Untitled document

Co-operative Housing Societies (Amendment) Regulations 2006

S.R. No. 112/2006

TABLE OF PROVISIONS

Regulation  Page

1.Objective

2.Authorising provision

3.Maximum amount of fees to officers other than directors

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STATUTORY RULES 2006

S.R. No. 112/2006

Co-operative Housing Societies Act 1958

Co-operative Housing Societies (Amendment) Regulations 2006

The Governor in Council makes the following Regulations:

Dated: 22 August 2006

Responsible Minister:

JOHN BRUMBY
Treasurer

RUTH LEACH

Clerk of the Executive Council

1.Objective

The objective of these Regulations is to amend the Co-operative Housing Societies Regulations 2005 to provide a new method for calculating the average total assets of a society.

2.Authorising provision

These Regulations are made under section 98 of the Co-operative Housing Societies Act 1958.

3.Maximum amount of fees to officers other than directors

(1)In regulation 19(5) of the Co-operative Housing Societies Regulations 2005[1], for "At" substitute "Subject to sub-regulation (6A), at".

(2)After regulation 19(6) of the Co-operative Housing Societies Regulations 2005 insert—

'(6A)The "average total assets" of a society that continues in operation after 1 July 2006 are the sum of the society's total assets less paid up share capital as reported in the audited balance sheet of the society at the end of the 2005–2006 financial year for that society.'.

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[1] Reg. 3(1): S.R. No. 3/2005.