New South Wales Consolidated Acts

LOAN FUND COMPANIES ACT 1976 - SECT 22

22 Additional requirements with respect to register of members

(1) A loan fund company which is a company within the meaning of the Companies (New South Wales) Code shall, within the period specified in subsection (3), enter in the register of members kept pursuant to section 256 of that Code:

(a) in respect of each member (if any) who holds qualifying shares in the company, the loan priority number allocated in respect of those shares and such other particulars (if any) as are prescribed, and

(b) in respect of each member who holds loan entitlement shares in the company:

(i) the loan priority number allocated or deemed to be allocated in respect of those shares,

(ii) when an offer of a loan is made to the member with respect to those shares, the fact that such a loan has been offered, the date of the offer, the amount of the loan offered, the rate of interest expressed as a percentage per annum payable in respect of the loan and the period within which the loan is to be repaid,

(iii) when a loan is made to the member with respect to those shares, the fact that such a loan has been made, the date on which the loan was made, the amount of the loan, the rate of interest expressed as a percentage per annum payable in respect of the loan and the period within which the loan is repayable,

(iv) when a loan referred to in subparagraph (iii) is repaid, the fact and date of repayment, and

(v) such other particulars (if any) as are prescribed.

(2) A loan fund company which, pursuant to section 262 or, as the case may be, section 521 of the Companies (New South Wales) Code , keeps a branch register in New South Wales of members who are resident in New South Wales, within the period specified in subsection (3), enter in that branch register:

(a) in respect of each such member (if any) who holds qualifying shares in the company, the particulars referred to in subsection (1) (a), and

(b) in respect of each such member who holds loan entitlement shares in the company, the particulars referred to in subsection (1) (b).

Maximum penalty: 2 penalty units and, in the case of a continuing offence, a further penalty not exceeding 0.5 penalty unit for each day during which the offence continues.

(3) The period within which a loan fund company is required to make an entry referred to in subsection (1) or (2), whichever is applicable, is:

(a) in the case of a person who became a member before the company became a loan fund company, 7 days after the date on which the company became a loan fund company, and

(b) in the case of a person who becomes a member after the company became a loan fund company, 7 days after the date on which the person becomes a member.