9Additional functions of associations

9 Additional functions of associations

9 Additional functions of associations

(1) For the Act, section 183(b), the following functions are prescribed—

(a) to guarantee the payment of amounts a relevant society is or will be liable to pay,

(b) to make secured loans to members of a relevant society for purposes supporting the objects of the society,

(c) to make secured loans to body corporates if a relevant society can purchase shares in the body corporate under the Act, section 53(1)(c).

(2) In this section—

relevant society means a society that is a member of the association.

secured loan means a loan secured by mortgage, including debenture, lien or charge, given by the person to whom the loan is made that makes property of the person liable as security.