New South Wales Consolidated Regulations

CO-OPERATIVES REGULATION 2005 - REG 19

19 Fund raising to be in accordance with Act and regulations

(1) This clause applies to a co-operative that is a deposit taking co-operative.

(2) For the purposes of section 263 (1) of the Act, a deposit taking co-operative is restricted from accepting money on deposit from persons other than its members.

(3) A deposit taking co-operative must provide a depositor with a copy of a current disclosure statement before the first deposit is made by the depositor after the commencement of this clause and, afterwards, at least once in each period of 12 months.

(4) A current disclosure statement is a disclosure statement that:

(a) has been submitted to and registered by the Registrar, and

(b) has not, within 23 days after the date on which it was submitted to the Registrar, been the subject of a direction by the Registrar under section 264 of the Act, and

(c) complies with any such direction given by the Registrar, and

(d) complies with any conditions imposed by the Registrar under subclause (7), and

(e) is not more than 12 months old.

(5) A disclosure statement that is submitted to the Registrar under subclause (4) must contain:

(a) a current balance sheet of the co-operative, and

(b) a current income statement for the co-operative, and

(c) such other information as the Registrar directs.

(6) The Registrar may register a disclosure statement submitted under this clause with or without conditions.

(7) The Registrar may require a deposit taking co-operative to give to a depositor, within such time as the Registrar may determine, a document of a kind referred to in clause 4 (a) of this Regulation.

(8) This clause does not apply to the acceptance of money in connection with the issue by the co-operative of debentures.

(9) This clause does not apply to the acceptance by a co-operative of a deposit of money in connection with goods or services to be supplied by the co-operative in the ordinary course of business.