New South Wales Consolidated Regulations

CO-OPERATIVES REGULATION 2005 - REG 4

4 Definition of “debenture”-exempt documents

The following classes of documents are prescribed as exempt documents for the purposes of paragraph (c) of the definition of "debenture" in section 5 (1) of the Act:

(a) a passbook or other document:

(i) that contains all or some of the terms and conditions pursuant to which deposits are accepted by, or withdrawn from, a co-operative, and

(ii) that acknowledges the receipt of a deposit with a co-operative, and

(iii) that enables further deposits to be made at any time adding to the balance of an existing deposit, and

(iv) that enables the withdrawal of the whole or part of the balance of a deposit, whether at call or on the giving of a fixed period of notice, and

(v) that acknowledges the amount of the withdrawal and the balance remaining,

(b) a document acknowledging a debt incurred by a co-operative:

(i) in the ordinary course of carrying on so much of a business as neither comprises, nor forms part of, a business of borrowing money and providing finance, and

(ii) in respect of money that is or may be deposited with or lent to the co-operative by a person in the ordinary course of a business carried on by the co-operative,

(c) a document that is issued by a company and that constitutes evidence of a debt owed by the company to a co-operative that is a holding company (within the meaning of the Corporations Act) of the company,

(d) a document that is issued by a co-operative and that constitutes evidence of a debt owed by the co-operative to a body corporate that is a subsidiary of the co-operative.