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©State of Queensland
[Reprinted as at 1 July, 19801
Commenced 1 h4arch 1975 (Proc. pubd. Gaz. 16 November 1974, p. 1083).
An Act to Regulate the Formation, Registration and Maaiagemcnt of Co-operative Housing Societies and to Authorise the Execution by the Treasurer of Certain Guarantees relating to such Societies, and for other purposes
[Assented to 28 April, 1958.1 E IT IENAaED by tho Queen’s Most Excellent Majesty, by and with the advice and consent of the Legislative Assembly of Queensland in Parliament assembled, and by the authority of the same, as follows:-
PART I-PRELIMINARY
onre titlle. This Act may be cited as The Co-operative HoI;~IsEI%~ Societies Act of 19
a This Act shall came into operation on a date to be fixed by the Governor in Council by Proclamattion published in the Gazette, which date is hereinafter in this Act referred to as the commencement of this Act.
Nothing in this Act shall bc read and cmstrued
SO as to limit lthe ‘operation and e f k t of The State Housing Acts, 1945 to 1957, The Workers’ Homes Acts, 1919 to 1957, The Building Societies Acts, 1886 to 1956, The Co-operative Societies Acts, 1946 to 1951, The Primary Producers’ Co-operative Associations Acts, 3 923 to 1934, The Commonwealth and State Housing Agreement Acts, 1945 to 1955, The Commonwealth and State Housing Agreement Act of 1956, The State Advances Corporation Buildings Improvement Act of 1932, The State Housing dielief Acts, 1930 to 1934, and The Discharged Soldiers’ Settle- ment Acts, 1917 to 1957, except that the provisions of sections twenty-two
2 ss.2,3 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1 974
and twenty-three of The Primary Producers’ Co-operative Associations Acts, 1923 to 1934, shall nolt apply to lor in respecit of a society formed and registered under this Aot.
Commenced 19 June 1958 (Proc. pubd. Gaz. 21 June 1958, p. 1574).
Collective title conferred by Act of 1974, No. 57, s. 8 Sch.
d e of Act. This Act is divided into Parts and a PART I-PRELIMINARY;
PART 11-OBJECTS AND POWERS OF SOCIETIES;
PART IV-MEMBERS, SHARES AND FUNDS;
PART VI-ADMINISTRATION;
PART VIPA-LOANS FROM MANAGEMENT FUND;
PART VIII-EVIDENCE, OFFENCES AND REGULATIONS;
PART 111-FORMATION AND REGISTRATION OF SOCIETIES;
PART V-DUTIES, MANAGEMENT AND RULE§;
PART VII-GUARANTEES AND PRIVILEGES;
SCHEDULE-SQCIETIES BRQUGHT U N D E R THIS ACT.
As amended by Act of 1967, No. 6, s. 3 (as from 1 July 1967).
d n Societies ~ r Q6un ~er this ~ ~ tAct. Each society registered under The CoLoperative Societies Acts, 1946 to 1951, mentioned in the Schedule to this Aot shall be deemed to have been formed and registered under this Act as from the date of incorporation mentioned in respect thlereof in the said Schedule and every such society shall within threle mionths from the oommeacement of this Act make and apply to have registered such amendments, if any, of its rules as are in the opinion of the registrar necessary to bring the rules into oonformity with the provisions of this Act applicable to slocieties focmed and regisltered hereunder.
(2) Savings. Subject to subsection four of this section, tall persons, instruments and circumstances appointed, executed lor created under any other Act by the societies mentbned in i ~ e Schedule afofresaid, before the commencement of this A&, shall under and subject to this Act continue to have the same status, operation and effect as they respeotively would have had if this Aot had not colme into operation.
( 3 ) In particular and without li’miting the generali’ty of the preceding subsection any reference to The Co-operative Societies Acts, 1946 to 1951, in any deled, agreement, mortgage, security, cfertificate or rule executed, given or issued or subsisting or continuing in relation to the societies mentioned in the Schedule aforesaid shall be read and construed as a reference to this Act.
e. Each of the societies mentioned in the Schedule aforesaid shall deliver to the registrar for can- cellation the subsisting certificate of incorporation and he shall thereupon issue in lieu thereof a certificate of incorpolration under and in accordance with the provisions of this Act.
