Permanent Building Societies (Amendment) Act 1979 (NSW)
P E R M A N E N T B U I L D I N G SOCIETIES
( A M E N D M E N T ) A C T , 1979 , N o . 15 ANNO VICESIMO OCTAVO
ELIZABETHE II REGINE
Act N o . 15, 1979 .
An Act to amend the Permanent Building Societies Act, 1967, to extend the objects of societies registered under that Act; to make provision with respect to voting at meetings of those societies; to validate certain matters; and for other purposes.
[Assented to, 18th April, 1979.] BE it enacted by the Queen's Most Excellent Majesty, by and with the advice and consent of the Legislative Council and Legislative Assembly of New South Wales in Parliament assembled, and by the authority of the same, as follows :—
1. This Act may be cited as the "Permanent Building Societies
(Amendment) Act, 1 9 7 9 " . ( 1 ) Except as provided in subsection ( 2 ) , this Act shall commence on the date of assent to this Act.
2.
( 2 ) Section 5 , in its application to Schedule 2 ( 4 ) , and
Schedule 2 (4) shall commence on such day as may be appointed by the Governor in respect thereof and as may be notified by proclamation published in the Gazette.
The Permanent Building Societies Act, 1967, is referred to in this Act as the Principal Act.
3 .
4. This Act contains the following Schedules :—
SCHEDULE 1 . — A M E N D M E N T TO PART I OF THE PRINCIPAL A C T .
SCHEDULE 2 . — A M E N D M E N T S TO PART I I OF THE PRINCIPAL A C T .
SCHEDULE 3 . — A M E N D M E N T S TO PART I I I OF THE PRINCIPAL A C T .
SCHEDULE 4 . — A M E N D M E N T S TO PART V OF THE PRINCIPAL A C T .
SCHEDULE 5 . — A M E N D M E N T S TO PART V I OF THE PRINCIPAL A C T .
SCHEDULE 6 . — A M E N D M E N T S TO PART I X OF THE PRINCIPAL A C T .
SCHEDULE 7 . — A M E N D M E N T S TO PART X OF THE PRINCIPAL A C T .
5. The Principal Act is amended in the manner set forth in
Schedules 1-7.
A contract referred to in section 18A (1) of the Principal Act, as amended by this Act, that purports to have been made before the commencement of Schedule 2 (7) shall be, and shall be deemed always to have been, as valid and effectual as it would have been if section 18A ( 1 ) of the Principal Act, as amended by this Act, had been in force when the contract purports to have been made.
6.
SCHEDULE 1.
A M E N D M E N T TO PART I OF THE PRINCIPAL A C T .
Section 2 —
From the matter relating to Part I X , omit " 1 0 6 " , insert instead
" 1 0 6 A " .
SCHEDULE 2.
A M E N D M E N T S TO PART I I OF THE PRINCIPAL A C T .
(1 ) (a) Section 4 ( 1 ) ( a ) — Omit "land; or", insert instead "land;".
(b) Section 4 ( 1 ) ( b ) — Omit "Acts.", insert instead "Acts; or".
(c) Section 4 ( 1 ) ( c ) —
After section 4 ( 1 ) ( b ) , insert :—• (c)
in relation to a particular member, upon the security of the paid up share capital and deposits of that member.
(d) Section 4 ( 4 ) — Omit the subsection, insert instead : —
(4) The Minister may, from time to time, upon the recommendation of the Advisory Committee and with the concurrence of the Treasurer, fix, by order published in the Gazette, for the purposes of this section, a rate of interest in respect of loans generally or rates of interest in respect of loans of such classes or descriptions as are specified in the order and a society shall not, in respect of a loan made by it, charge
a rate of interest in excess of the rate for the time being so fixed and applicable to the loan. (2 ) Section 6A—
After section 6, insert :—
6A. A society shall not lend money to a member on the security of the paid up share capital and deposits of the member where the amount of the loan exceeds the aggregate of that share capital and those deposits at the time the loan is made.
S C H E D U L E 2—continued.
| A M E N D M E N T S | TO PART | I I OF THE PRINCIPAL | ACT—continued. |
| (3) | (a) Section 8 ( 1 ) — |
Omit "twenty-one" wherever occurring, insert instead
"18".
(b) Section 8 (1) (b) —
Omit the paragraph.
(c) Section 8 ( 2 ) — Omit "twenty-one", insert instead "18".
| (4) | Section 13 (2) ( b ) — |
Omit the paragraph, insert instead :—
(b) in the case of a loan to be secured by mortgage over land on which a building is already erected, or over vacant land, be made by a prescribed person or a person having a prescribed qualification.
