Credit Unions Regulations 1990 (SA)
SOUTH AUSTRALIA
being
No. 46 of 1990:
as varied by
No. 151 of 1991:
Gaz . 27 June 1991, p. 22682
1 Came into operation 12 April 1990: reg. 3.
2 Came into operation 1 July 1991: reg. 2.
PART I
PRELIMINARY
1. These regulations may be cited as the
Credit Unions Regulations, 1990 .
2. All regulations made under the
Credit Unions Act, 1976 , are revoked.
3. These regulations will come into operation on 12 April, 1990.
4. In these regulations—
"the Act" means the
Credit Unions Act, 1989 .
5. (1) The forms set out in schedule 1 must—
be used for the purposes specified in the schedule; | |
and | |
be completed in accordance with the instructions contained in the forms. |
(2) The name of a person signing a form set out in schedule 1 must be written legibly under or alongside the signature of that person.
(3) Where the space provided in a form is insufficient to contain all the required
information—
the information must be set out in an annexure to the form; | |
the annexure must have an distinguishing mark such as a letter or numeral; | |
and | |
the space in the form must contain the statement "See Annexure" together with the distinguishing mark for the annexure, or words to similar effect. |
6. The fees set out in schedule 2 are payable as specified in the schedule.
7. Pursuant to section 4(2) of the Act, the provisions of the
8. Pursuant to section 4(2) of the Act, the provisions of the
a reference to a company is to be read as including a reference to a credit union or association; | ||
a reference to the Register of Company Charges or the Register is to be read as including a reference to— | ||
|
and
|
and section 203 of the Code is to be read as if the section included a requirement that each Register is to be maintained separately by the Commission with entries relating to companies, credit unions or associations being made by the Commission only in the Register kept in relation to bodies of that kind;
a reference to an official manager is to be read as including a reference to an administrator appointed pursuant to section 121 of the Act; | |
and | |
section 215A of the Code is not to apply in relation to a credit union or association. |
9. For the purposes of section 15 of the Act, the following provisions must be contained in the rules of a credit union:
the name of the credit union and the location of its first office; | |
the objects of the credit union; | |
the powers of the credit union; | |
the mode and conditions of admission to membership and the shares to be acquired before the exercise of rights of membership; | |
the circumstances under which membership will cease and the manner in which a member may be expelled; | |
the manner in which the funds of the credit union are to be raised; | |
the manner in which the funds of the credit union are to be managed including the mode of drawing and signing cheques, drafts, bills of exchange, promissory notes and other negotiable instruments; | |
the conditions relating to shares and deposits and the withdrawal of shares and deposits; |
(i) the manner in which any non-withdrawable shares may be transferred;
the application and investment of funds; | |
the conditions relating to loans and the security for loans, including the conditions on which a borrower may redeem the amount due prior to the expiration of the period of the loan; | |
the manner in which any surplus arising out of the operations of the credit union is to be distributed; | |
the number of directors, the qualifications as to shareholding of directors, the manner of the election, remuneration and removal of directors and the filling of vacancies in the office of director; | |
the powers and duties of the board of directors and the manner of calling meetings, the quorum for meetings and the procedure at meetings of the board of directors; | |
the manner of calling general and special meetings of members and the requisite notices of meetings and the quorum for meetings of the credit union; | |
the procedure at meetings of the credit union, including the voting rights of members, the manner of voting and the majority necessary for carrying resolutions; | |
the frequency with which the accounts of the credit union are to be audited; | |
the manner of appointing, remunerating and removing auditors, the powers and duties of auditors and, in particular, the powers and duties of auditors with respect to the inspection of securities held by the credit union; | |
the manner of settling disputes between the credit union and its officers or members, or any person claiming through any member or under the rules; | |
the security to be given by any officer or employee of the credit union having the receipt or charge of any money belonging to the credit union; | |
the manner of altering, adding to or rescinding these rules; |
(v) the custody and use of the seal of the credit union;
and | |
the manner in which the credit union may be wound up. |
10. For the purposes of section 32(6)
whether the accounts of the credit union for the financial year up to the date referred to in section 32(6) | ||
|
and
| ||
any defect or irregularity in the accounts and any matter not set out in the accounts without regard to which a true and fair view of the results for the period and state of affairs of the credit union, as at the date, would not be obtained; | ||
and | ||
if he or she is not satisfied as to any matter referred to in paragraph |
11. (1) For the purposes of section 39(1) of the Act, a disclosure statement must—
be printed in type of a size not less than the type known as eight point Times unless the Commission, before the issuing of the disclosure statement, approves the type and size of print as being legible and satisfactory; | |
state that a copy of the disclosure statement has been lodged with the Commission and also state, immediately after that statement, that the Commission takes no responsibility as to the contents of the disclosure statement; | |
state that no securities will be issued on the basis of the disclosure statement later than six months after the date of execution of the disclosure statement; | |
if the disclosure statement includes any statement that is made by an expert or is contained in what purports to be a copy of, or extract from, a report, memorandum or valuation of an expert—state the date on which the statement, report, memorandum or valuation was made and whether or not it was prepared by the expert for incorporation in the disclosure statement; | |
state the dates of, the parties to, and the general nature of, every material contract; | |
contain the information set out in schedule 3; | |
and | |
not more that 14 days before the date on which the statement is issued to members of the credit union, be signed and dated by each director of the credit union or by a duly authorized agent of the director. |
(2) The credit union must, not less than six weeks before the date of execution of the disclosure statement, lodge with the Commission—
a copy of the disclosure statement; | |
and | |
copies, verified by statements in writing, of all consents required by section 39(4) of the Act to the issue of the disclosure statement and of all material contracts referred to in the disclosure statement or, in the case of such a contract not reduced to writing, or memorandum giving full particulars of the contract, verified by statement in writing. |
Penalty: Division 7 fine.
(3) For the purposes of this regulation, a reference to a material contract does not include—
a contract entered into in the ordinary course of the business of the credit union or any body on behalf of which the securities are to be issued; | |
or | |
a contract entered into more than two years before the date of issue of the disclosure statement. |
(4) For the purposes of this regulation and schedule 3, the date of execution of a disclosure statement is the date of signing of the statement by the director or the director’s agent last signing the statement.
12. For the purposes of section 45(4) of the Act, courses in commercial or business lending conducted by the Credit Union Association of S.A. are courses of instruction of a prescribed kind.
13. (1) For the purposes of section 47(1) of the Act, the average amount of liquid funds held by a credit union over a month must be computed by calculating the total amount of liquid funds of the credit union at the end of each day during the month and, as soon as practicable after the end of the month, calculating the sum of those amounts and dividing the sum by the number of days in the month.
(2) For the purposes of the definition of "liquid funds" in section 47(2) of the Act—
the following are prescribed associations: | ||
|
and
| ||||
and | ||||
the following are investments of a prescribed class: | ||||
|
and
|
14. (1) For the purposes of section 49(1)
that are secured by registered first mortgages over real property; | |
and | |
under which an amount is for the time being due and unpaid to the credit union that equals or exceeds three months’ payments: |
A = | B × C 100 |
Where—
A | is the amount to be determined in relation to each such loan: | |||||||
B | is— | |||||||
| ||||||||
C | is the total amount for the time being due and unpaid to the credit union under the loan. |
(2) For the purposes of section 49(1)
that are not secured as referred to in subregulation (1); | |
and | |
under which an amount is for the time being due and unpaid to the credit union that equals or exceeds three months’ payments: |
A = B × C
100
Where—
A | is the amount to be determined in relation to each such loan: | |||||||
B | is— | |||||||
| ||||||||
C | is the total amount for the time being due and unpaid to the credit union under the loan. |
(3) A reference in this regulation to a number of months’ payments in relation to a loan is a reference to the total amount required to be paid to the credit union according to the terms of the loan contract in respect of the immediately preceding period of that number of months.
