South Australian Consolidated Acts

SOUTH AUSTRALIAN CO-OPERATIVE AND COMMUNITY HOUSING ACT 1991 - SECT 28

28—Powers of a registered housing co-operative

        (1)         A registered housing co-operative may, subject to this Act and its rules—

            (a)         acquire, hold, deal with and dispose of real and personal property; and

            (b)         administer property on trust; and

            (c)         establish and operate accounts with financial institutions; and

            (d)         invest its moneys in any manner authorised by the rules of the co-operative or agreed to by the Minister; and

            (e)         borrow money; and

            (f)         give such security for the discharge of liabilities incurred by the co-operative as the co-operative thinks fit; and

            (g)         enter into contracts of employment and appoint agents to act on its behalf; and

            (h)         enter into any other contract or transaction it considers necessary or desirable; and

                  (i)         do any other thing that is contemplated by this Act, authorised by the regulations or the rules of the co-operative, or necessary or expedient for the purpose of carrying out its objects.

        (2)         A registered housing co-operative cannot dispose of real property unless authorised by special resolution of the co-operative.

        (3)         A reference in subsection (1) to the rules of the co-operative does not extend to the by-laws of the co-operative.

        (4)         A registered housing co-operative must not allow its borrowings at any particular time to exceed, in total, an amount equal to the current market value of all of its properties.

        (5)         A contravention of subsection (4) does not affect the rights of any person who has lent money to the co-operative.