Victorian Consolidated Legislation

Co-operative Housing Societies Act 1958 - SECT 5

Objects of society

5. Objects of society



(1) A co-operative housing society may be formed for all or any of the
following objects-

   (a)  to enable each of its members-

   (i)  to purchase land and to erect a dwelling-house thereon; or

   (ii) to erect a dwelling-house on land already owned by him; or

   (iia) to erect a dwelling-house on Crown land leased by him for a term of
        not less than 50 years being Crown land within an area approved by the
        Governor in Council for the purposes of this Act;

   (iii) subject to section thirty-four of this Act to purchase land upon
        which is situated a dwelling-house; or

   (iiia) to maintain and keep in proper repair his dwelling-house; or



   (iv) where the approval of the Governor in Council given after
        consideration of a report by the registrar is first obtained-to
        discharge a mortgage held by another society upon any land; or

   (v)  to discharge a mortgage or any other charge or security over or
        affecting any land which mortgage charge or security was granted or
        executed by the member in question in anticipation of the society's
        making an advance to him and with the approval of the registrar to the
        making of the advance; and

   (b)  for all or any of those purposes to make advances to its members upon
        the security of freehold property or a lease for a term of not less
        than 50 years of Crown land within an area approved by the Governor in
        Council for the purposes of this Act.

(2) In this section purchase includes the completion of a purchase under an
existing contract of sale and the discharge of a mortgage within the meaning
of the Sale of Land Act 1962, given to a vendor or other person pursuant to
the provisions of section four of that Act.