15. (1) For the purposes of section 51(1)
(d) of the Act, the following are investments of a
prescribed class:
securities issued by the Treasurer or Government of a State other than this State or issued or guaranteed by the Treasurer or Government of a Territory of the Commonwealth; | ||
securities issued or guaranteed by an instrumentality of the Crown in right of a State other than this State or of a Territory of the Commonwealth; | ||
securities issued by a bank, or securities issued by any other body corporate where the obligations of the body under the securities are guaranteed, or secured by a letter of credit issued or confirmed, by a bank; | ||
withdrawable shares in an association of which the credit union is a member; | ||
shares in, or deposits with— | ||
|
or
| ||
units in Members Mortgage Loan Trust Fund. |
(2) The investments referred to in subregulation (1)
16. Pursuant to section 61 of the Act, the following provisions of the Act do not apply to or in relation to associations:
section 123(3) | |
section 137. |
17. (1) For the purposes of section 76 of the Act, but subject to this regulation, registers must be kept by each credit union in writing as set out in schedule 4.
(2) Notwithstanding subregulation (1), a register to be kept by a credit union may be kept by recording or storing the matters concerned by means of a mechanical, electronic or other device provided that—
the matters recorded or stored are capable, at any time, of being reproduced in a written form, or a reproduction of those matters is kept in a written form, approved by the Commission; | |
all reasonable precautions are taken by the credit union for guarding against damage to, destruction of or falsification of or in, and for discovery of falsification of or in, the register; | |
and | |
when the register is required to be made available for inspection, or a copy of the whole or part of its contents is required, pursuant to the Act, the register is made available in written form or the whole or part of its contents is reproduced in writing, as the case may be. |
18. (1) For the purposes of section 77(2) of the Act, the matters in respect of which particulars are recorded in the Register of Members and Shares kept by the credit union pursuant to the Act and these regulations are prescribed matters.
(2) A credit union must keep the Register of Prescribed Interests and Holders of Prescribed Interests kept by the credit union pursuant to the Act and these regulations open for inspection at its registered office without fee by the holders of such interests.
19. For the purposes of section 81(6) of the Act, the prescribed requirements are—
the requirements set out in schedule 5; | |
and | |
a requirement that the accounts or group accounts, as the case may be, include a statement of sources and applications of funds prepared so as to comply with the approved accounting standard ASRB 1007: Financial Reporting of Sources and Applications of Funds. |
20. (1) Pursuant to section 83(1) of the Act but subject to this regulation, a credit union may insert in any accounts or report under the Act, in substitution for an amount that the credit union would otherwise be required or permitted to set out in the accounts or report, that amount to the nearest thousand dollars, or if the amount is $500 or less, zero.
(2) Where an amount is adjusted to the nearest thousand dollars, the fact that such an adjustment has been made must be clearly indicated on each page on which the adjusted amount appears.
(3) Where an amount is adjusted to zero, the original amount must be shown in full by way of a note to the accounts or report.
(4) Where an amount is adjusted in accordance with this regulation, any corresponding amount for a previous period that is recorded in the accounts or report must be similarly adjusted.
(5) Where an amount is adjusted in accordance with this regulation in a report under section 82(1) or (2) of the Act, the report must state that the credit union is a credit union to which this regulation applies and that the amount has been adjusted in accordance with this regulation.
(6) This regulation applies only in relation to—
a credit union with total assets in excess of $10 000 000; | |
or | |
a holding credit union where the total assets of the group for which it is the holding credit union are in excess of $10 000 000. |
21. For the purposes of section 94(1) of the Act, the following are prescribed statements to be made by the auditor in a report under that section:
a statement whether the accounts are, in the opinion of the auditor, properly prepared— | ||||
|
and
| ||
a statement of any defect or irregularity in the accounts and any matter not set out in the accounts without regard to which a true and fair view of the results for the period and state of affairs of the credit union as at that date would not be obtained; | ||
and | ||
if he or she is not satisfied as to any matter referred to in paragraph |
22. (1) For the purposes of section 110(2) of the Act, the prescribed percentage is—
in relation to a credit union with reserves less than 3 per cent of its total assets—2 per cent; | |
in relation to a credit union with reserves equal to or greater than 3 per cent but less that 3.5 per cent of its total assets—1.8 per cent; | |
in relation to a credit union with reserves equal to or greater than 3.5 per cent but less than 4 per cent of its total assets—1.6 per cent; | |
in relation to a credit union with reserves equal to or greater than 4 per cent but less than 4.5 per cent of its total assets—1.4 per cent; | |
in relation to a credit union with reserves equal to or greater than 4.5 per cent but less than 5 per cent of its total assets—1.2 per cent; | |
in relation to a credit union with reserves equal to or greater than 5 per cent of its total assets—1 per cent. |
(2) In this regulation—
"reserves" means the amount comprising reserves of the credit union pursuant to section 48
of the Act as at the preceding 30 June:
"total assets" means the amount recorded in the accounts of the credit union as the amount
of its total assets as at the preceding 30 June.
23. For the purposes of section 110(10) and 111(7) of the Act, the prescribed rate of interest is 20 per cent per annum.
24. (1) For the purposes of section 123(2) of the Act, the application of Part XII of the
notwithstanding the provisions of that Part, on the winding up of a credit union, no present or past member of the credit union will be liable to contribute to the property of the credit union by reason only of his or her membership of the credit union; | |
and | |
the persons on whose application under section 363 of the Code a credit union may be wound up under an order of the Court include any member of the credit union. |
(2) For the purposes of section 123(7) of the Act, a winding up on the certificate of the Commission must be carried by the Court, on application by the Commission and lodgement of a copy of the certificate, in accordance with the provisions of Part XII of the
25. For the purposes of section 127(2)
26. For the purposes of section 130 of the Act, notice of any change to the name under which the foreign credit union carries on business in the place of its origin must, if the change results in the issue of a new or amended certificate of incorporation or registration by the appropriate authority in the State or Territory of its origin, be accompanied by a copy of the new or amended certificate certified by that authority.
27. A credit union must, within seven days after the entering of any order made by the Court pursuant to the Act in relation to the credit union, lodge an office copy of the order with the Commission.
Penalty: Division 7 fine.
SCHEDULE 1
Forms
(Regulation 5)
Form 1: | Application for registration as a credit union. |
Form 2: | Declaration to accompany application for registration as a credit union. |
Form 3: | Certificate of incorporation of credit union. |
Form 4: | Application by credit union/association for registration of alteration of rules. |
Form 5: | Certificate of incorporation of credit union/association (following change of name). |
Form 6: | Notice of change of registered office. |
Form 7: | Application for registration of amalgamation of credit unions or associations. |
Form 8: | Certificate of incorporation on amalgamation—new local credit union/association. |
Form 9: | Certificate of amalgamation—new local credit union/association. |
Form 10: | Certificate of registration—new foreign credit union. |
Form 11: | Certificate of amalgamation—new foreign credit union. |
Form 12: | Certificate of amalgamation—local merger of credit unions/associations. |
Form 13: | Certificate of amalgamation—foreign merger. |
Form 14: | Report of a credit union to the Credit Union Deposit Insurance Board—prescribed loans made for the month of ........... |
Form 15: | Application for registration of an association. |
Form 16: | Certificate of incorporation of an association. |
Form 17: | Application for registration of special resolution. |
Form 18: | Application for consent to resignation as auditor. |
Form 19: | Notice of resignation, retirement, withdrawal or removal of auditor. |
Form 20: | Return of a credit union or association for financial year ended on ............ |
Form 21: | Application for registration of a foreign credit union. |
Form 22: | Certificate of registration of a foreign credit union. |
(Section 12)
Form 1
APPLICATION FOR REGISTRATION AS A CREDIT UNION
To the Corporate Affairs Commission
(To be completed and lodged in duplicate)
Application is made by the credit union formed at the meeting described below for registration as a credit
union under the | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
1. The meeting to form the credit union was held on the ............... day of ........................, 19.... and was attended by ........ persons.