(5) Section 14A—
After section 14, insert :— 14A. A society may, subject to any agreement with respect to the loan, charge different rates of interest in respect of a loan during the currency of the loan.
| (6) | Section 16 ( 2 ) , proviso—• |
| Omit "two thousand dollars", insert instead "$10,000 or, where some other amount is prescribed, the prescribed amount". |
SCHEDULE 2—continued.
A M E N D M E N T S TO PART I I OF THE PRINCIPAL ACT—continued.
( 7 ) Section 1 8 A — After section 1 8 , insert :— 18A. ( 1 ) A society may contract to provide secretarial
and administrative services to a terminating building society
or credit union.
( 2 ) A society entering into any such contract shall
keep separate accounts and records in respect of its business and the business of each terminating building society or credit union for which it provides secretarial and admin istrative services involving the keeping of accounts and records.
( 8 ) Section 2 0 ( 1 A ) —
After section 2 0 ( 1 ) , inse r t :— ( 1 A ) A society may, if authorised by its rules, raise money by issuing bank accepted bills of exchange and dealing in bank accepted bills of exchange issued by it.
( 9 )
(a) Section 2 0 A ( 1 ) — Omit the subsection, insert instead : —
( 1 ) The Minister may, from time to time, upon the recommendation of the Advisory Committee, fix, by order published in the Gazette, for the purposes of this section, a maximum rate of interest in respect of deposits generally or maximum rates of interest in
respect of deposits of such classes or descriptions as are specified in the order and a society shall not, in respect of a deposit made with it, pay a rate of
interest in excess of the rate for the time being so
fixed and applicable to the deposit.
S C H E D U L E 2—con t inued .
| A M E N D M E N T S | T O P A R T | I I | O F T H E P R I N C I P A L | A C T — c o n t i n u e d . |
( b ) Section 2 0 A ( 4 ) —
O m i t the subsect ion.
| ( 1 0 ) | Sect ion | 2 4 A — |
After section 2 4 , insert : —
24A. A society may d o or suffer, as an agent on behalf of any person , any act , being an act tha t t he society may , in acco rdance wi th its objects , d o or suffer as a pr inc ipa l and b,eing an act tha t the Advisory C o m m i t t e e has
author ised it e i ther general ly or in a par t icu la r case to d o or suffer as such an agent .
S C H E D U L E 3 .
A M E N D M E N T S T O P A R T I I I O F T H E P R I N C I P A L A C T .
| ( 1 ) | Section | 28 ( 1 ) — , |
O m i t " , o r wi thin such fur ther per iod as the regis t rar m a y
allow,".
| ( 2 ) | ( a ) | Sect ion 3 0 ( 4 ) ( c ) — |
O m i t "seven and one-half pe r cen tum" , insert instead " 1 0 pe r cent" .
( b ) Sect ion 30 ( 5 ) — O m i t the subsect ion, insert instead : —
( 5 ) Subsect ions ( 4 ) and ( 5 ) of section 39 apply to and in respect of the regis trat ion unde r this A c t of a society to which P a r t I of the Bui ld ing a n d
S C H E D U L E 3—con t inued .
A M E N D M E N T S T O P A R T I I I O F T H E P R I N C I P A L A C T — c o n t i n u e d . Co-opera t ive Societies Ac t , 1 9 0 1 , applies in the same way as they apply to and in respect of the ama lgama t ion of societies registered unde r this Ac t , and those subsect ions so apply as if-—
( a ) a reference in those subsect ions to the day o n which the certificate of incorpora t ion of the a m a l g a m a t e d society is issued were a reference to the day on which the certificate of incorpora t ion of the society under this Act is issued;
( b ) a reference in those subsect ions to a society that is a par ty to the ama lgama t ion were a reference to the society that m a d e the appl icat ion and included a reference to any persons who , immediate ly before the day on which the certificate of incorpora t ion of the society unde r this Ac t is issued, were trustees appoin ted by the society tha t m a d e
the appl ica t ion; (c) a reference in those subsections to the ama lgama ted society were a reference to the society incorpora ted unde r this Act ; and
( d ) a reference in section 39 ( 4 ) ( e ) and ( h ) to the ama lgama t ion were a reference to the incorpora t ion of the society unde r this Act .
( 3 ) Section 36 ( 2 ) —
Omit the subsection.
