42Power to suspend operations

#### 42 Power to suspend operations 42 Power to suspend operations > > (1) If the Registrar considers that it is necessary to do so— > > > > > (a) in the interests of members or creditors, or persons who may become members or creditors, of a co-operative housing body, or > > > > > (b) because a co-operative housing body has failed to comply with a standard, > > > > the Registrar may, by written notice given to the body, direct the body not to do any of the following— > > > > > (c) give any financial accommodation to members, > > > > > (d) borrow any amount, > > > > > (e) accept any payment on account of share capital except calls that fell due before the notice was given, > > > > > (f) repay any amount paid on shares, > > > > > (g) repay any money on loan, > > > > > (h) pay or transfer an amount to any person, or create an obligation to do so. > > > (2) A notice under subsection (1) continues in force until it expires, or is withdrawn by the Registrar. > > > (3) The Registrar may, by a further written notice given to the co-operative housing body— > > > > > (a) extend the period for which a notice under subsection (1) is to have force, or > > > > > (b) amend the terms of the notice, or > > > > > (c) withdraw the notice. > > > (4) If a co-operative housing body fails to comply with a notice under this section, the body and any officer of the body who is in default each commit an offence. > > > > Maximum penalty—50 penalty units or imprisonment for 12 months, or both. > > > (5) Subsection (4) does not apply if the failure to comply happens with the written permission of the Registrar.