2. Accompanying this application are—
a statutory declaration by the person presiding at the formation meeting and the secretary of that meeting in the form of Form 2; | |
a copy of the statement presented to the formation meeting, signed by the person presiding and the secretary of that meeting; | |
two copies of the proposed rules certified by the person presiding and the secretary to be the rules as approved at the formation meeting; | |
a list containing the full name, address, and occupation of each director; | |
a list containing the full name, address and occupation of each of 25 natural persons of full age and capacity who attended the formation meeting and applied for membership and shares; | |
written estimates of all income (including deposits and share capital) and expenditure (including loans and allocation of funds to reserves) over each of the first three years of operation of the credit union. |
3. The credit union was formed for the purpose of | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
(Concise summary of objects)
4. The person and the address to which communications relating to this application may be sent are—
(Name) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
(Address) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
Dated this. .. .. .. .. .. .. .. .. .. . day of. .. .. .. .. .. .. .. .. .. . 19 | .. .. .. .. .. .. .. .. .. . |
Signatures of all directors of applicant credit union: |
Director | .. .. .. .. .. .. .. .. .. .. .. .. . | Director | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
Director | .. .. .. .. .. .. .. .. .. .. .. .. . | Director | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
Director | .. .. .. .. .. .. .. .. .. .. .. .. . | Director | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
Director | .. .. .. .. .. .. .. .. .. .. .. .. . | Director | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
Director | .. .. .. .. .. .. .. .. .. .. .. .. . | Director | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
(Section 12)
Form 2
DECLARATION TO ACCOMPANY APPLICATION FOR
REGISTRATION AS A CREDIT UNION
Name of Applicant Credit Union | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
We,. .. .. .. .. .. .. .. .. .. of | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
and. .. .. .. .. .. .. .. .. .. of | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
(Full Name) | (Residential Address) |
being the person presiding and the secretary of the meeting held at ............................. on the ............ day of
....................., 19.... for the purpose of forming the abovementioned credit union do solemnly and sincerely
declare that—
there were presented to the meeting— | ||
|
and
| ||
there were 25 or more natural persons of full age and capacity qualified to be members of the credit union present at the meeting and they approved of the rules now being tendered for registration; | ||
and | ||
the requirements of Part III of the Act as to formation have been complied with. |
And we make this solemn declaration conscientiously believing the same to be true and by virtue of the provisions of the
.........................................................................
Signature of person presiding at meeting
...................................................................
Signature of secretary of the meeting
Declared before me at this. .. .. .. .. .. .. .. .. .. .. .. .. . day of. .. .. .. .. .. .. .. .. .. .,19 | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
.. .. .. .. .. .. .. .. .. .. . .
...............................................................
Justice of the Peace, Notary Public
or Commissioner for Affidavits
(Section 12)
Form 3
CERTIFICATE OF INCORPORATION OF CREDIT UNION
This is to certify that is this day incorporated as a credit union under the | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
Dated this ................................ day of ........................................................., 19 .............
........................................................
Corporate Affairs Commission
(Section 18)
Form 4
APPLICATION BY CREDIT UNION/ASSOCIATION FOR REGISTRATION
OF ALTERATION OF RULES
To the Corporate Affairs Commission
(To be completed and lodged in duplicate)
Name of Credit Union (or Association) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
1. Application is made by the abovementioned credit union (or association) for registration of—
alterations of rules of the credit union (or association) as specified below; | |
and | |
the special resolution passed by the credit union (or association) approving the alterations. |
2. Proposed alterations—
set out the special resolution approving the alterations proposed to be made to the rules— |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
set out the text of— | ||||||
|
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
state the reasons for and intended effect of proposed alterations— |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
3. Special resolution—
the special resolution referred to above was passed at a meeting of the credit union (or association) held on the .................................. day of ........................................., 19................ at | ||
| ||
the provisions of the Act and the rules of the credit union (or association) relating to the calling and conduct of meetings and the passing of special resolutions were duly complied with in relation to the passing of the special resolution. |
Dated this ....................................... day of ..................................................., 19...................
...........................................................
Signature of *Director/Secretary
* Delete as necessary
NOTE:
Section 18 of the
Credit Unions Act, 1989 , requires this application to be made not later than one month after the passing of the special resolution.
(Section 28(3))
Form 5
CERTIFICATE OF INCORPORATION OF CREDIT UNION/ASSOCIATION
(following change of name)
The credit union (or association) incorporated on the ................... day of ........................., 19...., under the name
of. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . has pursuant to a special resolution passed on the ........................ day of ............................., 19...., and
registered by the Commission changed its name to | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
his is to certify that. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
is incorporated as a credit union (or association) under the
Dated this .................................. day of ...................................................................., 19.......
........................................................
Corporate Affairs Commission
(Section 29(3))
Form 6
NOTICE OF CHANGE OF REGISTERED OFFICE
To the Corporate Affairs Commission
Name of Credit Union (or Association) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
Notice is given that it is proposed that the registered office of the credit union (or association) be changed
from. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
to. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . with effect from the. .. .. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. .. .. .. .. 19. .. .. .
Dated this. .. .. .. .. .. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. .. .. .. ., 19. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .
Signature of *Director/Secretary
*Delete as necessary
(Section 32)
Form 7
APPLICATION FOR REGISTRATION OF AMALGAMATION OF CREDIT
UNIONS OR ASSOCIATIONS
To the Corporate Affairs Commission
(To be completed and lodged in duplicate)
Name of Proposed Amalgamated Credit Union (or Association) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
Application is made by the undermentioned credit unions (or associations) for registration under the name stated above of a credit union/association to be formed by amalgamation of the applicants—
(i) .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
(ii) .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
(iii) .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .
(set out names of applicant credit unions/associations)
1. Attached are—
a certified copy of the special resolution passed by each of the applicant credit unions/associations approving of the terms of amalgamation; | |
two copies of the proposed rules or constitution of the amalgamated credit union/association signed by a director and secretary thereof; | |
the certificates of incorporation of the applicant credit unions/associations. |
2. Each local credit union/association concerned in the amalgamation has complied with the requirements of section 32(5), (6) and (7) of the
3. The registered office of the amalgamated credit union/association is to be at
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
Dated this. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. .. .. .. .. .. . ., 19. .. .. .
Signatures of a director and the secretary of each applicant:
Director | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
Credit Union/Association | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
Director | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
Credit Union/Association | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
Director | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
Credit Union/Association | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
NOTE: | If any of all of the certificates of incorporation cannot be produced, statutory declarations as to the loss must accompany this application. |
(Section 33(1)
Form 8
CERTIFICATE OF INCORPORATION ON AMALGAMATION—NEW LOCAL CREDIT
UNION/ASSOCIATION
This is to certify that | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
is this day incorporated as a credit union (or association) under the
Dated this. .. .. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. .. .. .. .. . ., 19. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .
Corporate Affairs Commission
(Section 33(1)
Form 9
CERTIFICATE OF AMALGAMATION—NEW LOCAL CREDIT UNION/ASSOCIATION
This is to certify that the credit union (or association) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
was formed by the amalgamation of | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
and. .. .. .. .. .. .. .. . on this day under the
Dated this. .. .. .. .. .. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. .. .. . ., 19. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. . Corporate Affairs Commission
(Section 33(2)
Form 10
CERTIFICATE OF REGISTRATION—NEW FOREIGN CREDIT UNION
This is to certify that | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
was this day registered as a foreign credit union under Part III of the
Dated this. .. .. .. .. .. .. .. .. . day of. .. .. .. .. .. .. .. . ., 19. .. .. .
