New South Wales Consolidated Acts

LOAN FUND COMPANIES ACT 1976 - SECT 4

4 Definitions

(1) In this Act, except in so far as the context or subject-matter otherwise indicates or requires:
"actuary" means:

(a) a Fellow of the Institute of Actuaries incorporated by Royal Charter on 29 July 1884,

(b) a Fellow of the Faculty of Actuaries in Scotland, or

(c) the holder of a prescribed qualification as an actuary,

who has practised as an actuary for a continuous period of not less than 5 years.
"advertisement" means an advertisement in any form or medium, and includes an advertisement in or in the form of a circular, poster, handbill, brochure or other document or in a newspaper, magazine or other periodical publication or in the form of a statement or announcement on radio or television or in the form of a gramophone or tape recording or a cinematographic or videotape film.
"Advisory Committee" means the Loan Fund Companies Advisory Committee constituted under this Act.
"banker’s books" means:

(a) books of a bank, building society or credit union,

(b) cheques, orders for the payment of money, bills of exchange and promissory notes in the possession or under the control of a bank, building society or credit union, and

(c) securities or documents of title to securities in the possession or under the control of a bank, building society or credit union whether by way of pledge or otherwise.

"Court" means the Supreme Court of New South Wales.
"Deputy Supervisor" means the Deputy Supervisor of Loan Fund Companies under this Act.
"executive officer", in relation to a loan fund company, means any person, by whatever name called and whether or not the person is a director of a company, who is concerned, or takes part, in the management of the company.
"fee", in relation to any option to acquire loan entitlement shares in a loan fund company or to any qualifying shares, loan entitlement shares or other shares in a loan fund company, includes any brokerage or commission, or any application fee, payable in connection with the granting of that option or, as the case may be, those shares and includes any management fee or service fee payable in connection with the holding of that option or those shares.
"foreign company" has the meaning ascribed to that expression by section 5 (1) of the Companies (New South Wales) Code .
"inspector" means an inspector appointed, or deemed to have been appointed, under this Act.
"issue", in relation to an advertisement, includes disseminate, circulate and distribute.
"loan entitlement shares" means shares, whether ordinary shares, redeemable preference shares or shares of any other description, which confer on the holder of the shares at the time of allotment a contingent right to receive a loan.
"loan fund company" means a company in respect of which an order made under section 14 is in force.
"loan fund scheme" means a scheme which, in substance and irrespective of its form, involves the contribution or subscription of money, directly or indirectly, by persons to a fund and confers on each of those contributors or subscribers or on each of a substantial proportion of them an entitlement to receive out of the fund at some date, whether ascertainable or not, a loan the amount of which is determined by reference to the amount of money that each contributor or subscriber has contributed or subscribed or agreed to contribute or subscribe to the fund.
"member", in relation to a loan fund company, means a person who is the holder of shares in the company.
"officer", in relation to a loan fund company, includes:

(a) a director, secretary, executive officer or employee of the company,

(b) a receiver and manager of the property or any part of the property of the company appointed under a power contained in an instrument,

(c) an official manager or deputy official manager of the company,

(d) a liquidator of the company appointed in a voluntary winding up of the company, and

(e) a trustee or other person administering a compromise or arrangement made between the company and another person or other persons,

but does not include:

(f) a receiver who is not also a manager,

(g) a receiver and manager appointed by a court,

(h) a liquidator appointed by a court, or

(i) an administrator appointed in respect of the company under section 60.

"option nomination", in relation to loan entitlement shares, means the right of the person who holds the option nomination, subject to the fulfilment of the terms and conditions on which the option nomination was granted, to acquire those loan entitlement shares, whether allotted or to be allotted, by virtue of an agreement between that person and another person who is the holder of an option to acquire those shares.
"option to acquire", in relation to loan entitlement shares, means an option conferring on its holder a right, subject to the fulfilment of the terms and conditions on which it was granted, to acquire those shares.
"penalty", in relation to a penalty imposed by a loan fund company, includes a fine.
"promote" includes advertise.
"prospectus" has the meaning ascribed to that expression by section 5 (1) of the Companies (New South Wales) Code .
"public company" has the meaning ascribed to that expression by section 5 (1) of the Companies (New South Wales) Code .
"qualifying shares" means shares, whether ordinary shares, redeemable preference shares or shares of any other description, which confer on the holder of the shares a right, subject to the fulfilment of the terms and conditions on which they were allotted, to apply for and receive an allotment of loan entitlement shares.
"recognised company" has the meaning ascribed to the expression “recognized company” by section 5 (1) of the Companies (New South Wales) Code .
"recognised foreign company" has the meaning ascribed to the expression “recognized foreign company” by section 5 (1) of the Companies (New South Wales) Code .
"records" includes books, accounts, minutes, registers, deeds, writings or documents and any other sources of information compiled, recorded or stored in written form or on microfilm, or by electronic process, or in any other manner or by any other means.
"regulations" means regulations made under this Act.
"Supervisor" means the Supervisor of Loan Fund Companies under this Act and includes the Deputy Supervisor when performing or exercising the duties, powers and authorities of the Supervisor.
"vested loan entitlement", in relation to loan entitlement shares in a loan fund company, means a right vested in the holder of those shares to obtain from the company a loan of an amount which, having regard to the memorandum and articles of association of the company or the prospectus under which those shares were allotted, is appropriate to those shares.

(2) For the purposes of this Act:

(a) the holder of loan entitlement shares in a loan fund company is deemed to have a vested right to receive a loan from the company when:

(i) the company has offered the holder such a loan, being an offer which is attributable to the holding of those shares, and

(ii) the holder has accepted the offer and the conditions (if any) subject to which the offer was made,

(b) a reference to an offer of a loan includes a reference to an invitation to apply for a loan, and

(c) a reference to the acceptance of an offer of a loan includes a reference to the making of an application for a loan in response to an invitation to make such an application.