Northern Territory Consolidated Regulations

CO-OPERATIVES REGULATIONS - REG 4

The following classes of documents are prescribed as exempt documents for the purposes of paragraph (c) of the definition of debenture in section 4(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           (i)     that contains all or some of the terms and conditions pursuant to which deposits are accepted by, or withdrawn from, a co-operative;

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

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

            (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 2001) 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.