114Investment with associations

114 Investment with associations (1) An incorporated association must not, without the written approval of the registrar-general, invite a person other than a member or applicant for membership of the association to invest money with the association nor receive money from such a person for investment with (2) If an incorporated association receives money from a person in contravention of subsection (1)— (a) the transaction is taken to be void; and (b) the money, any interest on the money paid or payable to the association, and any profit derived from use of the money by the association, is recoverable by the person from the association as a debt due to the person.

(3) An incorporated association may, subject to the rules, invite a member or applicant for membership of the association to deposit money with or lend money to the association, and may receive money from a member or applicant for membership. (4) The registrar-general may grant an incorporated association approval to invite a person referred to in subsection (1) to invest money with the association and approval to receive money from such a person for investment, and may make the grant subject to any conditions the registrar-general thinks fit. (5) An association that does not comply with a condition specified in a grant of approval given to the association under subsection (4) commits an offence.