Australian capital territory regulations 1986 No. 11 Co-operative Societies Regulations2 (Amendment)

Regulations 1986 No. 1¹

Co-operative Societies Regulations² (Amendment)

I, GORDON GLEN DENTON SCHOLES, the Minister of State for Territories, hereby make the following Regulations under the Co-operative Societies Ordinance 1939.

Dated 23 May 1986.

G. SCHOLES

Minister of State for Territories

1. After regulation 2AB of the Co-operative Societies Regulations the following regulations are inserted:

Loan limit—building societies

“2AC. The amount prescribed for the purposes of section 14AD of the Ordinance is $20,000.

“2AD. Where a building society has a contingent liability for loss relating to any of its activities, not being a contingent liability relating to—

(a) the sale or disposal of bills of exchange or promissory notes pending maturity of the instrument;

(b) the sale or disposal of mortgage-backed securities pending maturity of the security;

(c) loans approved by the society but not advanced;

(d) agreements by the society to acquire assets; or

(e) guarantees by the society on behalf of members secured by funds held to credit by the society,

the requirement that the society shall maintain such additional capital as is calculated by multiplying the amount of that contingent liability by 50 per cent is, for the purposes of sub-paragraph (a) (ii) of the definition of ‘minimum amount’ in sub-section 14CG (1) of the Ordinance, prescribed as an additional requirement to be complied with by the building society in connection with the minimum amount of capital to be maintained by it.