New South Wales Consolidated Acts

CO-OPERATIVE HOUSING AND STARR-BOWKETT SOCIETIES ACT 1998 - SECT 53

53 Powers of societies

(1) Without limiting section 52 (Effect of incorporation), but subject to this Act and the society’s rules, a society may:

(a) raise money on loan, and

(b) act as agent for other persons in relation to the provision of housing for its members and other persons and the provision of financial services generally required by householders and their families (such as hospital, medical and general insurance and housing related services), and

(c) acquire by purchase or otherwise shares in an association, or in a corporation or other body corporate that has agreed to render special services to the society in furtherance of the society’s objects or has agreed to render special services to the members of the society, and

(d) hold a subsidiary, but only if approved of by the Registrar, and

(e) do anything else that it is authorised to do by this Act or the society’s rules.

(2) A society must not under subsection (1) (c) invest funds of an amount in excess of one-third of any sums transferred to any reserve, except as may be permitted by a standard.

(3) The powers of a subsidiary formed or acquired by a society are not limited by the society’s objects or limitations on the society’s powers.