( 4 ) Section 3 6 A — After section 36 , insert : —
36A. ( 1 ) A documen t , o ther than a summons , may
be served on a society. or on an officer of a society o ther
than a director , by leaving it at the registered office of
S C H E D U L E 3—continued.
| A M E N D M E N T S | T O | P A R T | I I I | O F | T H E | P R I N C I P A L | A C T — c o n t i n u e d . |
the society with a person apparen t ly in the service of the society, or by sending it by post to the society at its registered office.
( 2 ) A documen t , o ther t han a s u m m o n s , may be
served on a director of a society by sending it by post to the address of the director as last disclosed in re turns
t ransmi t ted to the registrar pu r suan t to this Ac t . ( 3 ) W h e r e a l iquidator of a society has been appoin ted , a documen t , o ther t han a s u m m o n s , may be served on the society by leaving it at, o r by sending it by post to , the address of the office of the l iquidator of which not ice has last been lodged with the registrar .
( 4 ) A summons for an offence by a society punish
able unde r this or any o ther Ac t m a y be served by leaving it at the registered office of the society wi th a person
o r above the age of 16 years . apparent ly in the service of the society and apparen t ly of ( 5 ) W h e r e reasonable efforts have been m a d e
wi thout success to effect service in the m a n n e r prescr ibed by subsect ion ( 4 ) and a s t ipendiary magis t ra te is so satisfied by affidavit, the s t ipendiary magis t ra te m a y give leave to effect service of the s u m m o n s on an officer of the society, o r by adver t isement , o r in such o the r m a n n e r as in the c i rcumstances appears to h im to be proper , and service may b e effected accordingly.
S C H E D U L E 3—con t inued .
A M E N D M E N T S T O P A R T I I I O F T H E P R I N C I P A L A C T — c o n t i n u e d .
( 5 ) ( a ) Section 39 ( 1 ) ( a ) — After "Co-opera t ion A c t s " where secondly occurr ing , insert "and , in the case of a society so specified, includes, for the purposes of subsect ions ( 4 ) and ( 5 ) , a reference to any persons who , immedia te ly before the day on which the certificate of incorpora t ion of the a m a l g a m a t e d society is issued, were trustees appoin ted by tha t society".
( b ) Sect ion 39 ( 4 ) - ( 1 1 ) — O m i t the subsect ions, insert instead : —
( 4 ) O n and from the day on which the certificate of
incorpora t ion of the ama lgama ted society is i s sued—
( a ) all real and persona l p roper ty and all r ight and interest therein and all m a n a g e m e n t and
cont ro l thereof that , immedia te ly before tha t day , was vested in or belonged to a society tha t is a par ty to the ama lgama t ion shall
vest in or be long to the a m a l g a m a t e d society;
(b) all debts, moneys and claims, liquidated and unl iqu ida ted , that , immedia te ly before tha t day, were due or payab le to , or recoverable by, a society that is a par ty to the a m a l g a m a t i o n shall be debts due and moneys payable to and claims recoverable
by the a m a l g a m a t e d society;
S C H E D U L E 3—cont inued .
| A M E N D M E N T S | T O P A R T | I I I | O F | T H E P R I N C I P A L | A C T — c o n t i n u e d . |
(c) all suits, actions and proceedings pending immedia te ly before tha t day at the suit of a society tha t is a pa r ty to the ama lgama t ion shall be respectively suits, act ions and proceedings pend ing at the suit of the ama lgama ted society and all suits, act ions and proceedings so pend ing at the suit of any person against a society that is a par ty to the ama lgama t ion shall be respectively suits, act ions and proceedings pend ing at the suit of that person against the ama lgama ted society;
( d )
all cont rac ts , agreements , a r r angemen t s and under tak ings entered into with and all securities lawfully given to or by a society that is a par ty to the amalgamat ion and in force immedia te ly before that day shall be deemed to be cont rac ts , agreements , a r r angement s and under tak ings entered into with and securities given to or by the
ama lgama ted society; ( e ) the ama lgama ted society may, in addi t ion to pursu ing any o ther remedies or exercising any o the r powers that may be available to it, pu rsue the same remedies for the recovery of moneys and claims referred to in this subsection and for the prosecut ion of suits, act ions and proceedings so referred to as a society that is a par ty to the amalgamat ion might have done bu t for the ama lgamat ion ; ( f ) the ama lgama ted society may enforce and realise any security o r charge existing
S C H E D U L E 3—con t inued .