CO-OPERATIVE HOUSING SOCIETIES ACT 195 8-1 974 s. 4 3 4. ~ ~ ~ e ~ ~ ~ t ~ t i ~ l ~ . In this Act unless the context otherwise indicates or requires, the following terns shall have the meanings resptively assigned to them, that is to say:-
“Approved dwelling-house” means a dwelling-house the conversion of which into flats or tenements has been approved by the Local Authority in whose Area it is situated and approved for such conversion by the registrar;
“Approved standard” means a standard of construction and equip- ment approved by the registrar;
“’Board” means the board of directors of a society;
“Co-operative housing society” means a society of persons- (a) Which is formed for all or any of the objects referred to
in section six of this Act;
(b) Which has under its rules a share capital either divided into shares all of one class and ranking equally, or divided into two classes of shares designated as ordinary shares and borrowers’ shares with the shares in each class ranking equally with the shares of the same class and each class of shares having such rights as are specified in the rules of the society; and
(c) Which under its rules is to terminate on a specified date or when a specified object is attained or a specified event occurs,
but does not include any society in which the order of advances to members is determined solely or partly by the drawing of lots;
welling-house” means a structure for human habitation by a single family unit;
“First pay” means the day fixed by the board of a society for the first regular payment of the subscriptions and charges which a member is required by the rules to pay in respect of his membership and on and from which day the payment of such subscriptions and charges by all members shall become due and payable;
“General meeting” means a meeting of which due notice has been given in accordance with the rules of the society, which may be attended by all members of the society and at which, subject to any restrictions imposed by this Act and the rules of the society, all members shall have a right of voting;
(a) In fee-simple or other estate of freehold under a deed of grant or certificate of title under and subject to the provisions ‘of The Red Property Acts, 1861 to 1956;
(b) Under lease in perpetuity, or under lease or in course of purchase where the lessee 0.1- purchaser has a right to acquire the fee-simple, under and subject to the provisions
“Land” means any land held-
4 s. 5 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974 of The Lmd Acts, 1910 to 1957, The State Housing Acts, 1945 to 1957, or The Workers’ Homes Acts, 1919 to 1957; or
(c) Under Miners’ Homestead Lease or Miners’ Homestead P’erpetual Lease under anld subject to Tlze Miners’ Home- stead Leases Acts, 1913 to 1957, ‘or as a ‘resid’ence area under and subject to The Mining Acts, 1898 to 1955;
“ m c e r ” , in relation to a society includes director, secretary or other person empowered under the rules to act or give directions in regard to the business or affairs of a society;
ans the Treasurer and Minister for ister of the Crown for the time being a t” means Part of this Act;
cribed” means prescribed by this Act or by the regulations made under this Act or (where the case so requires) by the rules of a society;
“Registrar” means the egistrar oif CO-o ousixag Societies appointed under this Act, and includes any person for the time being discharging the duties of the office of registrar;
“Rules” means the rules of a society for the time being in force;
“Security” means a. mortgage (legal or equitable)
,
encumbrance, charge, lien, bond, debenture, debenture stock, floating charge, bill of sale, lien on wool, mortgage of livestock, lien on crops, or other written instrument duly issued or granted as or by way of security by or to a society;“Society” means a co-operative housing society formed and registered, or deemed to be formed and registered, under this Act;
‘‘Special resolution” means a resolution which is passed by a majority of not less than three-fourths of such members of a society for the time being entitled under the rules to vote as have voted in person at a general meeting of which not less than twenty-one days’ notice, specifying the intention to propose the resolution as a special resolution, has been duly given according to the rules.
PART 11-OB JECTS AND BOWERS OF SOCIETIES
~~s~~~ saacieties to operative housing society
d registered, or deemed to be folrmed and registered, under this Act.
cis. Any society forme$ and registmeld, or deemed to be formed and registered, under this Act shall not b1e requi’red to be registered or incorporated under The Conzlganies Acts, 1931 to 2955, The CO-opercztive Societies Acts, 1946 to 3951, or
~~~~i~~ of certain other
CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974 s. 6 5 The Building Societies Acts, 1886 to 1956, and, except as is expressly provided in this Aot, none of the provisions of those Acts, or any of them, shall apply to solcisties formed and registered, or deemed to be
&s of a society. (1) A co-operative housing society inay be formed m d registered under this Aot for all or any o€ the following objeots :
-
(a) To enable a member who is the holder of shares entitling (i) To acquire land and to erect a dwelling-house thereon;
(ii) To erect a dwelling-house on land whereof he is the owner; or
(iii) To acquire land upon which is situated a dwelling-house thzt has been erected after the thirty-first day of Decernbler 1929 or such oither date as is specified for the time being by the Governor in Council by Order in Council; or (iv) To convert an approved dwelling-house into fiats or
tenements of an approved standard;
(b) For all or any of those purposes to make advances to its members upon the security of land, including improvements thercon; and
(6;) To do all such other things as in the opinion of the registrar are calculated to promote the economic interests of the members of the society in relation to the objects specified in paragraph (a) of t h i s subsection.
The Governor in Council may from time to time by Order in Council fix a date in substitution of the date specifiad in provision (iii) of subparagraph (a) of the first paragraph of this subsection and this subsection shall, while such #an Order in Council continues in foroe, apply subjeot thereto.
(a> “Acquire” includes the completion of a purchase under an existing contract of sale but does not include the payment of money in order to discharge an existing mortgage or similar security;
(b) “Erect” includes complete the erection of a dwelling-house whereof the foundations, footings, framework or any other portion had already becn constructed or commenced, and the adding of one or more rooms or other permanent improvements to a dwelling-house in respect of which an advance had previously been made by the society in question;
and
(c) In the case of land held from the Crown for a lesser estate than freehold, “owner” includes the person so holding that land.
registered, under this Aot.
him to borrow from the society-
O r
( 2 ) In this section-
As amended by Act of 1973, No. 68, s. 5 (1) (a).
,6 SS. 6 ~ - 9 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974
6 ~ . (Repealed).
Repealed by Act of 1973, NO. 68, s. 5 (1) (b).
to raise money on loan. A society may, subject to this Act and its rules, raise money on loan for thle objects of the society.
PART ILL-FORMATION AND REGISTRATION OF SOCIETIES ity. A society shall be formed with limited liability.
A society may be formed by any not under the age of !eighteen years and who are eligible under this Act and the rules as later approved and regisltered to be members of the society.
( 3 ) A society shall not ble registered unless there has been a meeting )at which there have been present twelve )or more such persons and of which noitice of the date, ltime and place for the meeting and of the purpose of the meeting has been given by advertisement published in a newspaper circulating in the Ilocality in which it is proposed to form the society at least two weeks before thle meeting.
(4) At the meeting there shal be presented-
(a) A written statement showing the objects of the society, the ways and means by which the society is io be financed, and the reasons for believing that, when registered, the society will be able to carry out its objects successfully;
and
( b ) The rules which it is proposed to tender for registration.
( 5 ) (Repealed).
