Permanent Building Societies (Amendment) Act 1972 (NSW)

PERMANENT BUILDING SOCIETIES

(AMENDMENT) ACT.

jgeto ^out{) OTaleg

ANNO VICESIMO PRIMO

ELIZABETHiE II REGINiE

^ s l ! * * * H : * * * * * * * * * * * * * * * H = * * * * * * H : * * s N *

Act No. 8, 1972.

An Act to make further provisions with respect to the registration and management of permanent building societies; to restrain certain persons from acting as directors of a permanent building society; for these and other purposes to amend the Permanent Building Societies Act, 1967; and for purposes connected therewith. [Assented to, 16th March, 1972.]

BE

Permanent Building Societies {Amendment). '

T IE it enacted by the Queen’s Most Excellent Majesty, by No. 8, 1972 follows: —

-L ' and with the advice and consent of the Legislative

Council and Legislative Assembly of New South Wales in

1.         This Act may be cited as the “Permanent Building Short title.

Societies (Amendment) Act, 1972”.

2. The Permanent Building Societies Act, 1967, is Amendment

amended—

(a)

of section thirty the words “, as defined in section (Societies

sixty-three of this Act, equal to seven and one-half

per centum” and by inserting in lieu thereof the Co-operation

by omitting from paragraph (c) of subsection four Sec. 30. per centum, or, where some other proportion is prescribed for the purposes of section sixty-three of this Act, that proportion,” ;

(b) by inserting in paragraph (a) of subsection three of Sec. 4i. section forty-one after the word “society” where (Supple- secondly occurring the words “have not been sought “ roWslons as

or, having been sought,” ; to amalgam­

ation or

transfer of

engage­

ments.)

(c) by omitting subsection two of section sixty-three Sec. 63. and by inserting in lieu thereof the following (Liquidity.) subsection :—

(2) In this Act, a reference to liquid funds held

by a society at a particular time is a reference to the total amount of funds held by the society at that time—

(a) as cash at the bank (after allowing for cheques or other bills of exchange drawn but not presented for payment) or in hand;

(b)

' Permanent Building Societies (Amendment).

No. 8, 1972	(b)	as investments made in the manner autho­ rised by paragraph (a) of subsection one of section twenty-one of this Act, as qualified by subsection two of that section; and
(c)	as moneys deposited in the manner autho­ rised by paragraph (b) of subsection one of section twenty-one of this Act.

New sec. (d) by inserting next after section sixty-eight the

68a. following new section : —

Leave of	6 8 a . (1) A person who, being an undischarged
Court

required	bankrupt, acts as a director of, or directly or
before	indirectly takes part in or is concerned in the
certain per­
sons may act	management of, a society except with the leave of
as directors	the Supreme Court shall be guilty of an offence
of society.	against this Act and Uable on summary conviction to a penalty not exceeding one thousand dollars or to imprisonment for a period not exceeding six months or to both such penalty and imprisonment.
(2) Where a person is convicted whether within or without the State—

(a)	on indictment of any offence in connection with the promotion, formation or manage­ ment of a society, company or other corporation;
(b)	of any offence involving fraud or dishonesty punishable on conviction with imprisonment for three months or more;
(c)	of any offence and sentenced to any period of imprisonment without the option of a fine; or

Cd)

Permanent Building Societies (Amendment).

(d)

of any offence referred to in paragraph (c) No. 8, 1972 and twenty-two of the Companies Act, 1961,

and that person, within a period of five years after his conviction, or if he is sentenced to imprison­ ment, after his release from prison, without the leave of the Supreme Court is a director of or is in any way whether directly or indirectly concerned or takes part in the management of a society he shall be guilty of an offence against this Act and liable on summary conviction to a penalty not exceeding four hundred dollars or to imprisonment for a period not exceeding six months or to both such penalty and imprisonment.

(3) A person intending to apply for leave of the Supreme Court under this section shall give to the Minister not less than ten days’ notice of his intention so to apply.

(4) On the hearing of any application under this section the Minister may be represented at the hearing of and may oppose the granting of the application.

(e) by omitting subsection five of section seventy-eight Sec. 78.

and by inserting in lieu thereof the following (Registers

and

subsections :—	accounts.)
(5) Except as provided in this section, no notice of any trust express, implied or constructive shall be entered in any register or account kept by a society or be received by a society or the registrar.
(6) Where the rules of a society so provide, an entry in a register or account kept by the society in respect of any shares in the society or moneys deposited with the society may, in the circum­ stances and in the manner authorised by the rules.

Permanent Building Societies {Amendment).

No. 8, 1972 be made so as to indicate that the shares or the moneys are held by or vested in a person upon trust.

(7) No liabilities shall be affected by anything

done in pursuance of subsection six of this section and the society concerned shall not be affected with notice of any trust by anything so done.

Further 3. The Permanent Building Societies Act, 1967, is

of Act No.	further amended
18, 1967.

Sec. 20. (a) by omitting from section twenty the words “provi­

(Borrowing

sions to the Registrar” wherever occurring and by

powers.)

inserting in lieu thereof the words “provisions to

the Corporate Affairs Commission” ;

Sec. 35.	(b) by omitting from subsection three of section thirty-
(Use of

words	five the words “Registrar of Companies” and by
“permanent	inserting in lieu thereof the words “Corporate
building
society”.)	Affairs Commission” ;

Sec. 42.	(c) (i) by omitting from paragraph (b) of subsection
tion of

(Registra­	seven of section forty-two the words “Registrar
society as	of Companies” and by inserting in lieu thereof
pany.)
a com­	the words “Corporate Affairs Commission” ;

(ii)   by omitting from subsection eight of the same section the words “Registrar of Companies” and by inserting in lieu thereof the words “Corporate Affairs Commission” ;

(iii)   by omitting from the same subsection the word “him” and by inserting in lieu thereof the words “the Commission” ;

(iv)   by omitting from the same subsection the word “he” and by inserting in lieu thereof the words “the Commission” ;

(v)   by omitting from the same subsection the words “under his hand” ;

(Vi)

Permanent Building Societies {Amendment).

(vi)

by inserting in subsection eleven of the same No. 8, 1972 secondly occurring the words “or by the Corporate Affairs Commission” ;

(d) four the words “Registrar of Companies” and by (Transfer of

by omitting from subsection two of section forty-See, 44. Affairs Commission” ;

(e) by omitting from section eighty-six the words Sec. 86. “Registrar shall be construed as a reference to the (Official Registrar of Permanent Building Societies under ment.)

this Act and have the same meaning and effect as the word ‘registrar’ has under this Act” and by inserting in lieu thereof the words “Corporate Affairs Commission shall be construed as a reference to the registrar under this Act” ;

(f) by omitting subparagraph (ii) of paragraph (b) Sec. 87. of subsection seven of section eighty-seven and (Winding by inserting in lieu thereof the following subparagraph : —

(ii)   a reference in any of those provisions to the Corporate Affairs Commission shall be construed as a reference to the registrar under this Act.

PRESBYTERIAN