A M E N D M E N T S T O P A R T I I I O F T H E P R I N C I P A L A C T — c o n t i n u e d . immedia te ly before that day in favour of a society tha t is a par ty to the ama lgama t ion and m a y exercise any powers thereby conferred on a society tha t is a par ty to the ama lgama t ion as if the security or cha rge were a securi ty o r charge in favour of the
a m a l g a m a t e d society; ( g ) all debts , moneys and claims, l iquidated a n d unl iqu ida ted , that , immedia te ly before tha t day, were due o r payable by, or recoverable against , a society tha t is a par ty to t h e ama lgama t ion shall be debts due and moneys payab le by and claims recoverable
against the ama lgama ted society; ( h ) all l iquidated and unl iqu ida ted claims for which a society tha t is a pa r ty to the
ama lgama t ion would , bu t for the ama lgama t ion , have been liable shall b e l iquidated and unl iqu ida ted claims for
which the a m a l g a m a t e d society shall b e
l iable; and ( i ) the a m a l g a m a t e d society may, in relat ion t o
any l and of which a society tha t is a pa r ty to the ama lgama t ion was , immedia te ly
before tha t day, the registered p ropr i e to r
within the mean ing of the Rea l P r o p e r t y
S C H E D U L E 3—cont inued .
| A M E N D M E N T S | T O P A R T | I I I | O F | T H E P R I N C I P A L | A C T — c o n t i n u e d . |
Act , 1900 , execute any deal ing within the m e a n i n g of tha t A c t as if the a m a l g a m a t e d
society were tha t registered propr ie tor . O n and from the day on which the certificate of incorpora t ion of the ama lgama ted society is issued, a reference in any ins t rument to a society tha t is a pa r ty to the ama lgama t ion shall be read and cons t rued as if it were a reference to the ama lgama ted society.
( 5 )
| ( 6 ) | Section 4 0 ( 5 ) — |
O m i t the subsection, insert instead : —
( 5 ) Subsect ions ( 4 ) and ( 5 ) of section 39 apply to and in respect of a transfer of engagements be tween societies unde r this section in the same way as they apply to and in respect of the ama lgama t ion of
societies, and those subsections so apply as if—
(a) a reference in those subsections to the day on which the certificate of incorpora t ion of the a m a l g a m a t e d society is issued were a reference to the day on which the special resolut ion of the t ransferor society is registered;
(b) a reference in those subsections to a society that is a par ty to the ama lgama t ion were a reference
to the society t ransferr ing its engagements ;( c )
a reference in those subsections to the
a m a l g a m a t e d society were a reference to the
S C H E D U L E 3—cont inued .
A M E N D M E N T S T O P A R T I I I O F T H E P R I N C I P A L A C T — c o n t i n u e d .
society to which the engagements are t ransferred;
and
( d ) a reference in section 39 ( 4 ) ( e ) and ( h ) to the a m a l g a m a t i o n were a reference to the transfer
of engagements .
( 7 ) ( a ) Sect ion 4 0 A ( 2 ) , ( 2 A ) — Omi t section 4 0 A ( 2 ) , insert instead : —
( 2 ) Subsect ions ( 2 ) , ( 3 ) and ( 4 ) of section 4 0
apply to and in respect of a transfer of engagements be tween societies unde r this sect ion in the same way as they apply to a n d in respect of a t ransfer of engagements be tween societies unde r section 40 .
( 2 A ) Subsect ions ( 4 ) a n d ( 5 ) of sect ion 39 apply
to and in respect of a transfer of engagements be tween societies unde r this sect ion in the same way as they apply t o and in respect of the a m a l g a m a t i o n of societies, and those subsect ions so apply as if—
( a ) a reference in those subsect ions to the day on which the certificate of incorpora t ion of the a m a l g a m a t e d society is issued were a reference to the d a y on which the special resolut ion of the t ransferor society is regis tered;
( b ) a reference in those subsect ions to a society tha t is a pa r ty to the ama lgama t ion were a reference to the society t ransferr ing its
S C H E D U L E 3—cont inued .
| A M E N D M E N T S | T O P A R T | I I I | O F | T H E P R I N C I P A L | A C T — c o n t i n u e d . |
engagements and included a reference to any persons who , immedia te ly before the day o n which the special resolut ion of the t ransferor society is registered, were trustees appo in ted by the society t ransferr ing its engagements ;
(c) a reference in those subsections to the ama lgama ted society were a reference to the society to which the engagements are
t ransferred; and ( d ) a reference in section 39 ( 4 ) ( e ) and ( h ) to the ama lgama t ion were a reference to the
transfer of engagements .