( 6 ) If, at the meeting, &Iter consideratilon of the statement and rules, twelve o!r more such persons as afwesaid approve the rules with or wisthout amendment and sign an application for membership, they shall proceed Qt )elect Ithe first direcitors of the sociaty in accordance with the rules so approved:
Provided that if the proposed rules provide for both ordinary shares and borrowers' shares, not more than seven of the aforesaid persons who sign applications for membership shall do so as applicants for ordinary shares.
As amended by A d of 1961, No. 1, S . 2; Act of 1974, No. 57, s. 8 Sch.
~~~~~~n oif a scpdedy. (1) Within two months after the deotion of directors an application shall ble made in the prescribed manner to the registrar for the registration of the society and such appliciation shall be accompanied by-
(a) A statutory declaration or statutory declarations by the persons who acted as chairman and secretary of the meeting as to the compliance with the requirements of section eight of this Act;
CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1 974 9.9
( b) A copy of the statement presented to the meeting for the formation of the society, signed by the persons who acted as the chairman and secretary of the meeting;
(c) Four copies of the proposed rules signed by not less than twelve applicants for membership each of whom is not under the age of twenty-one years and each of whose signatures shall be attested by a witness;
( d ) A list containing the full name and the occupation and address of each person elected a director;
(e) A list containing the full name and the occupation and address of each applicant for membership and the number and class of shares applied for by each such applicant; and ( f ) Such other particulars as are prescribed.
(2) The statutory declaration or statutory declarations mentioned in subsection one of this section may be accepted by the registrar as sufficient evidence of compliance with the requirements of section eight of this Act.
( 3 ) Where before the expiration of the period of two months referred to in subsection one of this section a request in writing for the extension of that period is lodged with the registrar and the registrar is satisfied that circumstances beyond the control of the society have precluded and will preclude the making of the application for registra- tion within the said period of two months, the registrar may if he thinks fit, by writing, extend the period for the making of the application by such further period (not exceeding one month) as he thinks proper, and in any such case the making of the application within such further period shall be deemed and taken to be in compliance with the provisions of this Act.
(4) If the registrar is satisfied that the society has complied with the provisions of this Act, that the proposed rules of the society are in conformity with this Act and are suitable and sufficient for the purposes of the society, and do not impose any unreasonable or inequit- able condition affecting the rights of members or any inequitable pro- vision relating to the settlement of disputes, and that there are reasonable grounds for believing that the society will be able to carry out its objects successfully, the registrar may register the society and its rules and issue a certificate in the prescribed form to the effect that the society is incorporated under this Act.
(5) If the registrar is not satisfied that the society has complied with the provisions of this Act, or is of opinion that the rules of the society are not in conformity with this Act or are unsuitable or iiisuEcient for the purposes of the society, or impose any unreasonable or inequitable condition, affecting the rights of members, or any inequitable provision relating to the settlement of disputes, OF has reasonable grounds for believing that the society will be unable to carry out its objects success fully, he shall refuse to register the society.
8 ss. 10,11 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974
ILf the registrar refuses to register the society, the applicants for registration shall have a right of appeal to the Minister who may uphold the decision of the registrar or may direct the registrar to register the society and its rules and issue a certificate in the prescribed form to the effect that the society is incorporated under this Act.
determination by the Minister shall be final and shall not be quashed or called in question in any proceeding whatsoever.
( 6 ) The expenses of and incidental to the formation of the society A certificate of ce that all the requirements of this Act in Fespeclt of registration and matters precedent or incidental therleto have been colmpliad with.
From the date of incorporation mentioned in the certificate of incorporation the society shall be a body corporate by the name under which it is registered, with perpetual succession and a common seal, and shall be capable in law of suing and being sued in its corporate name and of acquiring, holding, leasing and disposing of property, real and personal, movable and immovable and of doing and suffering all such other things as are necessary for the purposes of its constitution.
s of ~~~~~~~~~~ (1) A society may noit be registered by a
nam with Ithat by which a society is already registered or so nearly resemblling that namse, or the name by which any body or association of persons is regkitered under any gothler Act or law of this State, as in the opinion of the registrar is calculated to deceiw or is likely to mislead the public as to the identity of the society or ithe nature of its business:
Provided that a society having the same registered office as a society or societies alr registered may with the consent in writing of the board or boards e society or societies already registered adopt the same or a similar name distinguished by a serial number.
(2) A society shall not be registered by a name which includes any of the following words, namely:-“Royal”, “King”, ‘Qu
“Imperial”, “Empire”, “Common~ealth)~, “’State9’, or
‘
any word in the opinion of the registrar signifying Royalsupport or patronage, or any word or matter in the opinion of the registrar used in such a manner as would imply, or be likely to imply, that the society is or would be lly or partly authorised or supported by or connected with any of He esty’s dominions, unless consent has been given to the use of such name by the Governor in Council or by Royal Charter.
(3) The name of a society shall include the words “co-operative housing society” as part of the name and the word “‘limited” as the last word of the name.
(4) If a society through inadvertence or otherwise is registered by a name identical with that by which a society is already registered, or so nearly resembling that name or the n m e by which any body or may be paid either out of capital or out of income.
CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974 s.12 9 association .of persons is registered under any other Act or law of this State as in the opinion of the registrar to be calculated to deceive, or to be likely to mislead the public as to the identity of the society or the nature of its business, or which is prohibited by subsection two of this section the society shall, if the registrar so directs, change its name.
( 5 ) A society may change its name by special resolution, provided that the new name does not contravene any provision of subsection two of this section and is not identical with that of any society previously registered and still subsisting, or SO nearly resembling that name or the name by which any body or association of persons is registered under any other Act or law of this State as in the opinion of the registrar to be calculated to deceive, or to be likely to mislead the public as to the identity of the society or the nature of its business, unless the subsisting society or body or association of persons is in course of being up and consents in writing to the registration or unless the proviso to subsection one of this section applies in the case.
