the application, and that	the proposed rules of the amalgamated credit union or associa­	tion are not contrary to this Act or the regulations, and are
such as may reasonably be approved by him, the registrar shall upon the surrender to him of the certificates of incorpora­ tion of the amalgamating credit unions or associations or production of such evidence as to the loss of any of them as the registrar may require, register the amalgamated credit union or association and its rules, issue a certificate that the credit union or association is incorporated as an amalgamated credit union or association under this Act, and notify the issue of the certificate in the Gazette.

( 4 )

(4) Subject to subsection five of this section, the registrar may, not earlier than one year after the registration of an amalgamated credit union or association, remove from the register the names of the credit unions or associations that were parties to the amalgamation.

(5) The power conferred on the registrar by sub- section four of this section shall not be exercised until after the registrar has given to the amalgamated credit union or association notice of his intention so to do and where the registrar, on the application of the amalgamated credit union or association made within a time specified in the notice for the purpose, or a subsequent notice to the like effect, so applies, until after the expiration of any further period approved by the registrar.

(6) An amalgamation of credit unions or associa­ tions shall not prejudice any right of a creditor of any credit union or association that is a party to the amalgamation.

(7) Upon the issue of the certificate of incorporation of an amalgamated credit union or association being notified in the Gazette, the property of each credit union or association that is a party to the amalgamation shall, as from the date of the notification and by virtue of this Act, without any convey­ ance, transfer or assignment, except as otherwise provided in this section, vest in the amalgamated credit union or

association.

(8) For the purposes of this section the property of credit unions or associations that are parties to an amalgama­ tion shall include all estates and interests in property, whether real or personal, vested or contingent.

(9) In the case of—

(a) any land subject to the provisions of the Real Property Act, 1900; or

(b)

(b) any property a transfer of which is required to be registered by any other Act,

the land or property shall not vest under subsection seven of
this section until an appropriate transfer is registered.

(10) In the case of any property that is only transfer­ able in books kept by a corporation, company or other body or in any manner directed by or under any Act, the property shall not vest under subsection seven of this section until it is duly transferred.

(11) If any property does not vest under this section until transfer or registration, an amalgamated credit union or association shall have the right to call for a transfer of the property to the amalgamated credit union or association or to such person as the board may direct, and to sue for or recover the property, and in the case of a memorandum of mortgage under the Real Property Act, 1900, may exercise any power conferred on the mortgagee by any Act or by the mortgage, or may discharge the mortgage, as if the amalga­ mated credit union or association were the registered proprietor thereof.

(12) Any property vested in or transferred to an amalgamated credit union or association by virtue of or in pursuance of this section shall be subject to any debt, liability, or obligation specially charged on or affecting that property.

(13) All debts and liabilities, whether certain or contingent, and whether then existing or capable of arising at a future time, to or with which any credit union or associa­ tion that is a party to an amalgamation is, at the date of the

certificate

certificate of incorporation of the amalgamated credit union or association liable or charged, shall by virtue of this Act become and be the debts and liabilities of the amalgamated credit union or association.

( 1 ) A credit union desiring to amalgamate with one or more other credit unions, or an association desiring to amalgamate with one or more other associations, shall, unless exempted in writing by the registrar, send to each of its members a statement, the contents of which have been approved by the registrar, concerning—

3 4 .

(a)	the financial position of the credit union or associa­ tion sending the statement and that of the other credit union or association or credit unions or associations concerned;
(b)	the interest of the directors of the credit union or association sending the statement in the amalgama­ tion and that of the directors of the other credit union or association or credit unions or associations concerned;
(c)	the compensation or other consideration proposed to be paid to the directors or other officers of the credit union or association sending the statement and of the other credit union or association or credit unions or associations concerned;
(d)	the payments to be made to members of the credit
union or association sending the statement and of the other credit union or association or credit unions
or associations concerned, in consideration of the amalgamation; and

(e) such other matters as the registrar may direct.

(2) A statement under subsection one of this section shall be sent so that it will in due course of post reach each member not later than the time at which he would receive notice of the meeting called to pass the special resolution referred to in subsection one of section thirty-three of this Act.

(3)

(3) Where the registrar has required a credit union to furnish the certificate referred to in paragraph (b) of sub- section one of section thirty-three of this Act, the credit union may apply to the registrar to confirm an amalgamation not­ withstanding that the consents in writing of the holders of two-thirds of the whole number of shares of that credit union or association have not been obtained. Where any such application is made the credit union shall give notice of the application in such manner, at such times and in such news­ papers as the registrar may direct.

(4) Where application has been made under subsec- tion three of this section, the registrar may, after hearing the credit union and any other person whom he may consider entitled to be heard, confirm the amalgamation accordingly.

DIVISION 5.—Associations and Unions of Associations.

(1) An association of credit unions may be formed by two or more credit unions, and a union of associations may be formed by two or more associations, in accordance with the provisions of section thirty-seven of this Act.

3 5 .

