sec.335Registrar’s directions about obtaining financial accommodation

sec.335 Registrar’s directions about obtaining financial accommodation

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. A direction under subsection (1) may make provision for one or more of the following matters— requiring the co-operative to stop obtaining financial accommodation or to stop obtaining financial accommodation in a particular way; requiring the co-operative to repay in accordance with the direction all or part of financial accommodation obtained; requiring the co-operative to refinance in a stated way financial accommodation repaid in accordance with the Registrar’s direction; the way in which the co-operative is permitted to invest or use the proceeds of financial accommodation it obtains. 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. (sec.335-ssec.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. (sec.335-ssec.2) A direction under subsection (1) may make provision for one or more of the following matters— requiring the co-operative to stop obtaining financial accommodation or to stop obtaining financial accommodation in a particular way; requiring the co-operative to repay in accordance with the direction all or part of financial accommodation obtained; requiring the co-operative to refinance in a stated way financial accommodation repaid in accordance with the Registrar’s direction; the way in which the co-operative is permitted to invest or use the proceeds of financial accommodation it obtains. (sec.335-ssec.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.

• (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.