.. .. .. .. .. .. .. .. .. .. .
Corporate Affairs Commission
(Section 33(2)
Form 11
CERTIFICATE OF AMALGAMATION—NEW FOREIGN CREDIT UNION
This is to certify that the foreign credit union | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
was formed by the amalgamation of | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
and. .. .. .. .. .. .. .. . on this day under Part III of the
Dated this. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. . ., 19. .. .. . .
.. .. .. .. .. .. .. .. .. . .
Corporate Affairs Commission
(Section 33(3)
Form 12
CERTIFICATE OF AMALGAMATION—LOCAL MERGER OF CREDIT UNIONS/ASSOCIATIONS
This is to certify that on this day | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
amalgamated with | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . | and as a result of |
the amalgamation | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. | dissolved and |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . continues to be registered as a credit union (or association)
under the
Dated this. .. .. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. .. .. ., 19 | .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. . . Corporate Affairs Commission |
(Section 33(4)
Form 13
CERTIFICATE OF AMALGAMATION—FOREIGN MERGER
This is to certify that on this day | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
amalgamated with. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . | and as a result of |
the amalgamation | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . | is dissolved and |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . | credit union under |
Part III of the |
Dated this. .. .. .. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. ., 19 | .. .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. .
Corporate Affairs Commission
(Section 45(5))
Form 14
REPORT | OF | A | CREDIT | UNION | TO | THE | CREDIT | UNION | DEPOSIT | INSURANCE |
BOARD—PRESCRIBED LOANS MADE FOR THE MONTH OF | .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
(Insert Month)
Member | Name of | Amount of | Total | Nature of | Period | Interest | Approving |
No. | Member | this | Indebtedness | Security | of Loan | Rate at | Officer |
Advance | of Member and | Taken | Inception | ||||
Associates |
NOTE: This report must be completed and lodged with the Credit Union Deposit Insurance Board within one month following the month to which the report relates. See section 45(6) for prescribed loans to be reported.
(Section 56(1))
Form 15
APPLICATION FOR REGISTRATION OF AN ASSOCIATION
To the Corporate Affairs Commission
(To be completed and lodged in duplicate)
Application is made by the credit unions whose common seals are affixed below for registration of an
association under the name | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
1. Accompanying this application are two copies of the rules proposed for the association signed on behalf of each applicant credit union by a director of the credit union.
2. The meeting to form the association was held on the ............. day of ........................., 19....., and was attended by ..... persons.
3. Not less than two representatives of each of the applicant credit unions were present at the formation meeting and approved of the rules now being tendered for registration.
4. The association is to be formed for the following purposes:
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
(Concise summary of objects).
5. The following persons were elected as directors of the association at the formation meeting:
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
(Set out the full name, address and occupation of each such person and the name of the credit union of which he or she is a member or officer.)
6. Set out details of the share capital proposed for the association and the numbers of shares applied for by each applicant credit union—
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
7. The person and the address to which communications relating to this application may be sent are—
(Name) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
(Address) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
Dated this. .. .. .. .. .. .. .. .. . day of. .. .. .. .. .. .. .. .. .. ., 19 | .. .. .. .. .. .. .. .. .. .. . |
Common seals of applicant credit unions: |
(Section 56(2))
Form 16
CERTIFICATE OF INCORPORATION OF AN ASSOCIATION
This is to certify that. .. .. .. .. .. .. .. .. is | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
this day incorporated as an association under the
Dated this. .. .. .. .. .. .. .. .. . day of. .. .. .. .. .. .. .. , 19 | .. .. .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. .. .. Corporate Affairs Commission
(Section 74(5))
Form 17
APPLICATION FOR REGISTRATION OF SPECIAL RESOLUTION
(other than a special resolution altering the rules of a credit union or association)
To the Corporate Affairs Commission
Name of Credit Union (or Association) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
1. Application is made by the abovementioned credit union (or association) for registration of a special
resolution as specified below.
2. Special Resolution—
set out the special resolution— | ||
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . | ||
State the reasons for and intended effect of the special resolution— | ||
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . | ||
The special resolution was passed at a meeting of the credit union (or association) held on the. .. . | ||
| ||
The provisions of the Act and the rules of the credit union (or association) relating to the calling and conduct of meetings and the passing of special resolutions were duly complied with in relation to the passing of the special resolution. |
Dated this. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. . ., 19 | .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. .. . .
Signature of *Director/Secretary
* Delete as necessary
NOTE: Section 18 of the
after the passing of the special resolution.
(Section 90(6))
FORM 18
APPLICATION FOR CONSENT TO RESIGNATION AS AUDITOR
To the Corporate Affairs Commission
1. I/We | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . | registered company |
(Full names of individual/firm)
auditor(s), at present being the auditor(s) of | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
whose registered office is situated at | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
apply to the Commission for consent to my/our resignation as auditor of the abovementioned credit union (or
association).
2. Have you commenced the current year’s audit? | YES/NO. (see Note (1)). |
If yes, to what extent have you completed the current year’s audit? Give details. (see Note (2)).
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
3. What are the full reasons for the application for consent to resign as auditor(s)?
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
4. Are you aware of anything amiss or changes in the affairs or accounts of the credit union (or
association) which you believe would cause you to comment adversely or qualify the accounts of the credit
union (or association) if you were to continue with the audit? | YES/NO (see Notes (1) and (3)). |
If yes, give details. (see Note (4)).
5. Are there any conflicts or disagreements between you and the credit union (or association) about the
scope of the audit or your audit role? | YES/NO (see Note (1)). |
If yes, give details. (see Note (5)).
6. Who does the credit union (or association) propose to nominate as auditor?:
Name: | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
Firm: | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
Address: | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
7. Do you have any professional objections to the proposed nomination? | YES/NO (see Note (1)). |
If yes, give details. (see Note (4)).
8. Have you discussed the nature, timing and extent of the audit procedures with the directors of the credit
union (or association) or the nominated auditor(s) as detailed in the ICA and ASA statement of auditing practice "Resignation Removal or Retirement of an Auditor" (AUP 23) for the current year. YES/NO (see Note (1)).
If no, give reasons. (see Note (4)).
9. Date from which I/we desire the resignation to take effect is | .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
(Note: This date cannot be a date prior to the date of the Commission’s consent (see Note (2)).
10. On. .. .. .. .. .. .. .. I/we advised the credit union (or association) of this application and notified the credit union (or association) that if it wished to make representations to the Commission it should do so within seven (7) days.
Dated this. .. .. .. .. .. .. .. .. .. . day of. .. .. .. .. .. .. . 19 | .. .. .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. . .
Signature of Auditor(s)
Registered office of auditor(s) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
EXPLANATORY NOTES
(1) Please cross out the inappropriate answer.
(2) Where the effective date of resignation fixed by the Commission pursuant to section 90(10) of the
(3) The qualifying or adverse comments include comments as to any matters or changes in accounting principles or practices affecting the financial statements, but not comments as to changes necessitated by recent legislation.
(4) The Commission expects an auditor to be completely candid in setting out the reasons in support of an application for consent to resign. As forwarding of a copy of this application to the credit union (or association) may prejudice privilege under section 90(8) of the
If you need to supply further information or details which the Commission should take into account, then you should provide full details under separate cover or arrange to discuss the issues in strict confidence with the Commission.
(5) The conflicts or disagreements that must be reported include conflicts or disagreements about matters of accounting principle or practice; any action on the part of the management of the credit union (or association) to suggest that you should resign or that you will be removed from office if the audit deals with certain matters or items otherwise than in accordance with the approach desired by the management; or any other matter of a similar nature affecting the independence of the audit or your audit role.
