New South Wales Consolidated Acts

LOAN FUND COMPANIES ACT 1976

- As at 28 July 2021 
- Act 94 of 1976 

TABLE OF PROVISIONS

           Long Title

   PART 1 - PRELIMINARY

   1.      Name of Act
   2.      Commencement
   3.      (Repealed)
   4.      Definitions

   PART 2 - ADMINISTRATION

   5.      Supervisor
   6.      Deputy Supervisor
   7.      Inspectors
   8.      Delegation
           9-11. (Repealed)

   PART 3 - CONDUCT OF LOAN FUND SCHEMES

   12.     Operation etc of loan fund schemes prohibited except by certain persons
   13.     Restrictions on use of certain descriptions

   PART 4 - MANAGEMENT AND OPERATION OF LOAN FUND COMPANIES

           Division 1 - Power to declare public companies etc to be loan fund companies

   14.     Power of Minister to declare public company etc to be a loan fund company subject to this Act

           Division 2 - Obligations etc of loan fund companies

   15.     Certain persons prohibited from managing etc affairs or activities of loan fund company
   16.     Loan fund company not to discriminate against or in favour of persons
   17.     Allocation of loan priority numbers
   18.     Register of loan priority numbers
   19.     Offers of loans to holders of loan entitlement shares in loan fund companies
   20.     Loan fund company to publish certain information
   21.     Register of option holders
   22.     Additional requirements with respect to register of members
   23.     Returns
   24.     Loan fund company etc to provide information in certain cases
   25.     Powers of company with respect to fees and penalties

           Division 3 - Provisions relating to funds of loan fund companies

   26.     Borrowing powers of loan fund company
   27.     Investment of surplus funds
   28.     (Repealed)

           Division 4 - Other provisions relating to operation of loan fund companies

   29.     Loan fund company not to represent or indicate that it has special status
   30.     Liens over options and shares
   31.     Certain provisions of memorandum or articles of association of loan fund company void

   PART 5 - RIGHTS WITH RESPECT TO SHARES AND OPTIONS TO ACQUIRE SHARES IN LOAN FUND COMPANIES

           Division 1 - Rights of persons acquiring shares and options

   32.     Interpretation for the purposes of this Division
   33.     Enforcement of contracts with respect to allotment etc of shares in loan fund company conditional on compliance with certain requirements
   34.     Requirements as to contracts
   35.     Right of cancellation
   36.     Effect of cancellation
   37.     No contracting out
   38.     Offence for loan fund company to fail to repay money

           Division 2 - Rights of shareholders and optionholders to attend and vote at meetings

   39.     Voting rights attaching to options and shares and rights of holders thereof to attend and vote at general meetings of a loan fund company

           Division 3 - Transmission and transfer of shares and options

   40.     Rights of transferees etc of shares and options

           Division 4 - Forfeiture or surrender of shares and options

   41.     Application of Division
   42.     Forfeiture of options and shares
   43.     Surrender of options and shares
   44.     Money from forfeited or surrendered options or shares to be transferred to a reserve
   45.     Register of forfeitures and surrenders to be kept
   46.     Payment of amounts by loan fund company in respect of forfeited or surrendered options and shares etc
   47.     Cancellation of options and shares
   47A.    Distribution of surplus funds

   PART 6 - SPECIAL POWERS WITH RESPECT TO THE SUPERVISION OF LOAN FUND COMPANIES

           Division 1 - Inspections

   48.     Powers of inspection

           Division 2 - Inquiries

   49.     Interpretation for the purposes of this Division
   50.     Power to hold inquiry
   51.     Procedure with respect to holding of inquiry
   52.     Report of Supervisor
   53.     Further powers of Supervisor after inquiry
   54.     Privileged communications
   55.     Expenses of inquiry
   56.     Concealing etc of records

           Division 3 - Powers to control prospectuses and advertising, to suspend acceptances of money and to appoint administrators

   57.     Powers of Supervisor with respect to prospectuses
   58.     Powers with respect to advertising
   59.     Power to suspend the acceptance of money by loan fund companies
   60.     Appointment and powers of administrator
   61.     Holding of meeting for appointment of directors
   62.     Expenses of administration
   63.     Liability for losses incurred during administration
   64.     Right of appeal against direction under section 59 and against appointment of administrator

   PART 7 - MISCELLANEOUS PROVISIONS

           Division 1 - Proceedings

   65.     Offence to obstruct Supervisor etc
   66.     Proceedings for offences
   67.     Liability of directors etc for offences by corporation--accessory to the commission of the offences
   68.     Evidence

           Division 2 - Other matters

   69.     Report to Parliament
   70.     Inspection of documents etc
   71.     Regulations
   72.     Special provisions with respect to winding up of loan fund companies
           SCHEDULE 1
           SCHEDULE 2