New South Wales Consolidated Acts

CO-OPERATIVE HOUSING AND STARR-BOWKETT SOCIETIES ACT 1998 - SECT 57

57 Restrictions on borrowings by Starr-Bowkett societies

(1) The total amount raised on loan by a Starr-Bowkett society and not repaid by the society must not at any time exceed whichever is the larger of the following amounts:

(a) 80% of the amount for the time being secured to the society by mortgages from its members,

(b) an amount equal to 12 months’ subscriptions on the shares for the time being in force.

(2) In calculating for the purposes of this section the amount for the time being secured to a society by mortgages from its members, the following amounts are to be disregarded:

(a) the amounts secured on any property in respect of which the payments were 12 months or more in arrears at the date of the last annual account and statement of the society,

(b) the amount secured on any property of which the society had been in possession for 12 months or more at the date of that account and statement.