(Section 90(12))
FORM 19
NOTICE OF RESIGNATION, RETIREMENT, WITHDRAWAL OR REMOVAL OF AUDITOR
To the Corporate Affairs Commission
Re: | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
(Name of credit union or association)
Notice is given that—
*On the. .. .. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. .. , 19 | .. .. .. .. .. .. .. .. .. .. .. .. . |
notice was received of the resignation of | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
(Name of auditor or audit firm)
as auditor of this credit union/association. The Commission consented to the resignation on
the. .. .. .. .. .. .. .. .. .. . day of. .. .. .. .. .. .. .. .. ., 19 | .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
*On the. .. .. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. ., 19 | .. .. .. .. .. .. .. .. .. .. .. .. .. . |
notice was received of the *retirement/withdrawal of | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
(Name of auditor or audit firm)
as auditor of this credit union/association.
*On the. .. .. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. .. . ., 19 | .. .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
(Name of auditor or audit firm)
was removed as auditor of this credit union/association.
Dated this. .. .. .. .. .. .. .. .. .. . day of. .. .. .. .. .. .. .. .. . ., 19 | .. .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. . . Signature of *Director/Secretary | |
* Delete as necessary |
(Section 97(2))
FORM 20
RETURN OF A CREDIT UNION OR ASSOCIATION FOR FINANCIAL YEAR ENDED
ON | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
(Insert date)
(Section 97(2))
Please refer to the accompanying DIRECTIONS before completing this form.
1. CREDIT UNION (OR ASSOCIATION) FULL NAME: | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
2. ADDRESS OF REGISTERED OFFICE: | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
3. PRINCIPAL OFFICES: | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
List each State and Territory in which the credit union is registered or exempted to trade or carry on business: | |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . | |
State the address of the credit union’s principal office in each State and Territory in which the credit union has a place of business or carries on business: | |
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
4. DIRECTORS,PRINCIPALEXECUTIVEOFFICERANDSECRETARIES:
|
Address
5. NAME OF AUDITOR:
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
Address of principal place of practice:
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
6. ANNUAL GENERAL MEETING *Date held:
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
*If the credit union (or association) has been granted an extension of time to hold the annual general meeting,
set out the date to which the time has been extended:
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
7. *DATE OF ANNUAL GENERAL MEETING FOR PREVIOUS FINANCIAL YEAR:
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
* Where the annual general meeting for the financial year immediately preceding the financial year to which this annual return relates was not held before or on the date to which the last annual return was made up, state the date on which the meeting was held:
8. NUMBER OF SHARES ISSUED:. .. .. .. .. .. .. .. .. . .
NOMINAL VALUE OF EACH SHARE: $. .. .. .. .. .. .. .. .. .
PAID UP CAPITAL: $. .. .. .. .. .. .. .. .. .. .. .. .. .. .
9. BUSINESS NAMES under which the credit union (or association) carries on business:
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
STATES OR TERRITORIES in which each of those names is registered:
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
10. KEY FINANCIAL DATA:
as at the end of the financial year: |
current assets | $ | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
current liabilities | $ | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
section 48 reserves | $ | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
other assets | $ | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
other liabilities | $ | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
for the financial year: operating profit and extraordinary items after income tax: $ | .. .. .. .. . |
11. AUDITOR’S REPORT:
Did the report of the auditors of the credit union (or association) for the financial year include a statement of reasons for the auditor not being satisfied as to any matter referred to in section 93(3) or a statement of particulars of any deficiency, failure or shortcoming in respect of any matter referred to in section 93(4)?
*YES *NO
12. DECLARATION:
I certify that, to the best of my knowledge and belief—
the information contained in this return is correct at the date of signing; |
* | the key financial data in Item 10 has been accurately extracted from accounting records kept in accordance with subsection 80(1); |
this declaration is made pursuant to a resolution of the board of directors of the credit union (or association) which adopted the contents of this annual return. |
Dated this. .. .. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. .. . ., 19 | . | ..................... |
.. .. .. .. .. .. .. .. .. .. . .
Signature of *Director/Secretary
*Delete as necessary
DIRECTIONS FOR COMPLETING FORM
DUE DATE FOR LODGING RETURN
1. Under section 97 an annual return must be lodged not later than 6 months after the end of the credit union’s
or association’s financial year.
DATE OF PARTICULARS PROVIDED
2. The particulars provided in the RETURN should be correct as at the date of signing the RETURN except for
Item 10 which—
in the case of "operating profit and extraordinary items after income tax"—should be the amount for the whole financial year; | |
and | |
in the case of the other items—should be the amounts as at the end of the financial year to which the return relates. |
DIRECTIONS FOR COMPLETING PARTICULAR ITEMS OF RETURN
3. Complete any uncompleted sections of the return to the extent applicable to the credit union or association.
Items not applicable may be marked "N/A".
OFFICERS
4. "Director" includes any person occupying, or acting in, the position of director, and any person in
accordance with whose directions or instructions the directors are accustomed to act.
AUDITOR
5. Insert the full name of the firm(s) or individual(s) holding office as auditor(s) at the date on which the
annual return is signed.
KEY FINANCIAL DATA
6. State the amount of the operating profit and extraordinary items after adding, or deducting, extraordinary
items and after deducting income tax. State losses in brackets.
7. Where the credit union or association acts as a trustee, state separately the liabilities incurred as a trustee and the amount by which the credit union or association has the right to be indemnified out of trust assets in respect of those liabilities.
DOCUMENTS TO ACCOMPANY THE ANNUAL RETURN ACCOUNTS
8. Annex a copy, certified in the manner set out below, of all accounts and group accounts (if any) required to be laid before the credit union (or association) at the annual general meeting, together with a copy of every document required by section 85 to be laid before the annual general meeting together with such other documents as are required by section 97.
CERTIFICATION
9. Certify all documents required to be attached to the annual return as follows:
"I certify that these documents constitute true copies of all accounts and group accounts (if any) required to be laid before the credit union (or association) at the annual general meeting, together with every other document a copy of which is required by section 85 to be laid before the annual general meeting together with such other documents as are required by section 97.
Dated this. .. .. .. .. .. .. .. .. .. .. .. .. . day of. .. .. .. .. .. .. .. .. . ., 19 | .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. .. . .
Signature of *Director/Secretary
* Delete as necessary
(Section 127(1))
FORM 21
APPLICATION FOR REGISTRATION OF A FOREIGN CREDIT UNION
To the Corporate Affairs Commission
(To be completed and lodged in duplicate)
Application is made by | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
(Insert name of foreign credit union)
for registration as a foreign credit union under the name
.. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .
1. Accompanying this application are—
|
(i) the full name, address and occupation of each director of the credit union;
(ii) the full name and address of each person who will act as an agent of the credit union in this State;
(iii) the address of the proposed registered office of the credit union in this State;
and | |
(iv) | a copy of an instrument appointing a person resident in this State (not being a body corporate incorporated outside this State) as a person on whom all notices or legal process may be served on behalf of the credit union. |
2. The person to whom and the address to which communications relating to this application may be sent
are—
(Name) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
(Address) | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . |
Dated this. .. .. .. .. .. .. .. .. .. .. . day of. .. .. .. .. .. .. .. .. .. , 19 | . | .................... |
.. .. .. .. .. .. .. .. .. .. .
Signature of Director/Secretary
* Delete as necessary
(Section 127(3))
FORM 22
CERTIFICATE OF REGISTRATION OF FOREIGN CREDIT UNION
This is to certify that | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . . |
is this day registered as a foreign credit union under Part IX of the Credit Unions Act, 1989.
