South Australian Consolidated Acts

SOUTH AUSTRALIAN CO-OPERATIVE AND COMMUNITY HOUSING ACT 1991 - SECT 60

60—Prohibition of charges on shares

        (1)         The holder of investment shares in a registered housing co-operative must not create a charge over the shares unless—

            (a)         the charge is in favour of a prescribed person, or a person of a prescribed class; and

            (b)         the charge is created for a purpose authorised by the regulations; and

            (c)         the charge is created in accordance with the regulations.

        (2)         A charge over a share created in contravention of subsection (1) is void.