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Associations Incorporation Act 1991
114Investment with associations
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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.