Victorian Consolidated Legislation

Co-operative Housing Societies Act 1958 - SECT 44D

Supervision levy

44D. Supervision levy





(1) The Registrar may determine that an amount is to be paid to it by
societies as a supervision levy.



(2) The amount of the levy may be fixed by the Registrar as-

   (a)  a specified amount;

   (b)  a specified percentage of an amount determined by the Registrar either
        by reference to the amounts of reserves, obligations and debts of the
        society or to any other factors relating to the funds or business of
        the society as the Registrar determines as at a date specified by the
        Registrar; or

   (c)  both a specified amount and such a specified percentage.

(3) The Registrar may require the supervision levy to be paid in one amount or
by instalments which may include an amount for interest at a rate fixed by the
Registrar.

(4) The supervision levy must be paid by the society within 30 days of being
notified by the Registrar by notice in writing of the amount that is payable.



(5) If a society is in default in payment of the supervision levy-

   (a)  interest accrues on the amount outstanding from the date of default at
        the rate specified by the Registrar; and



   (b)  the Registrar may recover any amount outstanding together with
        interest accrued as a debt in a court of competent jurisdiction.



(6) The Registrar may on the application of a society-

   (a)  vary the amount of the levy payable by the society; or



   (b)  vary the period within which the levy is to be paid; or

   (c)  exempt the society from payment of the levy.

(7) The amount paid by a society as a supervision levy is to be treated as an
expense in the accounts of the society.

(8) The Registrar must consult the Committee before making a decision under
this section.

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