New South Wales Consolidated Acts

REGISTERED CLUBS ACT 1976 - SECT 41N

41N Loans to members of governing body and employees

(1) A registered club must not lend money to a member of the governing body of the club.

(2) A registered club must not lend money to an employee of the club unless:

(a) the amount of the proposed loan (together with the amount of any other loan to the employee by the club that has not been repaid to the club) is $10,000 or less, and

(b) the proposed loan has first been approved by the governing body of the club.

(3) Subsection (2) (a) does not apply to any amount of money lent to the employee in accordance with the terms and conditions of the employee’s contract of employment with the registered club.