(2) The objects of an association, and of a union of
associations, shall be such of the following as may be

authorised by the rules of the association or union of

associations: —

(a)	To promote the interests of, and co-operation among, credit unions and associations.
(b)	To formulate, and to promote the adoption and observance by credit unions of, conditions governing the carrying on of their business.
(c)	To render services to, and to act on behalf of, its component members and other credit unions in such ways as may be specified in or authorised by special rules of the association or union of associations.

(d),

(d) To advocate and promote such legislation, practices and reforms as may be conducive to any of the objects of the association or union of associations.

(e) To co-operate with other bodies with similar objects.

(f) To provide facilities for savings by, and loans to, its employees.

(g) To establish and operate a stabilisation fund.

(h) To encourage and assist in the formation of credit unions.

(i)   To do all such other things as may be incidental or conducive to the attainment of all or any of the foregoing objects.

(j) To do such other things as may be prescribed.

(3) Where the registrar registers a rule adopting paragraph (f) of subsection two of this section he may impose and, having imposed, may vary or revoke, such terms and conditions on the carrying out of that object as he thinks fit, and a contravention of any such term or condition for the time being in force shall be deemed to be a contravention of this Act.

(4) An association, or a union of associations,

may—

(a) raise money on loan for any of its objects,

(b) receive money on deposit.

(1) An association, or a union of associations, may if authorised by its rules and within the limits provided in this section raise money on loan or receive money on deposit at interest to be applied for the purposes of the association or union of associations.

36.

( 2 )

(2) Where an association, or a union of associations, is authorised by its rules to raise money on loan the associa­ tion or union of associations may raise money in such manner as the association or union of associations may think fit and in particular by legal or equitable mortgage charged upon all or any part of the property and rights (both present and future) of the association or union of associations, including its uncalled or unpaid capital, subscriptions, loan payments and other moneys.

(3) No association or union of associations shall raise money on loan in accordance with the provisions of this section so that at any time it owes in respect of loans made to it an aggregate amount exceeding two thousand dollars unless the rules of the association or union of associa­ tions specifically authorise the raising on loan of an aggregate amount in excess of two thousand dollars and specify the higher aggregate amount that may be raised on loan by the association or union of associations.

(4) No member or other person lending money to or depositing money with an association, or a union of associa­ tions, shall be bound to see to the application thereof or be in any way affected or prejudiced by the fact that the associa­ tion or union of associations, in borrowing the money or receiving the deposit, has contravened the provisions of this Act or of the rules of the association or union of associations.

(5) The provisions of sections seventy and seventy- three and of Division 7 of Part IV of the Companies Act,	1961, shall mutatis mutandis and with such modifications, if
any, as may be prescribed, extend to any mortgage or charge created by an association or a union of associations, not being a mortgage, charge or encumbrance of specific lands duly registered under the Real Property Act, 1900, or the Registration of Deeds Act, 1897, or of a specific lease, claim or tenement under and subject to the laws relating to mining.
For the purposes of that extension, a reference in any of those provisions to the Registrar shall be construed as a reference to the registrar under this Act.

(6)

(6) The provisions of Part VIII of the Companies Act, 1961, shall, mutatis mutandis, and with such modifica­ tions, if any, as may be prescribed, extend to and in respect of the appointment of a receiver or manager of an association or a union of associations, to and in respect of a receiver or manager so appointed and to and in respect of an association, or a union of associations, of whose property a receiver or manager has been appointed.

For the purpose of that extension, a reference in any of those provisions to the Registrar shall be construed as a reference to the registrar under this Act.

For the purposes of the formation of an association, or a union of associations—

3 7 .

(a) there shall be a meeting at which there shall be at least two representatives of each of the credit unions proposing to form the association, or the associations proposing to form the union of associations;

(b) at that meeting there shall be—

(i)   read by the chairman a written statement setting forth the objects of the proposed association or union of associations and the reasons for believing that if registered, it will be able to carry out its objects successfully;

(ii)   presented a copy of the rules of the proposed association or union of associations;

(c) if at the same or any subsequent or adjourned meeting, two representatives of each of the credit unions proposing to form the association, or associations proposing to form the union of associations, agree to the formation of the associa­ tion or union of associations and to the adoption of rules to be tendered for registration and sign on behalf of the credit union or association of which they are the representatives an application for

membership

membership and for the minimum number of shares necessary for membership of the association or union of associations, they shall proceed to elect the first directors of the association or union of associations in accordance with the rules so adopted.

3 8 . (1) No proposed association or union of associations

formed under section thirty-seven of this Act shall be registered under this Act unless, within two months after the election of the first directors referred to in that section, or within such further period as the registrar may allow, application in the prescribed manner is made to the registrar for registration of the proposed association or union of associations, accompanied by—

(a)	a statutory declaration by the chairman and the secretary of the meeting referred to in that section as to compliance with the requirements of that section;
(b)	a copy of the statement read at that meeting signed by the chairman and secretary of the meeting;
(c)	two copies of the rules adopted for registration signed on behalf of each credit union or association agreeing to form the association or union of asso­ ciations by at least one representative of each of the credit unions or associations that have agreed to their adoption;
(d)	a list containing the full name and the occupation and address of each director and the name of the

component credit union or association of which he

is a member; and

(e) a list containing the names of each component credit union or association and the number of shares applied for by it.