( b ) Section 4 0 A ( 3 ) —
Omi t " T h e " , insert instead "Notwi ths tanding
subsection ( 2 ) , the" .
| ( 8 ) | ( a ) | Section | 4 1 A ( 1 ) ( b ) — |
O m i t " , or within such further per iod as the regis t rar may al low,".
( b ) Section 4 1 A ( 7 ) —
O m i t " ( subsec t ion ( 5 ) e x c e p t e d ) " .
( c ) Section 4 1 A ( 7 A ) — After section 4 1 A ( 7 ) , insert : —
( 7 A ) Subsect ions ( 4 ) and ( 5 ) of section 39 apply to and in respect of a transfer of engagements be tween societies unde r this section in the same way as they
S C H E D U L E 3—con t inued .
A M E N D M E N T S T O P A R T I I I O F T H E P R I N C I P A L A C T — c o n t i n u e d .
apply to and in respect of the a m a l g a m a t i o n of societies, and those subsect ions so apply as if—
( a ) a reference in those subsect ions to the day o n which the certificate of incorpora t ion of the a m a l g a m a t e d society is issued were a reference to the d a y notified by the regis t rar
unde r subsect ion ( 8 ) ; ( b ) a reference in those subsect ions to a society tha t is a pa r ty to the a m a l g a m a t i o n were a reference to the society t ransferr ing its engagements ;
(c) a reference in those subsections to the a m a l g a m a t e d society were a reference to the society to which the engagemen t s a r e
t ransferred; and ( d ) a reference in sect ion 39 ( 4 ) ( e ) a n d ( h ) to the ama lgama t ion were a reference to the
transfer of engagements .
S C H E D U L E 4 .
A M E N D M E N T S T O P A R T V O F T H E P R I N C I P A L A C T .
| ( 1 ) | Section 5 0 | ( 4 ) — |
O m i t the subsect ion, insert instead :•—•
( 4 ) A pe rson w h o is unde r the age of 18 years and who
holds shares in a society is not enti t led to vote whe ther pu r suan t to a posta l bal lot or at a meet ing of the society or otherwise .
| ( 2 ) | ( a ) | Section 51 ( 2 ) | ( a ) — |
O m i t "as the m e m b e r s " , insert instead "as , " .
( b ) Sect ion 51 ( 2 ) ( a ) — O m i t "as a m e m b e r " , insert instead '"as, a person who is enti t led to vote in re la t ion to any quest ion which is to be de te rmined by the votes of m e m b e r s of the society".
| ( 3 ) | Section 53 ( 3 ) — |
O m i t the subsect ion, insert instead : —
( 3 ) F o r the purpose of de te rmin ing the n u m b e r or
p ropor t ion of any m e m b e r s requi red to give effect to any
provisions of this Ac t or the rules of a society, the shares
shall be deemed to be held by the p r imary joint holdera lone.
| ( 4 ) | Sect ion 63 | ( 1 ) — |
O m i t the subsect ion, insert instead : —
( 1 ) A society shall not approve of a loan where , if the loan , together with all o the r loans approved bu t not advanced at the t ime at which approva l to m a k e the first- ment ioned loan is considered, were advanced at tha t t ime,
8 8 0 G - 5
S C H E D U L E 4—continued.
A M E N D M E N T S T O P A R T V O F T H E P R I N C I P A L A C T — c o n t i n u e d . the society would hold liquid funds of less than 10 per cent or, where some other p ropor t ion is prescr ibed, the prescr ibed p ropor t ion , of the total of member s ' paid up share capi ta l and deposits held by the society at that t ime.
S C H E D U L E 5.
A M E N D M E N T S T O P A R T V I O F T H E P R I N C I P A L A C T .
( 1 ) Section 6 5 A — After section 6 5 , insert : —
65A. ( 1 ) W h e r e the rules of a society so provide , the b o a r d may , by resolut ion, delegate to a director or com mit tee of 2 or more directors the exercise of such of the board ' s powers (o the r t han this power of de lega t ion) as are specified in the resolut ion, and the society or the b o a r d may , by resolut ion, revoke wholly or in par t any
such delegat ion. ( 2 ) A power , the exercise of which has been delegated unde r this section, may, while the delegat ion remains unrevoked , be exercised from t ime to t ime in
accordance with the te rms of the delegat ion.
( 3 ) A delegat ion unde r this section may be m a d e
subject to condi t ions or l imita t ions as to the exercise of any of the powers delegated, or as to t ime or c i rcumstances .
( 4 ) Notwi ths tand ing any delegat ion unde r this
section, the b o a r d may cont inue to exercise all or any of
the powers delegated.
