New South Wales Consolidated Acts

CO-OPERATIVE HOUSING AND STARR-BOWKETT SOCIETIES ACT 1998 - SECT 48

48 Co-operative housing societies and Starr-Bowkett societies

(1) A society may be either a co-operative housing society or a Starr-Bowkett society.

(2) A society is a co-operative housing society if it has as its object the assisting of members and other persons to achieve home ownership (including ownership of land upon which a home is to be erected), and is by its rules:

(a) authorised to raise money on loan, and

(b) not authorised to receive money on deposit, and

(c) not authorised to raise money by the subscription of its members except money raised by the nominal subscription required by its rules for a person to become a member.

(3) A society is a Starr-Bowkett society if it has as its object the raising, by the subscription of its members, of a fund for making loans to its members upon the security of a mortgage over freehold or leasehold land or land of any tenure under any Act dealing with the disposition and holding of lands of the Crown, and is by its rules:

(a) authorised to raise money by the subscription of its members, and

(b) authorised to determine by ballot the precedence among applicants for loans.

(4) A society has such additional objects as may be prescribed by the regulations in relation to the provision of housing for its members and other persons, and any such additional object may be prescribed so as:

(a) to apply generally to all societies, or

(b) to apply to one kind of society only or to both kinds, or

(c) to apply to a particular society or the members of a particular class of societies, or

(d) to be limited in its application to those societies by reference to specified exceptions or factors.