sec.65Objects

sec.65 Objects

The objects of a society are to apply its funds in providing financial accommodation to its members— for the purchase of residential premises, or for residential development, by a member; or for the refinancing or consolidation of residential loans provided by another society to a member; or for the refinancing or consolidation of residential loans provided to a member by another entity; or for another purpose authorised by this Act, a regulation or a standard. A society must not provide financial accommodation to a member for another purpose. Maximum penalty—400 penalty units. The application of the society’s funds is subject to this Act, the relevant standards and the society’s rules. s 65 amd 1997 No. 74 s 4 (sec.65-ssec.1) The objects of a society are to apply its funds in providing financial accommodation to its members— for the purchase of residential premises, or for residential development, by a member; or for the refinancing or consolidation of residential loans provided by another society to a member; or for the refinancing or consolidation of residential loans provided to a member by another entity; or for another purpose authorised by this Act, a regulation or a standard. (sec.65-ssec.2) A society must not provide financial accommodation to a member for another purpose. Maximum penalty—400 penalty units. (sec.65-ssec.3) The application of the society’s funds is subject to this Act, the relevant standards and the society’s rules.

• (a) for the purchase of residential premises, or for residential development, by a member; or
• (b) for the refinancing or consolidation of residential loans provided by another society to a member; or
• (c) for the refinancing or consolidation of residential loans provided to a member by another entity; or
• (d) for another purpose authorised by this Act, a regulation or a standard.