ACT Numbered Regulations - Explanatory Statements

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CO-OPERATIVE SOCIETIES REGULATIONS (AMENDMENT) (NO. 25 OF 1986)

AUSTRALIAN CAPITAL TERRITORY


CO-OPERATIVE SOCIETIES REGULATIONS (AMENDMENT) 1986


EXPLANATORY STATEMENT


No. 25 of 1986

The Co-operative Societies (Amendment) Ordinance (No 4) 1986 widened building societies’ powers to invest in, inter alia, corporations.

Schedule 2 to the Co-operative Societies Regulations sets out the maximum percentages of the assets of a building society which may be devoted to various kinds of investment. The Co-operative Societies Regulations (Amendment) 1986 alters Schedule 2 to set out the percentages of its assets that a society may invest in the share capital of a subsidiary corporation. These are:

- where the corporation is engaged exclusively in providing administrative or financial services, 10%, as before;

- in any other case, 20%.







Reg. 27/1986
Authorized by the Minister of State for Territories