sec.62Supervision levy

sec.62 Supervision levy

The registrar may decide that an amount must be paid to the registrar by societies as a supervision levy. The amount of the levy may be fixed by the registrar as— a stated amount; or a stated percentage of an amount to be decided, on a stated day, by reference to stated factors about societies (including, for example, the number of members in a society, reserves, obligations and debts and total assets); or both a stated amount and a stated percentage. If the levy is fixed, wholly or partly, as mentioned in subsection (2) (b) , the registrar may include in the decision directions about how the levy is to be decided. The registrar may— fix the amount of the levy differently for different societies; and decide that the levy is not payable by stated societies. The registrar may, in the decision, require the levy to be paid in 1 amount by a stated time or permit the levy to be paid by stated instalments. If the registrar permits the levy to be paid by instalments, the registrar may, in the decision, allow a discount for payment in 1 amount by a stated time or require payment of an additional amount or percentage, by way of interest, in the instalments. The registrar may, in the decision, require the payment of amounts, by way of late payment charge, interest or both, for amounts of levy not paid as required by the decision. The registrar may include in the decision directions about how amounts of late payment charge and interest are to be decided. Amounts of levy, when they are payable, are payable by the society concerned to the registrar, and may be sued for and recovered in a court having jurisdiction for the recovery of debts up to the amount of levy. On the application of a society, the registrar may change— an amount of levy payable by the society; or the time within which an amount of levy is payable by the society. An amount paid by a society as levy is treated as an expense in the society’s accounts. In subsections (9) to (11) — levy includes late payment charge and interest for levy. s 62 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.62-ssec.1) The registrar may decide that an amount must be paid to the registrar by societies as a supervision levy. (sec.62-ssec.2) The amount of the levy may be fixed by the registrar as— a stated amount; or a stated percentage of an amount to be decided, on a stated day, by reference to stated factors about societies (including, for example, the number of members in a society, reserves, obligations and debts and total assets); or both a stated amount and a stated percentage. (sec.62-ssec.3) If the levy is fixed, wholly or partly, as mentioned in subsection (2) (b) , the registrar may include in the decision directions about how the levy is to be decided. (sec.62-ssec.4) The registrar may— fix the amount of the levy differently for different societies; and decide that the levy is not payable by stated societies. (sec.62-ssec.5) The registrar may, in the decision, require the levy to be paid in 1 amount by a stated time or permit the levy to be paid by stated instalments. (sec.62-ssec.6) If the registrar permits the levy to be paid by instalments, the registrar may, in the decision, allow a discount for payment in 1 amount by a stated time or require payment of an additional amount or percentage, by way of interest, in the instalments. (sec.62-ssec.7) The registrar may, in the decision, require the payment of amounts, by way of late payment charge, interest or both, for amounts of levy not paid as required by the decision. (sec.62-ssec.8) The registrar may include in the decision directions about how amounts of late payment charge and interest are to be decided. (sec.62-ssec.9) Amounts of levy, when they are payable, are payable by the society concerned to the registrar, and may be sued for and recovered in a court having jurisdiction for the recovery of debts up to the amount of levy. (sec.62-ssec.10) On the application of a society, the registrar may change— an amount of levy payable by the society; or the time within which an amount of levy is payable by the society. (sec.62-ssec.11) An amount paid by a society as levy is treated as an expense in the society’s accounts. (sec.62-ssec.12) In subsections (9) to (11) — levy includes late payment charge and interest for levy.