CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 44C Intervention by the Registrar
CO-OPERATIVE HOUSING SOCIETIES ACT 1958 - SECT 44C
Intervention by the RegistrarS. 44C(1) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).
(1) If the Registrar is of the opinion that—
S. 44C(1)(a) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).
(a) a society has contravened this Act and, after being given written notice of the contravention by the Registrar, has allowed the contravention to continue or has again contravened this Act; or
(b) a society is trading unprofitably or has a deficiency in its net tangible asset position; or
(c) the affairs of a society are being conducted in an improper or financially unsound way—
the Registrar may, by written notice given to the society, place it under direction.
S. 44C(2) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).
(2) The Registrar may, by written notice given to the society, revoke the notice.
S. 44C(3) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).
(3) While a society is under direction, the Registrar may—
S. 44C(3)(a) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).
(a) order an audit of the affairs of the society by an auditor chosen by the Registrar at the expense of the society; or
(b) direct the society to change any practices that in the Commission's opinion are undesirable or unsound; or
(c) direct the society to cease or limit the raising or lending of funds or the exercise of other powers; or
(d) remove an officer, or all the officers, of the society from office and appoint another officer or other officers; or
(e) remove any auditor of the society from office and appoint another auditor; or
(f) give any other directions as to the way in which the affairs of the society are to be conducted or not conducted.
(4) If the society—
(a) fails, without reasonable excuse, to comply with a direction given or requirement made under this section to the extent that the society is capable of doing so; or
(b) without reasonable excuse, obstructs, hinders or resists the exercise of the Commission's powers under this section—
the society and any officer of the society who is in default each commit an offence.
S. 44C(5) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).
(5) An officer or auditor appointed under this section holds office for such term as the Registrar directs.
Penalty applying to this section:
100 penalty units and a daily penalty of not more than 10 penalty units for each day during which the default continues or imprisonment for one year, or both.
Pt 2 Div. 7 (Heading and s. 44D) inserted by No. 48/1992 s. 98.
Division 7—Supervision levy
S. 44CA inserted by No. 37/1999 s. 58(Sch. 2 Pt 1 item 8).