Northern Territory Consolidated Regulations Northern Territory Consolidated Regulations(1) This regulation applies to a co-operative that is a deposit taking co-operative.
(2) For the purposes of section 253 of the Act, a deposit taking co-operative is restricted from accepting money on deposit from persons other than its members and employees.
(3) Subregulation (2) does not apply to persons who had a current deposit or deposits with a deposit taking co-operative at the commencement of this regulation for as long as they continue to be a depositor with that co-operative.
(4) A deposit taking co-operative must provide a depositor with a copy of a current disclosure statement prior to the first deposit made by the depositor after the commencement of this regulation and, thereafter, at least once in each period of 12 months.
(5) A current disclosure statement is a disclosure statement that:
(a) has been submitted to and registered by the Registrar;
(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 256 of the Act;
(c) complies with any such direction given by the Registrar;
(d) complies with any conditions imposed by the Registrar under subregulation (7); and
(e) is not more than 12 months old.
(6) A disclosure statement that is submitted to the Registrar under subregulation (5) must contain:
(a) a statement of the assets and liabilities of the co-operative;
(b) a statement of the financial position of the co-operative;
(c) a profit and loss statement for the co-operative; and
(d) such other information as the Registrar directs.
(7) The Registrar may register a disclosure statement submitted under this regulation with or without conditions.
(8) 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 regulation 5(a).
(9) This regulation does not apply to the acceptance of money in connection with the issue by the co-operative of debentures.
(10) This regulation 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.