(2) The statutory declaration referred to in subsec­ tion one of this section may be accepted by the registrar as sufficient compliance with the requirements of section thirty-seven of this Act.

(3)

(3) If the registrar is satisfied—

(a)	that the association or union of associations has been formed in accordance with this Act;
(b)	that the rules as submitted are not contrary to the provisions of this Act or the regulations and are such as may be reasonably approved by him;
(c)	that there are reasonable grounds for believing that the association or union of associations, if registered, will be able to carry out its objects successfully; and
(d)	that there is no reasonable cause why the association or union of associations and its rules should not be registered,

the registrar shall register the association or union of associa­ tions and its rules and shall issue a certificate that the association or union of associations is incorporated under this Act.

PART IV.

MEMBERS AND FUNDS.

DIVISION 1.—Members.

( 1 ) The members of a credit union formed under this Act shall be the persons who signed applications for membership on the formation of the credit union and any other persons who are admitted to membership in accordance with its rules.

3 9 .

(2) The members of a credit union, or of an associa­

tion, that, immediately before the commencement of this Act, was registered under the Co-operation Acts shall be the persons who, or credit unions or associations that, immediately before that commencement, were members of the credit union

or

or association and any other persons who, or credit unions or associations that, are admitted to membership in accordance with its rules.

(3) The members of an amalgamated credit union shall be the persons who, at the date of amalgamation, were members of the credit unions that are parties to the amalgama­ tion, and any other persons who are admitted to membership in accordance with the rules of the amalgamated credit union.

(4) The members of an association formed under this Act shall be the credit unions or associations by which the association is formed, and any other credit unions or associations that are admitted to membership in accordance with the rules of the association.

(5) The members of an amalgamated association shall be the credit unions or associations that were members of the associations that were parties to the amalgamation, and any other credit unions or associations that are admitted to membership in accordance with the rules of the amalgamated association.

( 6 ) No rights of membership of a credit union, or

of an association, shall be exercised unless the member has made such payments to the credit union or association in respect of membership, or has acquired fully paid shares in the credit union or association, of such total nominal value, being in either case not less than two dollars, as may be specified in the rules of the credit union or association.

(1) Subject to this section, where a body corporate

is a member of a credit union it may appoint a person to
represent it in respect of the shares held by it.

4 0 .

( 2 ) Such appointee—

(a) shall be entitled to receive notice of all meetings in like manner as the members and shall be entitled to exercise the same rights to vote as a member; and

(b)

(b) shall be eligible to be elected to the board of directors if the body corporate holds such qualifica­ tions, other than those relating to age, as may be requisite for holding office as a director.

( 3 ) A credit union which is a member of an

association may appoint such number of its members, not exceeding three, as may be provided for in the rules of the association to represent it on the association and the provisions of subsection two of this section shall apply to any such appointees.

( 4 ) An association which is a member of a union of

associations may appoint such number of persons, not exceeding three, as may be provided for in the rules of the union to represent it on the union and the provisions of subsection two of this section shall apply to any such appointees.

No person shall be appointed under this subsec­ tion unless he is a member of a credit union that is a member of the association.

( 1 ) Unless otherwise provided by the rules, a person under the age of twenty-one years may be a member of a credit union and may, to the extent required by reason of his membership, execute all instruments and give all necessary acquittances.

4 1 .

( 2 ) A member of a credit union who is under the age

of twenty-one years shall not be competent to hold any office	in the credit union or to be one of the persons by whom a
credit union may be formed and, if he is under the age of eighteen years shall not be entitled to vote.

( 3 ) Where a member of a credit union under the

age of twenty-one years borrows money from a credit union

and—

(a) is married; or

(b) being unmarried, is of the age of eighteen years or over at the time the loan is approved,

he

he shall, in respect of his agreement to repay the loan and in respect of any security for repayment of the loan given by him to the credit union, be subject to the same liabilities and obligations as he would have been subject to, and shall have the same rights as he would have had if he had been of the full age of twenty-one years at the time the loan was made.

(4) Any guarantee or surety by any person in respect of a loan referred to in subsection three of this section shall be as binding and effectual as if the person who borrowed the money had been of the full age of twenty-one years when the guarantee or surety was given or entered into.

The rules of a credit union, and of an association, shall specify the circumstances, including, in the case of a credit union, those relating to bankruptcy and death, in which membership thereof shall cease.

4 2 .

DIVISION 2.—Share Capital.

(1) The capital of a credit union, and of an associa­

tion, shall vary in amount according to the nominal value of
shares from time to time allotted.

43.

(2) All shares shall be of one class, all ranking

equally and of a fixed amount which shall be specified in the

rules of the credit union or association.

(3) The liability of a member to a credit union, or to an association, shall be limited to the amount, if any, unpaid on the shares held by the member, together with any charges payable by the member to the credit union or association as specified by the rules, and any moneys owing by the member to the credit union or association.