Dated this. .. .. .. .. .. .. .. .. .. .. .. day of. .. .. .. .. .. .. .. ., 19 | .. .. .. .. .. .. .. .. .. .. .. . |
.. .. .. .. .. .. .. .. .. .. .
Corporate Affairs Commission
SCHEDULE 2
FEES
Item | Matter | Amount $ |
PART A
To be paid to the Commission—
1. For inspection under section 6(2) of the Act of documents lodged by or in relation to a registered credit union, registered foreign credit union or registered association (other than an inspection by or on behalf of the Australian Broadcasting Corporation, the Australian Bureau of Statistics, the holder of a licence for a commercial broadcasting or television station, or the proprietor or publisher of a newspaper generally available to the
|
2. For the supply of an uncertified copy or extract of a document lodged by
or on behalf of a registered credit union, registered foreign credit union
|
3. For the supply of a certified copy of, or the supply of a certified copy of an extract from, a document held by the Commission in relation to a registered credit union, registered foreign credit union or registered association—
for one page | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. | 5.00 |
for each additional page | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. . .50 |
4. On lodging an application to the Commission (not being an application for which a fee is specified elsewhere in this schedule) to exercise any of the powers conferred on the Commission by the Act, or by those provisions of the
Companies (South Australia) Code applied by the Act to a registered credit
| |||
5. |
|
6. On lodging an application to register an alteration to rules under section 18
| |||
7. |
|
8. On lodgment of documents by or on behalf of a registered credit union or registered association under provisions of the
Companies (South Australia) Code relating to the registration of charges (Division 9 of Part IV) applied by the Act—
|
to a registered charge. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. | 53.00 |
on lodging a notice of assignment or variation of registered charge. .. .. .. .. .. .. .. .. | 26.00 | |
on lodging a notice of satisfaction of, or release of property from, a |
registered charge | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. | 26.00 |
9. | On lodging an application for registration under section 56 of the Act. .. .. .. .. .. .. .. .. .. | 26.00 |
10. | On lodging an application for registration under section 74 of the Act. .. .. .. .. .. .. .. .. .. | 26.00 |
11. | On lodging a return of members of a firm of auditors under section 87 of the Act. .. .. .. .. . | 13.00 |
12. | On lodging a notice of resignation, retirement or withdrawal, or removal of an | |
auditor under section 90 of the Act. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. | 13.00 | |
13. | On lodging a return under section 97(2) of the Act. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. | 100.00 |
14. | On lodging an application for registration under section 127 of the Act. .. .. .. .. .. .. .. .. | 100.00 |
15. | On lodging a copy of a disclosure statement under regulation 11(2) | .. .. .. .. .. .. .. .. .. 1 000.00 |
16. In respect of a registered credit union or registered association which has been dissolved—
|
by section 123 of the Act | .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. | 39.00 |
for an act done by the Commission under section 460 or 462 of the | ||
|
17. On lodging an application to the Minister to exercise any power conferred on the
|
18. On the late lodgment of a document (in addition to any lodgment fee provided by any other item for the lodging of the document)—
|
19. For the production by the Commission, pursuant to a subpoena, of a document held by
it in relation to a registered credit union, registered foreign credit union or
| |||
|
20. For any act that the Commission is required or authorized to do on the request of a
|
21. For a certificate issued by the Commission other than a certificate issued under
|
PART B
To be paid to a credit union or association—
1. For the supply of a copy of the rules of a credit union or association under section 17
of the Act, such sum as may be provided for by the rules of the credit union or
|
PART C
To be paid to the Credit Union Deposit Insurance Board—
1. On the late lodgment of a return or report or information required to be furnished to the Credit Union Deposit Insurance Board—
| ||||||
|
SCHEDULE 3
(Section 39 and Regulation 11)
Information to be contained in a disclosure statement:
(1) the date of execution of the statement;
(2) the date of, and parties to, the deed or instrument (if any) relating to the securities, together with the date of, and parties to, any deed or instrument by which any of the provisions of the original deed or instrument have been amended or abrogated;
(3) the name of the trustee or representative (if any) under the deed or instrument, and the address of the trustee’s or representative’s registered office or principal place of business, or, in the case of a natural person, business address;
(4) a summary of the provisions of the deed or instrument relating the retirement, removal and replacement of any such trustee or representative;
(5) the name of the management company (where not the credit union) or the body corporate that is to issue the securities, and the address of its registered office or principal place of business, and if applicable, the address of its principal office in each State and Territory;
(6) the names, descriptions and addresses of all the directors or members of the governing body of the management company (where not the credit union) or the body corporate that is to issue the securities;
(7) a summary of the provisions of the deed or instrument regulating the retirement, removal or replacement of any such management company;
(8) the name and address of the auditor of the accounts relating to securities under the deed or instrument, or of the auditor of the accounts relating to the body corporate that is to issue the securities;
(9) a summary of the provisions of the deed or instrument, or the powers of the body corporate that is to issue the securities, relating to the appointment, retirement, removal or replacement of the auditor;
(10) the duration of the scheme to which the securities relate or, if the duration is not ascertainable, that
fact;
(11) full particulars with respect to the termination or winding up of the scheme, or of any part of the
scheme;
(12) such particulars as are sufficient to disclose the true nature of the scheme in respect of which the securities are to be issued or offered to members of the credit union for subscription or purchase and any property to which the securities relate;
(13) the nature of the securities to be issued or offered and the rights in relation to the scheme to which the securities relate of the members of the credit union who become the holders of the securities;
(14) the address where the register of holders of the securities (if any) is or will be kept and the days on which and the hours during which the register is or will be accessible to the holders of the securities;
(15) the price and method of calculation of the price at which the management company may sell or the credit union may offer or sell the securities to members of the credit union;
(16) full particulars of the functions of the trustee or representative (if any) appointed by the deed or instrument relating to the securities including precise information as to the duties and obligations of the trustee or representative towards holders of the securities and other persons;
(17) the name and address of each person or corporation with which a holder of a security is required, obliged or entitled, in connection with the scheme, or any part of the scheme, to enter into any contract whether by way of lease or otherwise, together with the names, descriptions, and residential addresses of the directors of each such corporation;
(18) where any real or personal property to which the securities relate is or will become vested in the trustee or representative (if any), the nature and description of the property and the conditions or circumstances under which it is or will become so vested;
(19) where the scheme relates to rights or interests in or arising out of an investment relating to property that ordinarily depreciates in value through use of effluxion of time, full and true particulars of the provision made for the replacement of the property and the source or sources from which that replacement is to be made or from which the cost of that replacement is to be met;
(20) where—
property purchased or taken on lease, or proposed to be purchased or taken on lease, in relation to the scheme to which the deed or instrument relates is to be paid for wholly or partly out of proceeds of the issue of the securities offered by the statement for subscription or purchase; | |
or | |
the purchase or leasing of property proposed to be purchased or taken on lease in relation to the scheme to which the deed or instrument relates has not been completed at the date of the issue of the statement, |
the following information:
the name and address of each vendor or lessor; | |
a full and true description of the property; | |
the amount of cash or other consideration paid or payable to each vendor or lessor; | |
and | |
short particulars of any transaction relating to the property, in which any vendor or lessor of the property or any person who is, at the time of the transaction, a promoter or director of the management company or the body corporate which issues the securities, or a member of its governing body, as the case may be, had any interest direct or indirect, including particulars sufficient to disclose the true nature and extent of any interest of such a promoter, director or member in the property, in the business of any such vendor or lessor, or in such a transaction; |
(21) the amount, if any, paid within the two years preceding the date of execution of the statement, or payable, as commission (but not including commission to sub-underwriters), for subscribing or agreeing to subscribe, or procuring or agreeing to procure subscriptions, for the securities, or the rate of any such commission, and the names of any promoters or directors of the management company, or other body corporate issuing the securities, or members of its governing body as the case may be, who are entitled to receive any such commission and the amount or rate of that commission;
(22) the amount or estimated amount of—
the expenses of setting up the scheme; | |
and | |
the expenses of issuing the securities, |
and the names of the persons by whom any of those expenses have been paid or are payable;
those particulars must include, in relation to that amount—
the portion of that amount that is attributable to that subsidiary or to each subsidiary, as the case may be; | |
and | |
the portion of that amount that is attributable to other persons. |
8. (1) Subject to this clause, the format for a balance sheet must be as in the following table:
CURRENT ASSETS
Cash
Receivables
Investments
Inventories
Other
TOTAL CURRENT ASSETS
LOANS TO MEMBERS
NON-CURRENT ASSETS
Receivables
Statutory deposit with Credit Union Deposit Insurance Fund
Investments
Inventories
Property, plant and equipment
Intangibles
Other
TOTAL NON-CURRENT ASSETS
TOTAL ASSETS
CURRENT LIABILITIES
Creditors and borrowings
Provisions
Other
TOTAL CURRENT LIABILITIES
MEMBERS DEPOSITS
NON-CURRENT LIABILITIES
Creditors and borrowings
Provisions
Other
TOTAL NON-CURRENT LIABILITIES
TOTAL LIABILITIES
NET ASSETS
SHARE CAPITAL AND RESERVES
Withdrawable Share Capital
Non-withdrawable Share Capital
Statutory Reserve Account
Asset Revaluation Reserve
Realized Capital Reserve
Other Reserve
Retained Profits or Accumulated Losses
TOTAL SHARE CAPITAL AND RESERVES
(2) The headings set out in the table in subclause (1), to the extent that they are relevant, must be specified in a balance sheet.
