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CO-OPERATIVES NATIONAL REGULATIONS - REG 3.17
Fundraising--other requirements and restrictions for deposit-taking co-operatives (section 332)
3.17 Fundraising--other requirements and restrictions for deposit-taking
co-operatives (section 332)
(1) The purpose of this regulation is to impose other requirements and
restrictions on the obtaining of financial accommodation and the giving of
security for obtaining financial accommodation by a deposit-taking
co-operative, as contemplated by section 332 of the Law.
(2) Before a
deposit-taking co-operative first accepts money on deposit from a person after
the commencement of section 332 of the Law in this jurisdiction, the
co-operative must give to the person a disclosure statement, not more than 1
year old, containing the information in subregulation (3). Maximum penalty:
$2,000.
(3) The information for subregulation (2) is: (a) the latest
statement of the co-operative's assets and liabilities available to members;
and
(b) the latest statement of the co-operative's financial position
available to members; and
(c) the latest income and expenditure statement for
the co-operative available to members; and
(d) any other information the
co-operative considers reasonably necessary to enable a person to make an
informed assessment of the co-operative's financial prospects; and
(e) any
other information the Registrar reasonably requires to be in the statement.
(4) The first disclosure statement under this regulation must be prepared as
soon as practicable after the first annual general meeting after the
commencement of section 332 of the Law in this jurisdiction.
(5) Within 1
month after its annual general meeting, the co-operative must file a copy of
the disclosure statement with the Registrar. Maximum penalty: $2,000.
(6) The
Registrar may require a deposit-taking co-operative to give to a depositor,
within the time the Registrar decides, a document that: (a) contains all or
some of the conditions on which deposits are accepted by, or withdrawn from, a
co-operative; and
(b) acknowledges the receipt of a deposit with a
co-operative; and
(c) enables further deposits to be made adding to the
balance of an existing deposit; and
(d) enables all or part of the balance of
a deposit to be withdrawn, whether at call or on the giving of a fixed period
of notice; and
(e) acknowledges the amount of the withdrawal and the balance
remaining.
(7) This regulation does not apply to: (a) the acceptance of money
by a deposit-taking co-operative for the issue of debentures; or
(b) the
acceptance by a co-operative of a deposit of money for goods or services to be
supplied by the co-operative in the ordinary course of business.
(8)
Subregulation (2) does not apply to a deposit-taking co-operative that accepts
money on deposit after section 332 of the Law in this jurisdiction and before
the first disclosure statement is prepared under this regulation if the
co-operative gives to the person the latest available information of the type
mentioned in subregulation (3).
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