Div 7Supervision levy

Division 7—Supervision levy

S. 44CA inserted by No. 37/1999 s. 58(Sch. 2 Pt 1 item 8).

44CA Industry Supervision Fund

The Registrar must pay all amounts received as supervision levy under section 44D into the Industry Supervision Fund established under the Financial Sector Reform (Victoria) Act 1999.

S. 44D inserted by No. 48/1992 s. 98.

44D Supervision levy

S. 44D(1) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).

(1) The Registrar may determine that an amount is to be paid to it by societies as a supervision levy.

S. 44D(2) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).

(2) The amount of the levy may be fixed by the Registrar as—

(a) a specified amount;

S. 44D(2)(b) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).

(b) a specified percentage of an amount determined by the Registrar either by reference to the amounts of reserves, obligations and debts of the society or to any other factors relating to the funds or business of the society as the Registrar determines as at a date specified by the Registrar; or

(c) both a specified amount and such a specified percentage.

S. 44D(3) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).

(3) The Registrar may require the supervision levy to be paid in one amount or by instalments which may include an amount for interest at a rate fixed by the Registrar.

S. 44D(4) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).

(4) The supervision levy must be paid by the society within 30 days of being notified by the Registrar by notice in writing of the amount that is payable.

(5) If a society is in default in payment of the supervision levy—

S. 44D(5)(a) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).

(a) interest accrues on the amount outstanding from the date of default at the rate specified by the Registrar; and

S. 44D(5)(b) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).

(b) the Registrar may recover any amount outstanding together with interest accrued as a debt in a court of competent jurisdiction.

S. 44D(6) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7).

(6) The Registrar may on the application of a society—

(a) vary the amount of the levy payable by the society; or

(b) vary the period within which the levy is to be paid; or

(c) exempt the society from payment of the levy.

(7) The amount paid by a society as a supervision levy is to be treated as an expense in the accounts of the society.