(3) Such of the words set out in the table in subclause (1) as are relevant and do not comprise a heading must be specified in a balance sheet with the aggregate amount to which those words refer as a subheading or part of a subheading.
(4) Each amount specified in a balance sheet forming part of the accounts as the amount of assets of the credit union as at the end of a financial period must be the aggregate of the amounts in respect of which those assets are recorded in the books of the credit union at the end of that period less the aggregate provided for in respect of those assets by way of depreciation, amortization, diminution in value or doubtful debts in those books as at the end of that period.
(5) The headings and subheadings in a balance sheet must be specified in the same sequence as the headings and words, or groups of words, are set out in the table in subclause (1).
(6) For the purposes of this clause, each of the following groups of words set out in the table in subclause (1) is a heading:
Current Assets
Loans to Members
Non-current Assets
Current Liabilities
Members Deposits
Non-current Liabilities
Share Capital and Reserves
9. (1) In relation to the headings referred to in the balance sheet there must be shown separately the amounts and particulars of any other matters necessary to present a true and fair view of the state of affairs of the credit union.
(2) In relation to each subheading in a balance sheet forming part of the accounts, the accounts must include a note of each of the classes included in determining the aggregate amount specified in that subheading.
(3) The accounts must include a note of—
each of the following classes relating to receivables as current assets: | ||||||||||||||||||||
| ||||||||||||||||||||
each of the following classes relating to investments as current assets: | ||||||||||||||||||||
| ||||||||||||||||||||
each of the following classes relating to loans to members: | ||||||||||||||||||||
| ||||||||||||||||||||
segregation of loans to members into each of the following classes: | ||||||||||||||||||||
| ||||||||||||||||||||
each of the following classes relating to receivables as non-current assets: | ||||||||||||||||||||
| ||||||||||||||||||||
each of the following classes relating to investments as non-current assets: | ||||||||||||||||||||
| ||||||||||||||||||||
each of the following classes relating to property, plant and equipment as non-current assets: | ||||||||||||||||||||
| ||||||||||||||||||||
each of the following classes relating to creditors and borrowings as current liabilities: | ||||||||||||||||||||
|
(i) each of the following classes relating to provisions as current liabilities:
| ||||||||||||||
segregation of members’ deposits into each of the following classes: | ||||||||||||||
| ||||||||||||||
each of the following classes relating to creditors and borrowings as non-current liabilities: | ||||||||||||||
| ||||||||||||||
the following class relating to provisions as non-current liabilities, namely, employee entitlements. |
(4) A note referred to in subclause (3) must specify particulars and the aggregate amount of each class
to which it relates.
10. Where at the end of a financial period a provision for depreciation, amortization, diminution in value or doubtful debts exists in the books of a credit union in relation to a class of assets of the credit union and that class is required to be included in a note referred to in clause 9(3), the particulars of that class required for the purposes of clause 9(4) include—
the aggregate amount of that provision; | |
and | |
the amount representing the residue remaining after deducting from the aggregate amount referred to in clause 9(4) the aggregate amount referred to in paragraph |
11. The accounts in respect of a financial period must include a note of material transfers during that period to and from any reserves specified as a subheading in the balance sheet.
12. (1) Where a class of assets of a credit union comprising non-current assets, inventories or investments (other than investments listed on a stock exchange specified in regulation 16 of the
a summary description of— | ||
|
(A) | the year of their valuation; |
(B) | the basis of the valuation; |
(C) | whether the valuation was a director’s valuation or an independent valuation; |
and | |
(D) | where that balance sheet is the first balance sheet in which reference is made to a valuation as referred to in subsubparagraph (C)—the name of the person who made that valuation; |
and
(ii) the remainder of the class;
and
the aggregate amount of the designated part and of the remainder of the class, |
and where the aggregate amount of a provision relating to those assets and the aggregate amount of the residue are required to be included in that note by virtue of clause 10, each of those amounts must be apportioned so as to indicate the amount that is attributable to the designated part and the amount that is attributable to the remainder of the class.
(2) Where a class comprising liabilities is required to be included in a note referred to in clause 9 and part of that class comprises liabilities secured by a charge, the particulars of that class required for the purposes of clause 9 include—
a summary of the nature of the security; | |
and | |
the aggregate amount of the liabilities so secured. |
(3) Where a class of assets comprising investments is required to be included in a note referred to in clause 9 and part of that class comprises investments listed on a stock exchange specified in regulation 16 of the
a summary description of the investments so listed; | |
and | |
the market value of the investments so listed calculated on the official quotation on the stock market of that exchange. |
(4) Where—
a class comprising bills of exchange receivable by a credit union is required to be included in a note referred to in clause 9 and part of that class comprises bills accepted or endorsed by a bank; | |
a class comprising interest paid or payable by a credit union is required to be included in a note referred to in clause 9 and part of that class comprises interest capitalized; | |
a class comprising a provision for income tax is required to be included in a note referred to in clause 9 and part of that class comprises a provision for future liability; | |
or | |
a class comprising assets is required to be included in a note referred to in clause 9 and part of that class comprises capitalized lease assets, |
the particulars of that class required for the purposes of clause 9 include—
a summary description of that part; | |
and | |
the aggregate amount of that part. |
13. (1) Where—
at the end of a financial period, a credit union holds shares in corporations or options in respect of shares in corporations; | |
and | |
in relation to the balance sheet forming part of the accounts of the credit union as at the end of that period, a note is required to include particulars and amounts relating to those shares and options for the purposes of clause 9, |
those particulars and amounts must include particulars indicating the extent to which those shares or options
are held—
in subsidiaries; | |
or | |
in other corporations. |
(2) Subject to subclause (3), where at the end of a financial period there remains in existence a loan made, guaranteed or secured by a credit union, by a credit union and its subsidiaries (if any) or by any one or more of such subsidiaries to—
a director of the credit union, a spouse of such a director, or a relative of such a director or spouse; | |
a director of such a subsidiary, a spouse of such a director or a relative of such a director or spouse; | |
a trustee of a trust under which a person referred to in paragraph | |
or | |
a corporation, where a person referred to in paragraph |
the accounts of that credit union in respect of that period must include a note specifying the total amount of
that loan or of all such loans.
