Australian Capital Territory Numbered Regulations

CO-OPERATIVE SOCIETIES REGULATIONS (AMENDMENT) (NO. 1 OF 1986) - REG 1

“2AC. The amount prescribed for the purposes of section 14AD of the Ordinance is $20,000.

“2AD. Where a building society has a contingent liability for loss relating to any of its activities, not being a contingent liability relating to—

        (a)     the sale or disposal of bills of exchange or promissory notes pending maturity of the instrument;

        (b)     the sale or disposal of mortgage-backed securities pending maturity of the security;

        (c)     loans approved by the society but not advanced;

        (d)     agreements by the society to acquire assets; or

        (e)     guarantees by the society on behalf of members secured by funds held to credit by the society,

the requirement that the society shall maintain such additional capital as is calculated by multiplying the amount of that contingent liability by 50 per cent is, for the purposes of sub-paragraph (a) (ii) of the definition of ‘minimum amount' in sub-section 14CG (1) of the Ordinance, prescribed as an additional requirement to be complied with by the building society in connection with the minimum amount of capital to be maintained by it.

“2AE. (1) For the purposes of the definition of ‘weighted amount' in sub-section 14CG (1) of the Ordinance, each of the classes of assets specified in column 2 of Schedule 2 is a prescribed class of assets of a building society.

“(2) For the purposes of the definition of ‘weighted percentage' in sub-section 14CG (1) of the Ordinance, the percentage specified in column 3 of an item in Schedule 2 is the percentage prescribed in relation to the class of assets specified in column 2 of that item.

“(3) In Schedule 2—