(4) A member shall subscribe for such minimum number of shares, having a total nominal value of not less than two dollars, as may be specified by the rules.

(5)

(5) Any balance unpaid in respect of shares at the time of allotment shall be paid by periodic subscriptions or in such manner as may be specified by the rules.

( 6 ) No member shall, in his own right or through

nominees, hold more than one-fifth of the shares or, where the rules specify a proportion less than one-fifth, more than the proportion so specified.

(7) A share may be held by two or more persons jointly, and, where a share is so held—

(a)

the joint holder who is named first in the register of shares shall be the "primary joint holder" for the purposes of this subsection;

(b)

except where the rules of the credit union or association otherwise provide, but without prejudice to the right under this Act of a member of a credit union or an association to obtain from the credit union or association on demand a copy of the balance sheet, any notice or other document may be given or sent by the credit union or association to the joint holders by being given or sent to the primary joint holder;

(c) for the purpose—

(i)   of determining who is qualified to vote on a resolution at a meeting of the credit union

or association; and

(ii)   of determining the number or proportion of any members required to give effect to any provisions of this Act or the rules of a credit union or an association,

the shares shall be treated as being held by the

primary joint holder alone;

(d) the register of members and shares shall indicate whether a person is a joint holder and whether or not he is the primary joint holder; and

(e)

P64443—4

(e) the joint holders shall be entitled to choose the order in which they are named in the register of shares, bin failing any such choice the credit union or association may enter their names in such order as the board thinks fit.

(8) A share may not be sold or transferred without

the consent of the board.

(9) Subject to this section, the board of a credit union, or of an association, may, if authorised by the rules, declare to be forfeited the shares of any member who has not for a period of three years had any dealings with the credit union or association and whose whereabouts are unknown to the board. Any such declaration shall have effect according to its tenor.

(10) No share of a member of a credit union, or of an association, shall be forfeited under this section where the total amount paid to that credit union or association in respect of any shares held by that member exceeds one hundred dollars.

(11) No credit union or association shall declare the shares of a member to be forfeited unless it has given, in a newspaper circulated in the district in which the registered office of the credit union or association is situated, at least one month's notice of its intention so to do.

(12) Upon forfeiture of any shares under this section forfeited all moneys subscribed by the member in respect of	there shall become payable to the member whose shares are
the forfeited shares.

(1) Subject to subsection ten of section six of this Act a credit union, or an association, may, with the consent of a member repay the whole or any part of the amount paid up on any share held by the member at any time.

4 4 .

(2)

(2) No credit union or association shall approve any application for a loan until all applications for withdrawal of the whole or any part of the amount paid up on any share have been satisfied or are, in the opinion of the board, capable of being satisfied within thirty days of the date of the approval to the loan.

( 3 ) Subject to this section, where a member has been

expelled from a credit union, or an association, in accordance with the rules of the credit union or association, the credit union or association shall repay to the member the amount paid up on the shares held by him at the date of his expulsion, less any amount owing by the member to the credit union or association at the date of his expulsion under the rules or under any contract or otherwise.

(4) Where the balance sheet of a credit union, or of an association, last issued before the date of expulsion of a member of the credit union or association discloses a loss or deficiency there shall be deducted from the capital to be repaid to the member expelled an amount that bears to the amount of that loss or deficiency the same proportion as the number of shares held by that member bore to the total number of shares held by all members of the credit union or association as at the date of expulsion of that member.

(5) Payment of any amount due to a member
pursuant to this section shall be made at such time as may be

determined by the board, being a time not later than one

year after the date of expulsion of the member.

A credit union, and an association, shall cancel any share forfeited to the credit union or association in accordance with the rules or in respect of which the credit union or association has repaid to the member the whole of the amount paid up thereon.

4 5 .

Nothing in this Act shall affect the validity of any nomination properly made in accordance with the provisions of section fifty-eight of the Co-operation Acts, or of any action properly taken in accordance with such nomination.

4 6 .

(1) If any member, or any other person, entitled in respect of any share in, loan to or deposit with a credit union, to a sum of money not exceeding four hundred dollars or, where a greater sum is prescribed by the regulations, the sum so prescribed, dies intestate, the board may, upon such evidence as it deems sufficient, pay the money or transfer the shares to any person who appears to the board to be entitled to obtain a grant of letters of administration of the estate of the deceased, and that person shall hold the money or shares on the same trusts as if he had obtained such a grant.

47 .

(2) If any member or other person so entitled dies testate, the board may, upon such evidence as it deems sufficient, pay the money or transfer the shares to the person appearing to the board to be entitled thereto under the will of the deceased member or other person.

(3) The provisions of this section shall extend to any surplus, not exceeding four hundred dollars or, where a greater sum is prescribed by the regulations, the sum so prescribed, arising on the sale by a credit union as mortgagee of any property mortgaged by the deceased to the credit union.

(4) The provisions of this section are subject to section one hundred and twenty-two of the Stamp Duties Act, 1920.

(5) Any payment or transfer made by the board in accordance with the provisions of this section shall be valid and effectual against any demand made upon the credit union by any other person.

