South Australian Consolidated Acts

SOUTH AUSTRALIAN CO-OPERATIVE AND COMMUNITY HOUSING ACT 1991 - SECT 64

64—Financial transactions

        (1)         SAHT may, as a condition to entering into a transaction with a registered housing co-operative that involves the provision or expenditure of money by SAHT, or the acquisition, construction, development or improvement of premises by or for the benefit of a registered housing co-operative, require the co-operative to enter into an agreement with SAHT that contains (with or without modification or addition) one or more terms prescribed by the regulations for the purposes of this Division.

        (2)         An agreement under subsection (1)—

            (a)         must provide for its review on a periodical basis; and

            (b)         may be altered by agreement between SAHT and the co-operative.

        (3)         If a registered housing co-operative fails to comply with the terms and conditions of a transaction between SAHT and the co-operative, the transaction is voidable at the option of SAHT.

        (4)         Where SAHT avoids a transaction, SAHT may—

            (a)         take steps to enforce any relevant charge under Division 4;

            (b)         recover from the co-operative any outstanding amount, together with compensation for any loss or expenses suffered or incurred by SAHT, as a debt due to SAHT by action in a court of competent jurisdiction.