( 4 ) Notice in writing of any change of name, together with the certificate of incorporation, shall be sent to the registrar within such time after the gassing of the special resolution as is prescribed.
(7) The registrar shall register the change of name and shall cancel the former certificate and issue a new certificate of incorporation in the prescribed form.
(8) The change of name shall be advertised as prescribed.
(9) The change of name shall not affect the identity of the society or any right or obligation of the society or of any member or other person, or render defective any legal proceedings by or against the society.
( I Q ) Any legal proceedings that might have been continued or commenced by or against the society by its former name may be continued or commenced by or against it by its new name.
(11) Any reference in any share certificate, security, agree contract, deed or other document, instxunaent, or writing whatsoever to the society by its former name shall, on and from the date on which the new certificate of incorporation is issued, be read as a reference to the society by its new name.
on of a socic~ty. (1) NO fee shall be chargeable for thle registration of a society or of its rules where the society adopts as its rules the prescribled model rules, or for any amendment of the rules made in consequence of any alteration of those model rules.
(2) A society which lodges for registration rules which are not in conformity with the context or arrangement of the model rules or applies for the registration of an amendment of rules other than in consequence of an alteration of the model rules shall pay with the application for such registration the prescribed fees.
10 8.13 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974
PART IV-MEMBERS, SHARES AND FUNDS
13. of societies. (1) The members of a society which is formed U Aclt shall be the persons who sign (the application for membiership on the formation of the slociety, and any ofther persoas who are admitted it0 membership in accordance with this Act and the rules of the solciety.
(2) Unless oitheiwise provided by the rules, any person who is of the age (of eighteen pears and over shall subjeot to this Acit be eligible to be a member of a society.
( 3 ) (Repealed).
(4) (Repealed).
(5) A person shall not at any one time be a member of more than one society unless before becoming a member of a society (other than the o m of which he is firsit a member) be obltains Ithe oonseat in writing of the registrar:
Provided that in the case of a person lawfully a member of more than one of the societies mentioned in the Schedule to this Act before the commencement of this Act nothing in this subsection shall be deemed-
( a ) To require any consent of the registrar to his membership of ( b ) To render his membership of any such society unlawful:
Provided further that nothing in this subsection shall apply to or in respect of any person becoming or being registered as the holder of shares in any society as executm or administrator of a deceased member.
(6) No rights olf membership shall be exercised by any member until he has made such payment to the society in respect of membership or acquired such share or interest as is provided in the rules of the society in that behalf.
p. A person shall cease to be a member of a society in any of the following circurnslttancses, (that is to say:-
(a) Where his shares are transferred to another person in accord- ance with the rules of the society and the transferee is registered as holder in his place;
( b ) Where his shares are forfeited in accordance with the rules of the society;
(c) Where his shares are sold by the society under a power conferred by the rules of the society and the purchaser is registered as holder in his place;
(d) Where he becomes bankrupt or insolvent under any law relating to bankruptcy or insolvency and the official receiver or assignee disclaims in accordance with the provisions of such law;
(e) On death: Provided that the estate of the deceased person shall remain liable and his executor or administrator shall be and may be registered as the holder of the shares as such any of those societies; or
CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974 s. 14 11
executor or administrator (whether eligible to be a member of the society or not) until some eligible person is registered as the holder of the shares by transfer from the executor or administrator ;or until the shares are withdrawn or discharged in accordance with this Act and the rules of the society, and while any such executor or administrator is so registered he shall be deemed to be and shall have the rights and obligations of a member of the society for all purposss other than voting at meethgs of the society and becorning a director thereof;
( f ) Where the contract of membership is rescinded by order of the Supreme Court or a judge thereof on the grounds of misrepresentation or mistake;
(8) Where he ceases to be a member in accordance with of the society;
( h) Where the value of his shares is repaid or a refund in respect of his subscriptions is made to him in accordance with the rules of the society.
here shares are held by the executor or administrator of a deceased member, the board may in its discretion by notice in writing to the executor or administrator call upon him to transfer the shares to an eligible person or to withdraw or discharge the shares within six months after receipt of the notice or within such further time as the board may in any particular case allow, and unless the shares are so transferred, withdrawn or discharged they n a y at the discretion of the boar forfeited and dealt with as forfeited shares in accordance with this Act and the rules of the society.
As amended by Act of 1962, No. 6, s. 2 (as from 1 July 1967); Act of 8957, No. 6 , s. 4; Act of 1974, No. 57, s. 8 Sch.
em. Every member shall be liable to the society for the amount unpaid on the shares held by him, together with m y charges and other moneys payable by him to lthe society as
A G ~ or the rules of the socielty.
0% ers in re to1 whom an advancse
sanction of the society taken out with some insurance or assurance company or society approved for ithis puffpoise by the registrar (in this section called “the approved insurer”) a policy of insurance to provide for the payment to the society by the approved insurer, in the event of the dceath of ithe member, of a sum of money for or towards the discharge of the member’s mortgage debt to the society, then the society shall be empowered to reoeive from the member the premiums payable by him in respect of that policy ‘and to pay them to the approved insures and, if ;the member defaults in payment of any such premium, to make payment thereof to the approved insurer (411 the member’s behalf and to recover the amount therelof from thle member, and any amount so paid by the society on behalf of a member shall be a debt due from the mernb’er to the society and the provisions of this Aot shall apply in relation thereto accordingly.
12 m.15-17 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974
A society may make, either by itself or in conjunction with any other society or societies, any contract or arrangement relating to the exercise of its powers under this section and may carry such contract or arrange- ment into effect.
1. (1) The capiral ~f a society shall vary in amount nominal value of shares from time to time subscribed.
