New South Wales Consolidated Acts

LOAN FUND COMPANIES ACT 1976 - SECT 18

18 Register of loan priority numbers

(1) A loan fund company:

(a) shall:

(i) if it is a company within the meaning of the Companies (New South Wales) Code , keep at the place at which the register of members is kept,

(ii) if it is a recognised company or a foreign company and keeps a branch register in New South Wales of members who are resident in New South Wales, keep at the place where that branch register is kept, or

(iii) if it is a recognised company or a foreign company to which subparagraph (ii) does not apply, keep at its principal or registered office in New South Wales,

a register of loan priority numbers, and

(b) shall enter in that register in the prescribed manner and in order of allocation:

(i) not later than 21 days after the date on which the company becomes a loan fund company, all loan priority numbers deemed by section 17 (6) to be allocated by the company under section 17 (2), other than those numbers that have previously been entered in a register referred to in subsection (2), and

(ii) not later that 7 days after allocation, all loan priority numbers allocated by the company under section 17 (1) and (2),

together with such particulars with respect to the options to acquire loan entitlement shares or to the qualifying shares or loan entitlement shares to which those numbers relate as are prescribed.

(2) A loan fund company shall not be required to comply with subsection (1) in respect of the entry in the register required to be kept under that subsection of loan priority numbers referred to in section 17 (6) if, before it became a loan fund company, it was keeping a register similar to the register required to be kept under subsection (1) and had entered in that register the particulars with respect to those loan priority numbers and the option, qualifying shares or loan entitlement shares to which the numbers related that it would have been required to enter in the register if that subsection had, at the time of the entry, been in force in respect of the company, and the register so kept shall be deemed to be or to form part of the register required to be kept under subsection (1).

(3) The register kept or deemed to be kept under subsection (1) shall be evidence of any matters entered in it as required or authorised by or under this Act.

(4) Any person who is the holder of an option to acquire loan entitlement shares in a loan fund company, or who is the holder of qualifying shares or loan entitlement shares in a loan fund company, without payment of any fee, and any other person, on the payment of a fee determined by the company, being a fee not exceeding the maximum amount prescribed for the purpose of this subsection, may inspect the register kept or deemed to be kept by the company under subsection (1) at any time during which the register of members or, if the company keeps a branch register in New South Wales of members who are resident in New South Wales, that register is open for inspection and may make copies of, or take extracts from, the register so kept or deemed to be kept.

(5) A loan fund company which fails to comply with subsection (1) is guilty of an offence and is liable on conviction to a penalty not exceeding 5 penalty units and, in the case of a continuing failure to comply with subsection (1) (a), to a further penalty not exceeding 0.5 penalty unit for each day during which the offence continues.