(6) No payment or transfer pursuant to this section shall be made after evidence has been produced to the credit union that letters of administration of the estate, or probate of the will, of the deceased member or other person have or has been granted.

4 8 . A credit union, and an association, shall have a charge upon the share or interest in the capital, and on the credit balance, of a member or past membe. and upon any dividend, interest or rebate payable to a member or past

member

member in respect of any debt due from the member or past member to the credit union or association and may set off any amount paid on account of that share or otherwise, or any amount credited or payable to the member or past member, in or towards payment of the debt.

The charge created by this section may be enforced, at any time after seven days' notice to the member or past member, by the appropriation by the credit union or association of the capital or interest subject to the charge. Any share in respect of which capital has been so appropriated shall be cancelled.

DIVISION 3.—Funds.

(1) Subject to this section and section fifty of this Act, any part of the surplus arising from the operations of a credit union or an association may, if the rules so provide—

4 9 .

(a)	be paid to a member by way of a dividend in respect of fully paid shares held by him; or
(b)	be paid to a member by way of rebate based on the business done by him with the credit union or association.

(2) If the rules of a credit union, or of an associa­ tion, so provide, a dividend or rebate payable under this section, or any part thereof, may be credited in reduction or repayment of any amount owed to the credit union or associa­ tion by the member entitled to the dividend or rebate.

(3) Nothing in this section shall preclude the pay­ ment of a bonus to an employee of a credit union, or of an	association, in accordance with the terms of his employment.
(4) The maximum rate of dividend in respect of any share shall not exceed seven per centum per annum or, where some other rate is fixed by the Minister by order published in the Gazette on the recommendation of the Advisory Committee, the rate so fixed.
(5) Notwithstanding any other provision of this section, cumulative dividends may be paid by a credit union, or by an association, if the surplus from which any cumulative

dividend

dividend is paid arose within a period not exceeding five years prior to the declaration of the dividend and if that declaration would not result in any dividend exceeding the rate authorised by subsection four of this section.

( 6 ) If authorised by the rules, a credit union, or an

association, may apply part of the surplus arising in any year from the business of the credit union or association to any charitable purpose or for promoting co-operation or credit unions but the part to be so applied shall not, except with the approval of the Advisory Committee, exceed ten per centum of that surplus.

( 7 ) In calculating the surplus for the purposes of this

section no regard shall be had to any funds which have been
appropriated to any reserve or reserve fund.

(1) In this section, in relation to a financial year of a credit union, or of an association—

5 0 .

"prescribed amount" means an amount equal to five per centum or, where some lower proportion is pre­ scribed by regulation for the purposes of this definition, the proportion so prescribed, of the sum of—

DIVISION 2.—General.

95.      ( 1 ) Any person may, except as otherwise provided

by this Act, on payment of the prescribed fee—

(a)	inspect at the office of the registrar the registration and rules of a credit union, or of an association;
(b)	obtain from the registrar a certificate of the registra­ tion of a credit union, or of an association, and a

certified copy of the rules of a credit union, or of

an association, or of any part thereof;

(c) with the permission of the registrar, inspect at his

office and obtain from him a certified copy of any

other registered document, or of any part thereof.

(2 ) A copy of or extract from any document regis­

tered by the registrar and certified under the seal of the registrar shall in any proceedings be admissible in evidence as
of equal validity with the original document.

( 1 ) If, with respect to any credit union or associa­ tion, the registrar considers it expedient to do so in the interests of members of or of persons who may become members of or deposit moneys with the credit union or

96.

association he may, by notice in writing served on the credit

union or association with the approval of the Minister, direct that subsection two of this section shall apply to the credit union or association and that subsection shall thereupon apply accordingly until the expiration of such time as may be
specified in the notice or until the notice is withdrawn, which­

ever is the earlier.

(2)

( 2 ) Subject to this section, while this subsection

applies to a credit union, or an association, the credit union

or association shall not—

(a) make any money available on loan to members;

(b) accept the deposit of any money;

(c) borrow any money;

(d)	accept any payment on account of share capital,
except calls which fell due before the issue of the notice;

(e) repay any moneys paid on shares;

(f) repay any moneys on deposit,

as may be specified in the notice directing the application of

this subsection.

( 3 ) The registrar may, with the approval of the

Minister and by a further notice, extend the time specified in

any notice issued under subsection one of this section.

( 4 ) A credit union, or an association, to which sub-

section two of this section applies may make representations

to the Advisory Committee with respect to the direction and the committee shall report to the Minister. The Minister may direct the registrar to withdraw the direction or to amend the

notice directing the application of this subsection.

( 5 ) The registrar may, and shall on the direction of

the Minister, withdraw any direction or amend any notice

given in accordance with this section.

(6 ) If a credit union, or an association, contravenes

the provisions of subsection two of this section it shall be guilty of an offence and be liable to a penalty not exceeding

six hundred dollars; and every officer of the credit union or association who knowingly and wilfully authorises or permits a contravention of subsection two of this section shall be liable

on conviction on indictment to a penalty not exceeding six hundred dollars or to a term of imprisonment not exceeding two years or to both or, on summary conviction, to a penalty not exceeding one hundred dollars or to a term of imprison­ ment not exceeding three months or to both.

