335Registrar’s directions about obtaining financial accommodation

335 Registrar’s directions about obtaining financial accommodation

(1) The Registrar may, by written notice served on a co-operative, give a direction to the co-operative as to the way in which it is to exercise its functions in relation to the activities of the co-operative in obtaining financial accommodation.

(2) A direction under subsection (1) may make provision for one or more of the following matters:

(a) requiring the co-operative to stop obtaining financial accommodation or to stop obtaining financial accommodation in a particular way;

(b) requiring the co-operative to repay in accordance with the direction all or part of financial accommodation obtained;

(c) requiring the co-operative to refinance in a stated way financial accommodation repaid in accordance with the Registrar’s direction;

(d) the way in which the co-operative is permitted to invest or use the proceeds of financial accommodation it obtains.

(3) The co-operative may, within 28 days after the direction is given, apply to the designated tribunal for a review of the direction, and the designated tribunal may confirm, modify or rescind the direction or substitute another direction.