( 2 ) The capital shall be divided into shares of a fixed amount or amounts which shall be specified in the rules. Where the shares are all of one class, they shall rank equally. Where shares are classified as ordinary shares and borrowers’ shares, the shares of each class shall rank equauy with the shares of the same class and each class of shares shall have such rights as are specified in the rules of the society.
( 3 ) In every society the rules shall provide that an advance may be made to a member only on condition ‘hat such member subscribes for shares of a nominal value equiv ent to the mount of the advance.
(4) Any balance unpaid in respect of shares at the time of allo’tment shall be paid by periodic subscriptions as provided in the rules.
(5) No member shall hold more than such number or propolrtion of the shares in a society as is prescribed by the rules.
( 6 ) A member shall subscribe for such minimum number of shares as is prescribed by the rules.
(7) A share may be eld by two or more persons jointly, and, in such case, notices for the purposes of the society may be given to the joint holder whose name appears first on. the register of shaxes in respect of the share.
(8) A share may not be sold or transferred without the consent of the board.
here the shares of a propose society are classified as ordinary shares and borrowers’ shares, not more than seven members shall be holders of ordinary shares at any one and the same time and the aggregate number of the ordinary shares held by all holders thereof at any one and the same time shall not exceed fourteen, unless the registrar permits in writing a greater number of ordinary shareholders than seven or the hoPding of a greater aggregate number of ordinary shares than fourteen;
but the registrar shall not permit at any one time a number of ordinary shareholders exceeding ten or a greater aggregate number of ordinary shares than twenty.
res. A society may cancel m y share purchased by or forfeited to the society in acclolrdance with the >rules of the slociety.
ce on shares, etc. A society shall have a charge upon the share or interest in the capital of a member or past member in respect of any debt due from t h s member or past member to the society, and may set off any sum credited or payable to a member or past member in
01- towards payment of the debt.
ss. 18, 19 13 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974
Nottwithstanding anything in the nilres, where a mjember of a s
whom an advance has not been made dies and upon the withdrawal of his shares there is payable by the society a sum noit exceeding four hundred dollars, then the society may-
(a) After the expiration of two months from the death of the said member if probate or letters of administration have not been produced to the secretary and notice in writing of intention to apply therefor has not been received by the secretary; or
(b) After the expiration of three nionths from the death sf the said member if such notice of intention to apply has been
f a ~ m ~ i s t ~ ~ ~ ~ o ~ have pay the said sum to the per ing to the board to be
entitled thereto according t stacy of the deceased member, and any such pay effectual with respect to any demand against the society or the board by a y other persons as the said member’s next of kin, legatees or personal representatives, but such next of kin, legatees or personal representatives shall nevertheless have the right to recover the whole or any portion of any such sum SO paid from the person or persons who have received the same from the society.
Currency Act of 1965.
e r i d Of t W 0 ~ O ~ t ~ S
Decimal currency rcference substituted pursuant to section 7 of Decimal
P A R T V-DUTIES, MANAGEMENT AND RULES OF SOCIETIES cse. Every society shdl have a registered QE which shall ba notified to the registrar when application is made for the registtration of the socjety. Arny change in the address iaf the registered ofice shall be notified in the prescribed manner to the registrar within fourteen days after such change has occurred.
(2) ~~~~~~y~ Every society shall-
(a) Paint or aflk, and keep painted or affixed, its registered name on the outside of every ofice or place in which the business of the society is carried on, in a conspicuous position in Betters easily legible;
(b) Have its registered name engraven in legible characters on its sed; and
(c) Wave its registered name mentioned in legible characters in all notices, advertisements, and other official publications of the society, and in all bills of exchange, promissory notes, endorsements, cheques, and orders for money OF goods, purporting to be signed by or on behalf of such society and in all bills of parcels, invoices, receipts and other documents used in the business of the society.
14 ss.20-22 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1 974
( 3 ) Service 0% documcm4s on society. Any document may be served on a society by leaving it at the registered office of the society with some person apparently in the service or employment of the society or by
sending it by prepaid registered post or certified mail addressed to the socioty at its registerod office.
egisters and acccsusaies. ( 1 ) A society shall keep such registers and acwunts as are prescribed.
(2) The registers shall include the following, that is to say:- (a) A register of the directors, members and shares;
(b) A register of any loans raised and securities given by the society; and
(6) A register of any advances made and securities taken by the society.
( 3 ) The registers shall be kept in such manner and shall contain such particulars as are prescribed.
(4) No notice of any trust, express, implied or constructive, s h d be entered in any register or be received by the society.
21. ~~$~~~~~ of registers, etc. A society shall have at its office
and open at all reasonable hours to inspection by any member or creditor without foe-
(a) A copy of this Act and the regulations;
(b) A copy of the rules of the society;
(c) A copy of the last audited balance-sheet and ljnd accounts, (d) The prescribed register of directors, members and shares; and (e) The prescribed register of loans raised and securities given by s. (1) A society shall, within fourteen days after any change in th,e membership of the bloard, dodge with, or send by pn;epaid registered post or cmtified mail to, the registrar information of the change.
(2) A society shall in each year, within three months after the close of its financial year or within such further time as the registrar may authorise, lodge with, or send by prepaid registered post or certified mail to, the registrar the following returns, that is to say:-
together with the report of the auditor;
the society.
A list of the directors for the year then current;
Statements certified by the auditor of the profit and loss and reserve accounts and balance-sheet of the society for and at the close of that financial year;
A signed copy of the report or reports of the auditor of the society for that financial year; and
Such other returns as are prescribed.
CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974 ss.23,24 15
( 3 ) Any reference any where in this Act to the “final accounts” CY€
a society shall refer to the statements specified in paragraph (b) of sub- section two of this section last certified by the auditor.