97.      (1 ) The registrar, and any inspector appointed under

section ninety-nine of this Act and authorised in writing by

the registrar either generally or specially to do so, may inspect any minutes or books or examine the affairs, of a credit union,

or of an association, whether or not it is in the course of

being wound up and in the case of a credit union, or of an
association, that is being wound up, any minutes, books,

records or documents kept by the liquidator in respect of the

credit union or association.

(2 ) The registrar or any such inspector so authorised

may, at his discretion, obtain from any bank in which the funds of a credit union, or of an association, are deposited or invested a statement of the amount of such deposit or invest­ ment and any other particulars required by him to be furnished in relation to the affairs of the credit union or

association.

( 1 ) Subject to compliance with any requirement or direction of the registrar pursuant to this section, the registrar may, and shall on the application of a majority of a board

98.

or of not less than one-third of the members of a credit union,

or of an association—

(a)	call a special meeting of the credit union or association;
(b)	hold an inquiry into the affairs, including the work­ ing and financial condition, of the credit union or

association.

( 2 ) An application under this section shall be

accompanied by such evidence as the registrar requires for the purpose of showing that the applicants have good reason for requiring the meeting or inquiry and that the application is made without malicious motive.

(3 ) Notice of an application under this section shall

be given to the credit union or association by such persons
and in such manner as the registrar directs.

( 4 ) Security for the expenses of a meeting or inquiry

pursuant to this section shall be given by such persons and

in such manner as the registrar directs.

(5 )

( 5 ) The registrar may direct at what time and place

a meeting called under this section is to be held, and what

matters are to be discussed and determined at the meeting and shall give such notice to members of the holding of the meeting as he deems fit notwithstanding any provision in the rules of the credit union or association as to the giving of

notice.

( 6 ) A meeting called under this section shall have

all the powers of a meeting called in accordance with the
rules of the credit union or association and shall have power to appoint its own chairman, any rule of the credit union or
association to the contrary notwithstanding. The registrar or

any person nominated by him may attend and address any

such meeting.

(7 ) If a meeting called under this section fails to

appoint a chairman, the registrar or any person nominated by him to attend the meeting may act as chairman of the meeting

or may appoint a chairman to conduct the meeting or any

adjournment thereof.

(8 ) If the chairman of a meeting called under this

section is not a member of the credit union or association in

respect of which it was so called, he may exercise a casting

vote but shall not otherwise be entitled to vote.

(9 ) All expenses of and incidental to a meeting

called, or inquiry held, under this section shall be defrayed,

in such proportions as the registrar directs, by the applicants,
or out of the funds of the credit union or association, or by

any officer or member or former officer or member, and may

be recovered as a debt in any court of competent jurisdiction.

99.      ( 1 ) The Governor may appoint inspectors for the

purposes of this Act.

(2 ) The provisions of the Public Service Act. 1902,

shall not apply to the appointment of any such inspector who

is not a public servant.

100. ( 1 ) The registrar and any inspector appointed

under section ninety-nine of this Act may, for the purpose of
any inquiry or inspection under this Act—

(a) administer an oath;

(b) by notice in writing require the attendance of any person at the time and place specified in the notice and require such person then and there to answer any question put to him by the registrar or such inspector, as the case may be, in relation to the matter of any such inquiry or inspection, and to produce all or any of the books or documents of the credit union or association to which the inquiry

relates;

(c) require any director or other officer of a credit union, or of an association, to furnish to the registrar or inspector, as the case may be, any information relating to the affairs of the credit union or association or the matter of any inquiry into the working and financial condition of the credit union or association and to produce to the registrar or inspector all or any of the books or documents of the credit union or association.

A notice referred to in paragraph (b) of this subsection may be served, where it is addressed—

(i)   to a credit union, or to an association, or to a director or other officer of a credit union or of an

subsection three of section thirty of this Act; or association, in the appropriate manner specified in

(ii)   to any other person, by post to the last known address of that person.

(2) Any person, who—

(a) when required by the registrar or an inspector pursuant to paragraph (b) of subsection one of this section refuses or fails, without lawful excuse, to attend at any time and place specified in a notice served on such person in accordance with the provisions of that subsection or, having so attended,

fails

fails then and there to answer any question put to

him by the registrar or inspector, as the case may

be, in relation to the matter of any inquiry or
inspection under this Act or to produce any books

or documents as required by the notice; or

(b) being a director or other officer of a credit union,

or of an association, refuses or fails, without lawful excuse, to furnish any information required of him

pursuant to paragraph (c ) of subsection one of this

section or to produce any books or documents

required to be produced pursuant to that paragraph,

shall be guilty of an offence and, upon summary conviction,

liable to a penalty not exceeding six hundred dollars or to

imprisonment for a period not exceeding six months or to

both such penalty and imprisonment.

DIVISION 3.—Advisory Committee.