S C H E D U L E 5—continued.
| A M E N D M E N T S | T O P A R T | V I | OF | T H E P R I N C I P A L | A C T — c o n t i n u e d . |
( 5 ) W h e r e a power is exercised by a director ei ther a lone or with ano ther director or o ther directors and the exercise of the power is evidenced in writ ing, signed by the di rector in the n a m e of the b o a r d or in his own n a m e on behalf of the board , the power shall be deemed to have been exercised by the boa rd , whe ther or no t a resolut ion delegat ing the exercise of the power to the director was, when the power was exercised, in force and whether or not any condi t ions or l imitat ions referred to in subsect ion ( 3 ) were observed by the director exercising
the power .
( 6 ) A n ins t rument purpor t ing to be signed by a
director as referred to in subsect ion ( 5 ) shall in all courts and before all persons act ing judicially be received in evidence as if it were an ins t rument executed by the society under seal and, unti l the con t ra ry is proved , shall be deemed to be an ins t rument signed by a delegate of the
b o a r d unde r this section.
| ( 2 ) | ( a ) | Section 68 ( 4 ) | ( a ) , ( b ) — |
Omi t the pa rag raphs , insert instead : — (a) if he becomes bankrupt, applies to take the benefit of any law for the relief of bankrup t or insolvent debtors , c o m p o u n d s with his credi tors or makes an ass ignment of his
r emune ra t i on for their benefit; ( b ) if he becomes a t empora ry pat ient , a cont inued t rea tment pat ient , a pro tec ted person or an incapable person within the mean ing of the Menta l Hea l th Act , 1 9 5 8 , or a person under
detent ion unde r Pa r t V I I of tha t Ac t ;
S C H E D U L E 5—continued.
A M E N D M E N T S T O P A R T V I O F T H E P R I N C I P A L A C T — c o n t i n u e d .
( b ) Section 68 ( 4 ) ( f ) —
O m i t the p a r a g r a p h , insert instead : —
(f) on the expiration of one month's notice in wri t ing of his intent ion to resign office, given
by h im to the b o a r d ;
( 3 ) ( a ) Sect ion 7 3 ( 1 ) — O m i t " , of within such further t ime as m a y be al lowed by the regis trar" .
( b ) Sect ion 7 3 ( 4 ) —
O m i t "qualified", insert instead "ent i t led" .
( c ) Sect ion 7 3 ( 5 A ) , ( 5 B ) —
After section 7 3 ( 5 ) , insert : —
( 5 A ) Subject to subsect ion ( 6 ) , in the case of a
mee t ing referred to in subsect ion ( 5 ) ( a ) , ( b ) o r ( c ) , it shall be sufficient compl i ance wi th the provis ions of subsect ion ( 4 ) if the not ice is given by adver t i sement in acco rdance with a special ru le of the society.
( 5 B ) In subsect ion ( 5 A ) , "special ru l e" m e a n s —
( a ) a ru le ; o r ( b )
an a l tera t ion to a rule ,
t he te rms of which the regis t rar has approved before
a mot ion for the m a k i n g of the rule o r a l tera t ion is pu t to a mee t ing of a society.
S C H E D U L E 5—con t inued .
| A M E N D M E N T S | T O P A R T | V I | O F | T H E P R I N C I P A L | A C T — c o n t i n u e d . |
| ( 4 ) | ( a ) | Sect ion 7 5 | ( 2 ) - ( 2 B ) — |
O m i t sect ion 75 ( 2 ) , insert ins tead : — ( 2 ) Excep t as otherwise provided in sect ion 5 0 , a ru le m a d e for the purposes of subsect ion ( 3 ) or
( 6 ) , and sect ion 7 6 , a p e r s o n —
( a ) w h o is the sole holder , whe ther or no t he is also a joint holder , of shares in a society is, in re la t ion to any ques t ion which is to be de te rmined by the votes of m e m b e r s of the society (whe ther those votes are exercised p u r s u a n t to a posta l bal lot or at a meet ing of the society or o the rwi se ) , enti t led to 1 vote irrespective of the n u m b e r of shares or parcels of shares he holds as a sole holder ; and
( b ) w h o is the p r imary joint holder of shares in a society is, in relat ion to any quest ion which is to be de te rmined by the votes of m e m b e r s of the society (whe the r those
votes a re exercised pur suan t to a postal bal lot or at a meet ing of the society or
o the rwi se ) , w h e r e — ( i ) he is not the sole holder of shares in
the society;
( i i ) he does no t hold any shares in the
society jointly with a person w h o is a sole holder of shares in the society;
( i i i) he does no t hold any shares in the
society jointly with a person w h o is a p r imary joint ho lder of shares in the society; and
S C H E D U L E 5—continued.