(4) A society shall, when so required by notice in writing by the registrar, furnish to the registrar within the time specified in that behalf in the notice a full list in the prescribed form of all of its members as at the end of the financial year then last past or such other particulars as are specified in the notice with respect to the membership of the society.
sing loans. (1) With the approval of the registrar a society may raise money on loan in such manner as it thinks fit, and in particular, without limiting the generality ‘of the foregoing, by legal ‘or toquitable mmtgage charged upon the-undertaking of the socbety or upon all or any part of the property and rights (bath present and future) of the society, including its unpaid capital, subscriptions, payments in respwt of advances and other moneys.
(2) A society shall not be authorised to receive money cm deposit.
( 3 ) (Repealed).
(4) Except as may be provided in any agreement made in relation to a guarantee executed by the Treasurer of Queensland under this Act, no person lending money to a society shall be bound to see to the application thereof or be in any way affected or prejudiced by the fact that such society in borrowing such money has contravened the provisions of this or any other section of this Act or the rules of the society.
ly s~cieties, etc. Where the Treasurer of Queensland pursuant to Papt VII of this Act executes a guarantee in favour of any bank, friendly sooiety or approved blody guaranteeing tble repaymenit of any loan 1to be made by such bank, friendly society or approved body to any society registered under this Act, then no’twith- standing anything to the oontrary in any Act or in any memorandum or articles of asslociation or rules, such bank, friendly society or approved body shall be deemed to ble empowered to mak’e such loan out of any funds held by it which it is authorised to invest and in respect of which investment on loan as afolresaid is not specifically prohibited by ithe terms of any trust governing such funds.
( 5 ) As to loans by
As amended by Act of 1962, No. 6, s. 3.
retiation. In this section the expression “security”
does not include a mortgage so far as it includes land, whether subject to The Rea2 Property Acts, 1861 io 1956, or noit, o r so far as it includes any tenure or interest in land under and subject to lthe laws in force relating to (the occupation or leasing of Crown lands or to mincs or mining.
by a society for any rnonley raisled on loan by it under the powers conferred by this Act may witkin thirty days after its execution be registered by filing in Ithe ofice of the registrar a true copy thereof verified by statutory declaration.
tion d ~ ~ ~given ~ ~~ i~ ~~Any security given i~ ~~ $~ i ~ $ .
16 s.24 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974 ) The registrar shall cause to be entered in a register to be kept by him for the purpose short particulars (including the n m e s of the parties and the consideration) of every copy security so filed with him with a memorandum of the date, hour and time at which each of them is SO filed, and that date, hour and time shall in the case of each security be the date, hour and time of registration.
(4) The registrar may at any time, upon evidence being given to his satisfaction that the debt for which any registered security was given has been paid or satisfied, or that a discharge of security as to the whole or any part of the subject property has been executed, cause a memorandum to that effect to be entered in the register.
(5) The register so kept and every copy security filed as aforesaid shall be open to inspection at the ofice of the registrar by any person on payment of the prescribed fee.
$~~~~~~~~~~ etc.
m e with Ithis section, ble of any validity as against any subsequent security duly registered in acclolrdance with this selotisn before the registraition of such firstmentioned secwitty except in the case of fraud; and, except in the case of fraud, the priority of all seicurities duly registereld in accordance with this section shall bse determined by the slider of registration and not of date, and shall nolt be afflected by notice, actual or constructive, of any unregistered security or of any contract stherefor, and the knowledge that any such security or contract is in exisitence shall not of iltself be imputed as fraud; and every second or subsequent security shall, if duly registered in accordance with this secition, become, upon such registration asid upon. satisfaction of all prior securities registered in amordance wbth this sestion, a first security.
( 7 ) As to r Where before the
commencement o aid has been given
by a socilsty and has not been wholly satisfield, and a true copy of the securijty has been filed in accordance with subsection two of thjs selction within !thirty days after the commencement of this Act, the security shall, except j n the case of fraud, be deemed to have been registered as at the date of execution thereof, and the particulars and memorandum thereof shall be entered in the registeir accordmgly, and the provisions of subsecitions four, five, six and eight of this section shall apply with respect to such security aacordingly,
etc. A judge of the c Court, on being s
the omission to regisiter a security within Ithe time required by this section or the 'omission or misstatement. of any particular with respect to any such security lor in any memorandum of satisfaction was accidental or due to inadvertence or to some olthler sufficient cause or is not of a nature to prejudicle the position of creditors or members of the society or that on any lother grounds it is just and equitable to grant relief, may on the applicatioa of the socisaty olr any person interested and on such terms
CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974 s.25 17 and conditions as seems to the judge just and expedient order that the time Dor registration be (extended or (as the case may be) that th’e omission or misstatemlent be rectified.
25. As to advances by societies. (1) A society shall not make any (2) A society shall not make any advance to a member of the (a) To acquire land and erect a dwelling-house thereon; or (b) To erect a dwelling-house on land whereof he is the owner;
or
( e ) To acquitre land upon which is situated a dwelling-house
@hat has been herecjted after the thirty-first day of Decembler 1929 or such olther date as is specified folr the time being by the Governor in $Council by Order in Council; lor
(d) To convert an approved dwelling-house into flats or tenements of an approved standard.
In this subsection the terms “acquire”, “erect” and “owner” shall have the inclusive meanings assigned to them respectively by subsection two of sectilon six of this Act.
Notwithstanding paragraph (c) of this subsection, a society may make an advance to enable a member thereof {to purchase land upon which is situated a dwelling-house, in a particular case, with the approval of the Minister (or ‘the regisitrar or Commissioner of Housing applointeld under ithe State Housing Act 1945-1973 if thereunto autholrised by the Minister) obtained after a request by a society and on the recommendation of The Queensland Housing Commission, although that dwelling-house has been erected for a longer period than that provided for by or under that paragraph ( e ) .