(3) For the purposes of subclause (2)
the credit union has a relevant interest or relevant interests in shares in the corporation; | |
and | |
the person or persons has or have a relevant interest or relevant interests in shares in the credit union. |
14. (1) Where land is held for sale or resale by a credit union, the accounts must include a note of—
the aggregate cost of acquiring that land; | |
the aggregate amount of any expenses involved in developing that land (including the cost of any surveys, roads, or drainage or any other development expense relating to that land) that have been capitalized; | |
and | |
the aggregate amount of any rates, taxes, interest or other amounts relating to that land that have been capitalized. |
(2) In subclause (1), "land" includes an interest in land.
15. Where a balance sheet forming part of the accounts specifies a class of receivables, no part of those receivables that comprises unearned revenue may be included in an estimate of the gross amount of those receivables unless the amount of that unearned revenue is shown as a deduction from that estimated amount.
16. Where the valuation at which an asset included in a class specified in a balance sheet forming part of the accounts as at the end of a financial period is supported by the existence of a guarantee, warranty or indemnity and there is a material difference between—
the estimated realizable value of the asset as at the end of that period; | |
and | |
the amount at which the asset is shown in the books of the credit union, at that time, |
those accounts must include a note of—
the nature of the asset; | |
the amount at which the asset is so shown in the books; | |
the estimated realizable value of the asset if its value were not supported by the existence of a guarantee, warranty or indemnity; | |
the terms of the guarantee, warranty or indemnity; | |
and | |
the identity of the other party or parties to the guarantee, warranty or indemnity. |
17. (1) For the purpose of this clause—
capital expenditure contracted for; | |
lease and hire expenditure contracted for; | |
and | |
each type of commitment for expenditure, according to its subject matter, other than commitments referred to in paragraph |
each comprise separate types of commitments for expenditure.
(2) Where a balance sheet forming part of the accounts as at the end of a financial period does not include commitments for expenditure and a type of commitment for expenditure that existed at the end of that period was material, those accounts must include a note specifying separately the aggregate amount of that type of commitment for expenditure that is payable—
not later than one year; | |
later than one year but not later than two years; | |
later than two years but not later than five years; | |
and | |
later than five years, |
after the end of that financial period.
18. (1) The accounts as at the end of a financial period must include a note specifying, so far as practicable, the total amount, or an estimate of the total amount, of any contingent liabilities of the credit union as at the end of that period where that amount is material.
(2) A note specifying an amount of contingent liabilities in accordance with subclause (1) must indicate how much of that amount arises in respect of each of the following and must give particulars of those liabilities in respect of each of the following:
the credit union; | |
subsidiaries (if any); | |
corporations (if any) the management or operating policies of which can be significantly influenced by the credit union or by a subsidiary; | |
business undertakings (if any) the management or operating policies of which can be significantly influenced by the credit union or by a subsidiary or in which the right or interest of the credit union or a subsidiary is material; | |
and | |
other persons. |
(3) The amount and particulars in respect of a category of liabilities referred to in subclause (2) may be expressed in aggregate terms, but where the contingent liabilities in a category differ substantially in nature, the information specified in respect of that category must be sufficient to enable the amount and nature of those liabilities to be distinguished.
19. (1) In this clause, "income", in relation to a director of a credit union, means all his or her
remuneration—
in connection with the management of the affairs of the credit union, or any subsidiary, whether as a director or otherwise; | ||
by way of brokerage or commission in consideration of— | ||
|
or
| ||
by way of bonuses, commissions or salaries, |
but does not include any amount to which clause 20 applies.
(2) The accounts in respect of a financial period of a credit union must include in a note—
the aggregate of the income received, or due and receivable, in respect of that financial period, by all directors of the credit union, directly or indirectly, from the credit union or from any subsidiary; | |
and | |
in respect of the band of income below $10 000 income and in respect of each successive $10 000 band, the number of directors of the credit union whose total income received, or due and receivable, in respect of that financial period, directly or indirectly, from the credit union or from any subsidiary falls within that band. |
20. (1) Subject to subclause (2), where during a financial period a credit union or an associate gave a prescribed benefit to a person, or to a prescribed superannuation fund, in connection with the retirement of a person from a prescribed office in relation to the credit union, the accounts of the credit union must include a note specifying particulars and the amount of that payment.
(2) The particulars referred to in subclause (1) relating to the accounts may be specified in summary form in those accounts where the directors, having regard to the number of persons to whom those particulars would relate and the nature of those particulars, state in those accounts that the provision of full particulars would be unreasonable.
(3) Unless the contrary intention appears in this clause, an expression used in this clause has the same meaning as in section 233 of the
21. (1) In this clause—
"remuneration" has the meaning assigned to the term by clause 1 but does not include any amount to
which clause 20 applies.
(2) The accounts of a credit union in respect of a financial period must include in a note the aggregate remuneration of the five most highly remunerated executive officers of the credit union.
22. (1) The accounts in respect of a financial period must include in a note—
the aggregate of the remuneration received, or due and receivable, in respect of that financial period, by the auditor of the credit union, directly or indirectly, from the credit union, or any subsidiary, in connection with auditing the accounts of the credit union; | |
and | |
the aggregate of the remuneration received, or due and receivable, in respect of that financial period, by the auditor of the credit union, directly or indirectly, from the credit union, or any subsidiary, in connection with any other services provided by that auditor to the credit union. |
(2) In this clause, "auditor", in relation to a credit union, means—
a person who has or shares; | |
or | |
a member of a firm which has or shares, |
the duty of making to the members of that credit union the report or reports required by section 93(1) of the
Act on the accounts of that credit union.
PART III—ADDITIONAL REQUIREMENTS IN RELATION
TO GROUP ACCOUNTS
23. Where a holding credit union is required to prepare group accounts, those group accounts—
must be prepared as a set of consolidated accounts for the group in relation to which that credit union is the holding credit union; | ||||||||
and | ||||||||
subject to paragraph | ||||||||
|
and
|
24. (1) Where during a financial period a subsidiary has been acquired by a credit union or by a corporation in a group of which the credit union is the holding credit union, the group accounts of that credit union or that relate to that group, as the case may be, in respect of that period must include a note specifying in relation to each subsidiary so acquired—
its name; | |
the proportion of shares acquired in the subsidiary; | |
the consideration for those shares; | |
and | |
the fair value of its net tangible assets at the time of that acquisition. |
(2) Where during a financial period a subsidiary has been disposed of by a credit union or by a corporation in a group of which the credit union is the holding credit union, the group accounts of that credit union or that relate to that group, as the case may be, in respect of that period must include a note specifying in relation to each subsidiary so disposed of—
its name; | |
the operating profit or loss and extraordinary items attributable to members of the holding credit union arising on disposal of that subsidiary; | |
the fair value of its net tangible assets at the time of that disposal; | |
and | |
the remaining interest (if any) held in it by a body corporate or bodies corporate in that group. |
Legislative History
Schedule 2: | substituted by 151, 1991, reg. 3 |
Divisional Penalties
At the date of publication of this reprint divisional penalties are, as provided by section 28a of the
Division | Maximum | Maximum |
imprisonment | fine |
1 | 15 years | $60 000 |
2 | 10 years | $40 000 |
3 | 7 years | $30 000 |
4 | 4 years | $15 000 |
5 | 2 years | $8 000 |
6 | 1 year | $4 000 |
7 | 6 months | $2 000 |
8 | 3 months | $1 000 |
9 | - | $500 |
10 | - | $200 |
11 | - | $100 |
12 | - | $50 |
0
0
0