Friendly Societies Act 1912 Regulation relating to investment of funds by friendly societies (1990-137) [GG No 35 of 9.3.1990] (NSW)

1990 - NO. 137

FRIENDLY SOCIETIES ACT 1912 - REGULATION

(Relating to investment of funds by friendly societies)

NEW SOUTH WALES

[Published in Gazette No. 35 of 9 March 1990]

HIS Excellency the Governor, with the advice of the Executive Council, and in pursuance of the Friendly Societies Act 1912, has been pleased to make the Regulation set forth hereunder.

G. B. PEACOCKE

Minister for Business and Consumer Affairs.

The Friendly Societies Regulations 1935 are amended by omitting

Regulation 29 and by inserting instead the following Regulation:

Prescribed banks for investment purposes

29. For the purposes of section 39 (1) (a) of the Act, a bank authorised to carry on the business of banking under any law of the Commonwealth or of a State or Territory of the Commonwealth is a prescribed bank.

EXPLANATORY NOTE

Section 39 (1) (a) of the Friendly Societies Act 1912 authorises a friendly society

to invest its funds by way of deposit in a prescribed bank.

The object of this Regulation is to prescribe banks for the purposes of that section.