14Registrar may direct a transfer of engagements between societies

14 Registrar may direct a transfer of engagements between societies

S. 14(1) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(1) The Registrar may, by written notice given to a society, direct it to transfer its engagements to another society if the board of the other society has, by resolution, consented to the proposed transfer.

S. 14(2) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(2) The Registrar must give a copy of the direction to the other society.

S. 14(3) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(3) The Registrar must not direct a society to transfer its engagements under this section unless—

S. 14(3)(a) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(a) the Registrar is of the opinion that—

S. 14(3)(a)(i) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(i) the society has contravened this Act or the society's rules and, after being given written notice of the contravention by the Registrar, has allowed the contravention to continue or has again contravened this Act or the rules; or

(ii) the society is trading unprofitably or has a deficiency in its net tangible asset position; or

(iii) the affairs of the society are being conducted in an improper or financially unsound way; or

S. 14(3)(b) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(b) after making such inquiries in relation to one or both of the societies as the Registrar considers appropriate, the Registrar is satisfied that it is in the interest of members or creditors of the society that is to be directed to transfer its engagements; or

S. 14(3)(c) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6).

(c) the Registrar has certified, in relation to the society, that any of the events mentioned in section 49A(17)(a), (b), (c), (d) or (f) has happened.

S. 15 substituted by No. 48/1992 s. 96.