New South Wales Consolidated Regulations

CO-OPERATIVES NATIONAL REGULATIONS - REG 3.16

3.16 Fundraising--requirements or restrictions on who can deposit money with deposit-taking co-operatives (section 332)

(1) The purpose of this regulation is to impose requirements or restrictions on the obtaining of financial accommodation by a deposit-taking co-operative, as contemplated by section 332 of the Law, as regards the persons from whom deposits of money may be accepted.

(2) A deposit-taking co-operative must not obtain financial accommodation by accepting deposits of money from persons other than its members and employees.

Maximum penalty: $2,000.

(3) Subregulation (2) does not prevent a person whose money was deposited with the co-operative immediately before the commencement of section 332 of the Law in this jurisdiction from continuing to deposit money with the co-operative.