A M E N D M E N T S T O P A R T V I O F T H E P R I N C I P A L A C T — c o n t i n u e d . ( iv ) he is no t one of two or m o r e different p r imary joint holders of shares in the society, each of w h o m holds shares in the society jointly with the same
or a c o m m o n person,
enti t led t o 1 vote irrespective of the n u m b e r of shares o r parcels of shares he holds as a
p r imary joint holder .
( 2 A ) W h e r e a person referred to in subsect ion ( 2 )
is a body corpora te and exercises its vot ing rights u n d e r tha t subsect ion by a person w h o is a represen
tat ive o r appoin tee appo in ted p u r s u a n t t o sect ion 5 1 , the person w h o is the representa t ive o r appoin tee m a y exercise any vot ing rights tha t he has otherwise than as such a representa t ive or appoin tee .
( 2 B ) A person appo in ted as a proxy m a y not
exercise m o r e t han 3 votes as a proxy.
( b ) Sect ion 7 5 ( 3 ) —
O m i t " m e m b e r " , insert ins tead "person" .
( c ) Section 7 5 ( 4 ) —
O m i t " m e m b e r " , insert instead "person" .
( d ) Sect ion 7 5 ( 4 ) — Omi t "prov ided tha t n o person shall be enti t led to act
as proxy for more t han three m e m b e r s " .
S C H E D U L E 5 — c o n t i n u e d .
| A M E N D M E N T S | T O | P A R T | V I | O F | T H E | P R I N C I P A L | A C T — c o n t i n u e d . |
( e ) Sect ion 7 5 ( 7 ) — After section 7 5 ( 6 ) , insert : —
A reference in this section to a p r imary joint
holder of shares is a reference to a p r imary joint
holder of shares within the meaning of section 5 3 .
( 7 )
| ( 5 ) | Section 7 9 ( 1 A ) — |
After section 7 9 ( 1 ) , i n s e r t : — ( 1 A ) A society shall have at its registered office and
open at all reasonable hours to inspect ion by any m e m b e r
wi thout fee the minutes of meet ings of the society.
( 6 ) Section 8 1 ( 7 ) —
O m i t "or in the al ternat ive , if the rules of the society so
provide , the notice of the annua l general mee t ing" , insertinstead "or , if not ice of tha t meet ing is given by advert ise
men t in accordance with the rules of the society, publ ished
with tha t adver t i sement , or , if the rules of the society so
provide , the not ice of tha t meet ing, whe ther t ransmi t ted to
each m e m b e r o r given by adver t i sement ," .
| ( 7 ) | ( a ) Section 8 2 ( 1 A ) — |
After section 8 2 ( 1 ) , insert : —
( 1 A ) A society shall , within 1 4 days after any
change in the appo in tmen t of the person pr imari ly responsible , unde r the b o a r d of directors , for the daily m a n a g e m e n t and control of the opera t ions of the society, t ransmi t to the registrar par t iculars of
the change .
S C H E D U L E 5—continued.
A M E N D M E N T S T O P A R T V I O F T H E P R I N C I P A L A C T — c o n t i n u e d .
( b ) Section 82 ( 2 ) —
O m i t " o r within such further t ime as the registrar m a y author i se" .
( c ) Section 82 ( 2 ) ( a l ) — After section 82 ( 2 ) ( a ) , insert : —
( a l ) the n a m e of the person then pr imari ly
responsible , under the b o a r d of di rectors , for
the daily m a n a g e m e n t and control of the opera t ions of the society;
S C H E D U L E 6.
A M E N D M E N T S T O P A R T I X O F T H E P R I N C I P A L A C T .
( 1 ) Section 91 ( 5 ) — After section 91 ( 4 ) , insert : —
( 5 ) In any proceedings , n o proof shall be requi red
(unt i l evidence is given to the c o n t r a r y ) of the appo in tmen t of the regis t rar or any former registrar .
( 2 ) Section 1 0 2 A — After section 102 , insert : —
102A. ( 1 ) A person who , in, or in re la t ion to , any
appl ica t ion, reques t or d e m a n d for money , m a d e to or of
any soc ie ty—
( a ) gives any informat ion o r m a k e s any s ta tement to the society or a servant or an agent of the society knowing it to be false; o r S C H E D U L E 6—con t inued .
| A M E N D M E N T S | T O P A R T | I X | O F | T H E P R I N C I P A L | A C T — c o n t i n u e d . |
(b) proffers to the society or a servant or an agent of the society any informat ion or s ta tement p rov ided by any o ther pe r son knowing it to be false,
shall be guilty of an offence and shall be liable to a penal ty not exceeding $ 2 , 0 0 0 o r impr i sonment for a te rm not
exceeding 12 mon ths , or bo th .