The Govfernor in Council may frolm time to time by Order in Council fix a dalte in sub tution #of the dalte specified in paragraph (c>
of this subsection and this subsection shall, while such an Order in Council continues in force, apply subjeat thereto.
( 2 ~ ) A society may advance moneys to a member for the purpose of enabling such member to pay to the society any subscriptions due and payable by such member for the period commencing on and including the first pay and up to and including the date of his admission to membership of the society:
Provided that nothing in this subsection shall authorize the society charging any fee by way of an administration or management fee in respect of such subscriptions.
The purpose specified in this subsection shall be deemed to be included within the meaning of each purpose specified in subsection (2) of this section and to that extent each such purpose shall be amended accordingly.
advance Ito any perslon who! is not a member of the society.
society except for the purpose of enabling such member-
90796-B
1s s. 25 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974
(3) Save an advance made for the purpose specified in paragraph ( d) of subsection two of this section a society shall not make any advance to a member of the society unless and until the board is satisfied that-
(a) The dwelling-house in respect of which the advance is made is intended to be used by the member as a home for himself and his dependents and for no other purpose;
and
(b ) Neither tlie member nor the wife or husband (if any) of the member is the owner of any dwelling-house in Queensland or elsewhere.
A member may require the board to refer to the registrar any question respecting ownership of a dwelling-house arising under this subsection and the determination made by the registrar shall be final and conclusive for the purposes of this subsection and shall not be called in question in any proceedings whatsoever.
(4) A society shall not make any advance to a member of the society who at the time the advance is made is a director or other officer of the society, unless the making of the advance has been first approved by a special resolution of the society.
( 5 ) A society shall mot make any advance to a member of the society unless and until that member has been allotted and accepted shares of a nominal value at least equivalent to the amount of the advance.
(6) A society shall not make an advance to a membler of the society for a purpose specified in paragraph ( a ) , (b) or (c> $of subsection (2) unless the amount of the advance reduced by the paid up value of the share capital (of the member does not exceed 90 per centurn of the value OS ithe land and (the dwelling-house ereclted 'or to be ereclted thereon olr such other amount per centum as is specified for the time being by the GoiVernoIr in Council by Order in Council.
(7) A society shall not make any advance to a member of the society for a purpose specified in paragraph (a), or (b) or (6) sf sub- section two of this section, in excess of an amount of seven thousand dollars such other amount as is specified for the time being by the Governor in Council by Order in Council.
(8) A society shall not make any advance to a member for the purpose specified in paragraph (d) of subsection two of this section-
(a) In excess of ten thousand dollars; or
(b) The amount whereof reduced by the paid up value of the share capital of the member is in excess of sixty per centurn of the value of the land and of the dwelling-house thereon when converted into flats or tenements.
The sum of ten thousand dollars and amount of sixty per centum mentioned in this subsection, or either of them, may be altered from time to time by the Governor in Council by Order in Council, and this subsection shall during the continuance in force of any such Order in Council apply subject thereto.
CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974 s.25 13
(9) (Repealed).
( 10) (Repealed).
(11) A society shall not ma le an advance to a member of a society except upon terms requiring him to repay the advance itsgether with interest thepeon within a periold not exceeding 31 years from the date of the first pay or within such other period as the Minister in his discretion determines.
(12) Notwithstanding any provision of this section, the society may make an advance to a member of the socieity of-
(a) Such amount; or
(b ) Such amount per centum of the value of the land and the dwelling-house erected or to be erected thereon or when converted into Bats or tenements (as the case may be), as tlie Minister determines upon written application made to him by the society in the particular case.
y ~~~~~~~~~ A society shall
not make any advance on the security lof any property which is subject
40 a prior security, unless the prior security is in favour of the society.
(14.) Subject to subsection twelve of this seation, subsections six, seven, eight and eleven of this seotion shall be limited in their application to advances made by a society while a guarantee under Part VI1 of this Aclt in relation thereto is in force.
(15) The Governor in Council may by Order in Council approve of the making by a society to its members of advances of an amount or amount per centurn, or both, specificd in the Order in Council in excess of-
(a) the amount ! k e d for the time being by, or by Order in Council under, subsection (7) of this section; or
(b) Ithe amount per centum of the value of the dwelling-house, including its appurtenant land, to be erected or acquired, fixed for the time being by, for by Order in Council under, subsection (6) of this slection; or
(c) both such amount and amount per centum,
for ithe purpose of (enabling such members 'to erect or acquire, in accordance wilth paragraphs (a ), (b) or (c) of subsection ( 2 ) of this section, dwelling-houses at or in the place or locality specified in the Order in Council.
While any Order in Council under this subsection continues in force, any society specified therein may, for the purpose of enabling any member of the society to erect or acquire, in accordance with paragraphs ( a ) , ( b ) or (c) of subsection ( 2 ) of sthis section, a !dwelling-house at or in the place or locality specified in the Order in Council, and notwithstanding any other provision of this section, make to such member an advance up to but not exceeding either or both, according as specified in Ithe Order in Council-
(a) the amount specified in the Order in Council;
20 ss. 26,27 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974
(b) the amount per centum of the value oE the dwelling-house (including its appurtenant land) to be erected or acquired, specified in the Order in Council.
As amended by Act of 1962, No. 6, s. 4; Act of 1964, No. 22, s. 3; Act of 1967, Decimal currency mference substituted pursuant to section 7 of Decimal No. 6, s. 5 (as from 1 July 1967); Act of 1973, No. 68, s. 5 (1) ( c ) .