101. (1) There shall be a Credit Union Advisory Committee (in this section referred to as the "Committee") consisting of such number of members as may be determined

by the Minister, being not less than five and not exceeding

nine or, where some other maximum number is prescribed,

not exceeding the prescribed maximum number.

(2) One of the members of the Committee shall be

the person who for the time being holds the office of registrar and who shall by virtue of such office be the chairman and

executive member of the Committee.

(3 ) Each member of the Committee, other than the

registrar and one other member, shall be an officer of a credit

union, or of an association.

( 4 ) A deputy or alternate member may be

appointed to attend any meeting of the Committee at which

a member is unable to be present.

(5) The members (other than the chairman) and

deputy or alternate members of the Committee shall be appointed by the Minister and shall hold office for such period as he may deem fit and may be removed from office by him.

( 6 )

(6) Meetings of the Committee may be convened by

the chairman or by any two members.

(7) Each member and deputy or alternate member

of the Committee shall, unless he is an officer of the Public

Service or a member of the Legislative Council or the Legis­
lative Assembly of New South Wales, be paid such fees,

allowances and expenses as the Governor may approve.

(8) It shall be the duty of the Committee to submit

recommendations to the Minister with respect to—

(a) proposals to promote the formation of credit unions;

(b)	proposals to improve the method of operation of credit unions;
(c)	such other matters as may be referred to it by the

Minister or as may be prescribed.

(9) The Committee shall advise the registrar on

such matters as may be referred to it by him.

PART X .

MISCELLANEOUS.

102.      The registrar shall in every year make a report of

his proceedings and of the principal matters transacted by him during the preceding year, and the report shall be laid

before Parliament.

103.      (1) The Governor may make regulations not incon­

sistent with this Act prescribing all matters which by this

Act are required or permitted to be prescribed, or which are necessary or convenient to be prescribed for giving effect to

this Act, and any such regulation may provide for—

(a) a penalty for any breach thereof, and also distinct penalties in cases of successive breaches thereof, provided that no such penalty shall exceed one hundred dollars;

(b)

(b) a daily or weekly penalty, not exceeding five dollars

a day or twenty-five dollars a week, for any

continuing breach thereof.

(2) Without prejudice to the generality of the

foregoing provisions of this section, the Governor may make regulations prescribing the fees to be taken in the office of the registrar for any matter or thing to be done therein under this Act.

(3) The Governor may make regulations amending

the Schedule to this Act and the Schedule, as so amended,

shall be the Schedule to this Act.

( 4 ) The regulations shall be published in the

Gazette, and shall take effect from the date of publication or

from a later date to be specified in the regulations.

(5) The regulations shall be laid before both

Houses of Parliament within fourteen sitting days after publication if Parliament is then in session and if not, then within fourteen sitting days after the commencement of the

next session.

(6 ) If either House of Parliament passes a resolu-

tion of which notice has been given at any time within fifteen sitting days after the regulations have been laid before such House disallowing any regulation or part thereof, the regula- tion or part shall thereupon cease to have effect.

(7 ) The registrar shall notify a credit union, and

an association, of the publication of any regulation affecting

the credit union or association.

104. (1 ) No instrument or document executed or registered for transferring any property in pursuance of section thirty-three of this Act shall be liable to stamp duty or to any

fee chargeable under any Act for registration.

(2 ) No stamp duty shall be chargeable upon the

certificate of incorporation of a credit union or an association or upon any share certificate or any instrument or document

issued in connection with its capital by a credit union, or by
an association.

105.      ( 1 ) The Co-operation, Community Settlement, anc

Credit Act, 1923, as subsequently amended, is amended—

(a)	by omitting from the long title the words "credit unions,";
(b)	by omitting from section two the words "DIVISION
8.—Credit unions";
(c)	by omitting from the definition of "Society" in

section five the words ", or credit union,";

(d) by omitting paragraph (g) of subsection one of

section six;

(e) by omitting Division 8 of Part II and the heading thereto;

(f) ( i ) by omitting from subsection one of section

thirty-four the words "And a credit union may

become a component society of an association

of building societies.";

(ii)   by omitting from subsection three of the same

section the words "building societies, and credit

unions" and by inserting in lieu thereof the
words "and building societies";

(g)	by omitting from subsection one of section forty- eight the words "or credit union,";
(h) by omitting subsection ( 4 B ) of section sixty-one;

(i)   by omitting from subsection one of section sixty- eight the words "Notwithstanding the foregoing provisions of this subsection, a credit union shall not invest any of its funds by way of deposit in any

society other than an association of credit unions

of which such credit union is a member.";

( j ) (i) by omitting paragraph (b) of subsection one

of section seventy-two;

(ii)   by omitting subsection (1A) of the same

section; (k)

(k)	(i)	by omitting from subsection four of section
eighty-two the words ", and of a credit union,";
(ii)	by omitting from the same subsection the words "or credit union";
(1)	(i)	by omitting from subsection (12B) of section eighty-four the words "or of a credit union";
(ii)	by omitting from the same subsection the words "or credit union, as the case may be,";
(m)	(i)	by omitting from subsection four of section
eighty-six the words "or a credit union";
(ii)	by omitting from paragraph (c) of subsection nine of the same section the words "or of a credit union";
(n)	(i)	by omitting from subsection one of section
eighty-eight the words ", in the case of a
society other than a credit union,";
(ii)	by omitting from the same subsection the words "or, in the case of a credit union, with the approval of all directors present and voting
(such directors not being less in number than
the number that constitutes a quorum of the board of directors of the credit union) at any meeting of such directors";

(o) by omitting paragraph (bi) of subsection one of

section one hundred and two.