( 2 ) W h e r e a person has been convicted of an
offence unde r subsect ion ( 1 ) or an order has been m a d e in favour of a person unde r sect ion 5 5 6 A ( 1 ) of the Cr imes Act , 1900 , in re la t ion to an offence unde r subsect ion ( 1 ) , a society from which money has been obta ined by the person in re la t ion to the commiss ion of the offence may , in respect of any mor tgage or o ther security given to it by the person to secure the r epaymen t of the money to the society, exercise all such rights unde r the mor tgage or other security as it could exercise if there were a breach of a covenan t of the mor tgage or, as the case may be, of a term of any con t rac t by which the security was given, whether the mor tgage o r o ther security was executed by the person alone or by the person and another person or other persons .
| ( 3 ) | ( a ) Section | 103 ( 1 ) ( b ) — |
O m i t "adver t i ses" , insert ins tead "otherwise than in accordance with the pr ior wri t ten approva l of the
registrar, advert ises" .
( b ) Section 103 ( 1 ) —
O m i t " two h u n d r e d dol lars" , insert ins tead " $ 1 , 0 0 0 " .
S C H E D U L E 6—con t inued .
A M E N D M E N T S T O P A R T I X O F T H E P R I N C I P A L A C T — c o n t i n u e d .
( 4 ) Section 1 0 3 A —
After sect ion 1 0 3 , insert : — 103A. If any person offers or pays any commiss ion, fee or reward , whe ther pecuniary or otherwise, to an officer of a society for o r in connec t ion with a t ransac t ion or proposed t ransac t ion be tween the person and the society, the person shall be guilty of an offence and shall be liable to a penal ty
not exceeding $ 1 , 0 0 0 .
( 5 ) Sect ion 104 ( 1 ) —
O m i t " two h u n d r e d dol lars" , insert instead " $ 1 , 0 0 0 " .
( 6 ) Section 105 ( 4 ) — O m i t "on a society unde r this Ac t" , insert instead ", under this Act , on a society or an officer of a society".
( 7 ) Sect ion 1 0 6 A — After sect ion 106, insert : —
106A. No twi ths t and ing any o the r Act , proceedings for any offence punishable summar i ly unde r this Ac t and
c o m m i t t e d —
( a ) after the c o m m e n c e m e n t of this sect ion; o r
( b ) before the c o m m e n c e m e n t of this section, where
the t ime for c o m m e n c i n g the proceedings unde r
SCHEDULE 6—continued.
| A M E N D M E N T S | TO PART | I X OF THE PRINCIPAL | ACT—-continued. |
the law, as in force before the commencement of this section, had not, as at that commencement, expired in respect of that offence,
may be brought within 3 years after the commission of the
offence.
SCHEDULE 7.
A M E N D M E N T S TO PART X OF THE PRINCIPAL A C T .
(1) Section 107A—
After section 107, insert :—
107A. (1) The registrar may grant an enlargement of,
or may abridge, any time for doing any act required to be
done by a society by this Act, the regulations or the rules
of a society upon such terms (if any) as the registrar maydetermine.
( 2 ) The registrar may grant an enlargement of
time for doing any act referred to in subsection (1) notwithstanding that the time for doing the act has expired.
( 3 ) This section does not limit the operation of
section 81 of the Supreme Court Act, 1970, or the operation of any rules of the Supreme Court relating to the enlargement or abridgement of time.
SCHEDULE 7—continued.
A M E N D M E N T S TO PART X OF THE PRINCIPAL ACT—continued.
( 2 ) Section 1 1 3 ( 8 ) — After section 1 1 3 ( 7 ) , insert :—
( 8 ) For the purpose of an inquiry under this section, an inspector appointed under section 1 1 4 and authorised in writing by the registrar to do so may examine, and shall report to the registrar upon, the affairs of the society which are the subject of the inquiry.
( 3 ) Section 1 1 5 ( 1 ) ( i ) — Omit "subsection ( 2 ) of section 3 6 " , insert instead "section
3 6 A " .
( 4 ) Section 1 2 1 ( 2 ) — Omit "transferring", insert instead "or in respect of the transfer of".
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