Currency Act of 1965.
cts by $ ~ ~(1) Contracts on behalf of a socielty may ~ ~ ~ y . be made, varied or discharged as provided in this section.
( 2 ) Any contract which, if made between private persons, would be by law required to be in writing and under seal, may be made on behalf of the society in writing under the common seal of tho society, and the contract may in the same manner be varied or discharged.
(3) Any contract which, if made between private persons, would be by law required to be in writing and signed by the party to be charged therewith, may be made on behalf of the society in writing, signed by any person acting under the express or implied authority of the society, and the contract may in the same manner be varied or discharged.
(4) Any contract which, if made between private persons, would by law be valid, although made by parol only and not reduced into writing, may be made by parol on behalf of the society by any person acting under the express or implied authority of the society, and the contract may in the same way be varied or discharged.
(5) Any contract made according to the provisions of this section shall be effectual in law and shall be binding upon the society and alii other parties thereto.
ecid ~ ~ (1) At any general meeting of which notice ~ Q ~ ~ ~ ~ ~ ~ . specifying 'the intention to propose a spelcjal resolution has bleen duly
given according to the rules, unless a poll1 is demanded, a declaration by the chairman 'that the resolutilon has been carried shall be conclusive evidence of the fact.
(2) A copy of the special resolution or, in the case of an amend- ment of the rules, two copies of the special resolution, signed by the chairman of the meeting and countersigned by the secretary, shall be lodged with, or sent by prepaid registered post or certified mail to, the registrar within one month after the passing of the special resolution, and shall be registered by him and until the copy is so registered the special resolution shall not take effect.
( 3 ) A certificate of registration of any special resolution or of any alteration of the rules of a society given by the registrar shall, in favour of any person lending money to the society on the faith of such certificate, or in favour of any guarantor of any such loan, be conclusive evidence that such resolution was duly passed or such alteration in the rules duly made (as the case may be).
CO-OPERATIVE HOUSING SOCIETIES ACT 1958-19'74 SS. 28-31 21
ce for advances. No society shall make any advance to a member upon the security of land situated more than twenty-five miles from the address of its regisltered office without the prior approval of the registrar. Before giving any approval under this seotion, the registrar shall have regard to the capacity of the society to exercise supervision over building construction and maintenance of any building erected or to be erected on the land forming ithe security for the advance which the society proposes to make.
estyy. Any property to which a society may become absolutely entitled by kreclosure, surrender, or other extinguishment of the right )of redemption shall as SQOII a5terwards as may be coavenilently practicable1 bel sold or converted into1 money.
e (1) A so1ciety shall lumish to any person intending to become a member a list of the charges payable under the rules by a member to the socittity.
(2) A person who becomes a member of the society shall be liable to pay only the charges mentioned in the list and any charges which may be imposed by any subsequent registered alteration of the rules.
3
(3) Subject to this Act, the charges payable under the rules may be altered by special resolution.
ectors. (1) Subject to this Act and the rules of the society, the business and operations (of a slocilety shall be managed and controlled by a bosard #of ldirwtors.
(2) Every director acting in the business or operations of the society pursuant to the rules or to a resolution duly passed by the board shall be deemed to be the agent of the society for all purposes within the objects of the society.
(3) The acts of a director shall be valid notwithstanding any defect that may afterwards be discovered in his appointment or qualification.
(4) A director shall not be held liable to the society for any loss that the society may sustain, unless the loss was due to his misconduct or negligence or to his failure to comply with any of the provisions of this Act or of the rules of the society.
(5) The directors shall be elected at a general meeting of the in accordance with the rules of the society:
ovided that the first directors shall be elected at the meeting for the formation of the society.
(6) The number of directors shall not be less than five and no person shall be qualified to be a director unless he is a member of the society.
22 s. 31 CO-OPERATIVE HOUSING SOCIETIES ACT 1958-1974
(7) Meetings of the board shall be held as often as may be necessary for properly conducting the business and operations of the society, but shall be held at least once in every two calendar months, and a quorum of a meeting of the board shall be prescribed by the rules of the society but shall not in any case be less than half the number of directors.
( 8 ) The chairman of the board shall be elected by the boas in accordance with the rules of the society, and shall hold office an retire, and may be removed from office, as prescribed by the rules of the society.
The directors shall hold office and retire, and may be removed (16)) The office of a director shall be vacated in such circumstances, if any, as may be prescribed by the rules of the society, and in any of the following circumstances, that is to say:-
(a) If he becomes bankrupt or insolvent or assigns his estate for the benefit of or compounds with his creditors;
(b ) If h'e becomes mentally ill wFthin 'the meaning of The Mental Hygiene Act of 1938;
(c) If he is convicted of any offence under this Act, or if he is convicted of any indictable offence or of any offence punishable on summary conviction for which he is sentenced to imprisonment otherwise than in default of payment of a fine;
(d) If he absents himself from three consecutive ordinary meet- ings of the board without its leave;
(e) If he does not, within two months after any subscriptions and charges become due by him to the society on account of his membership, pay the same;
ce as prescribed by the rules sf the society.
(f) If he ceases to be a member of the society;
(8) If by notice in writing to the board he resigns his office;
(h ) If he is removed from office by resolution of a general meeting of the society; or
(i) If he has a direct or indirect pecuniary interest in any agree- ment with the society otherwise than as a member of, and in common with the other members of another company or corporate body consisting of more than twenty persons:
Provided that the provisions of this paragraph shall not extend or apply to any advance made to a director by the society pursuant to a special resolution.
(11) A director shall not vote upon any question in which he has any direct or indirect pecuniary interest and if he votes, his vote shall not be counted.
(12) Any vacancy occurring on the board shall be filled as prescribed by the rules of the society.
