South Australian Consolidated Acts South Australian Consolidated Acts (1) Where a registered
housing co-operative issues investment shares, it
must establish an account, to be called the "share capital account", at an
ADI.
(2) On the issue of
any investment shares by the co-operative, the co-operative must credit the
amount paid on the shares to the share capital account.
Maximum penalty: $10 000.
(3) If the
co-operative is a subsidised co-operative, the co-operative must, subject to
the regulations, within one month after an amount is credited to the
share capital account—
(a)
transfer the amount to SAHT (to be held by SAHT in an appropriate account);
and
(b)
furnish SAHT with such information relating to the shares as SAHT may require.
Maximum penalty: $10 000.
(4) If the
co-operative is not a subsidised co-operative, the co-operative may, subject
to the regulations, use any amount credited to the share capital
account—
(a) in
satisfying any liability of the co-operative on the redemption or cancellation
of any shares of the co-operative; or
(b) to
any other purpose authorised under the rules of the co-operative or approved
by the Minister.