(2) The Co-operation, Community Settlement, and

Credit Act, 1923, as subsequently amended and as amended

by this Act, may be cited as the Co-operation Act, 1923-1969.

106. (1 ) The Money-lenders and Infants Loans Act,

1941, as subsequently amended, is amended by inserting next

after paragraph ( b l ) of the definition of "Money-lender" in

section three the following new paragraph :—

(b2) a credit union, or an association of credit unions,

or a union of associations of credit unions registered

under the Credit Union Act, 1969, or any Act

amending or replacing that Act.

(2 )

(2 ) The Money-lenders and Infants Loans Act,

1941, as subsequently amended and as amended by this Act,

may be cited as the Money-lenders and Infants Loans Act,
1941-1969.

107. (1 ) The Companies Act, 1961, as subsequently amended, is amended—

(a)	(i)	by inserting in the definition of "Corporation" in section five after the word "company" the words "other than a foreign company referred to in paragraph (f) of this definition";
(ii)	by inserting next after paragraph (d) of the same definition the following new paragraphs :—

(e) a credit union, or an association of credit unions, or a union of associations

of credit unions, registered under the

Credit Union Act, 1969, or any Act amending that Act;

(f) any foreign company in respect of which an exemption from compliance with—

(i)    subsection ( 1 ) of section sixty- one of the Co-operation, Com­ munity Settlement, and Credit

Act, 1923, as amended by

subsequent Acts;

(ii)   subsection (1) of section thirty-

five of the Permanent Building
Societies Act, 1967, as amended by subsequent Acts;

or

(iii)   subsection (1) of section twenty-eight of the Credit Union Act, 1969,

is for the time being in force.

(b)

(b) by inserting in subsection fourteen of section three

hundred and seventy-four after the word "Acts"

the words ", or under the Permanent Building Societies Act, 1967, as subsequently amended, or a credit union, an association of credit unions or a

union of associations of credit unions registered under the Credit Union Act, 1969, or any Act amending that Act".

(2 ) The Companies Act, 1961, as subsequently

amended and as amended by this Act, may be cited as the

Companies Act, 1961-1969.

SCHEDULE.

(a ) The name of the credit union or association and the location of its first office.

(b) The objects of the credit union or association.

( c ) The manner in which the capital of the credit union or associa­

tion is to be raised including the minimum and maximum shareholding
to be held by members and the denominations of shares.

(d) The powers of the credit union or association, in particular and without affecting the generality of this clause—

(i ) the powers to borrow money,

(ii)   the powers to raise money on deposit and the manner in which the board may regulate the withdrawal of such deposits,

and any limitation on any of the powers of the credit union or

association.

( e ) The manner in which investments may be made.

(f) The manner in which the funds of the credit union or associa- tion are to be managed and in particular the mode of drawing and signing cheques, drafts, bills of exchange, promissory notes, and other negotiable instruments for and on behalf of the credit union or association.

(g) The manner in which any gain or surplus which may result from the transactions of the credit union or association is to be distributed among members.

(h) The mode and conditions of admission to membership and the payment to be made or the share or interest to be acquired before the exercise of the rights of membership.

( i)

( i) The number of directors, the qualification of directors and the manner of electing, remunerating and removing directors and filling

a vacancy.

(j) The powers and duties of the board, the requisite notice of

meetings, the quorum for meetings, and the procedure at meetings,
of the board.

(k) The intervals between general meetings of the credit union or association, the manner of calling general and special meetings, the requisite notices of meetings and the quorum for meetings of the credit union or association.

(1) The procedure at meetings of the credit union or association,

including the rights of members in voting thereat, the manner of
voting and the majority necessary for carrying resolutions.

( m ) The frequency at which the accounts of the credit union or association are to be audited.

(n ) The manner of appointing, remunerating and removing auditors, the powers and duties of auditors and in particular their powers and duties with respect to the inspection of securities belong­ ing to the credit union or association.

The charges, including any charges on admission or for working

expenses or otherwise which are to be payable by a member to the
credit union or association in respect of his membership therein.

( o )

(p) The manner of settling disputes between the credit union or association and any of its members, or any person claiming by or through any member under the rules.

(q) The manner of altering of rescinding the rules and of making additional rules.

( r ) The device, custody and use of the seal of the credit union or association.

(s) The manner in which the credit union or association may be wound up.

( t ) The circumstances under which shares may be withdrawn or

repaid and the terms and conditions in relation thereto; the manner
in which the value of shares is to be ascertained for repayment.

L I B R A R Y