sec.67Control of certain financial transactions

sec.67 Control of certain financial transactions

In this section— approved financial contracts means— futures contracts relating to— securities issued or guaranteed by the Treasurer or the Government of the State or by the Commonwealth or another State; or bills of exchange payable within 200 days that have been accepted or endorsed by a bank prescribed under a regulation; but only if made, or dealt in, on a futures market or a futures exchange within the meaning of the Corporations Act ; or interest rate swap contracts, or forward interest rate contracts, to which a bank, or other body approved by the registrar for the purpose, is a party; or options relating to contracts mentioned in paragraph (a) or (b) ; or other contracts of a kind approved by the registrar under subsection (6) . Except as provided by this section, a society must not engage in transactions of the following kinds— transactions relating to financial or other futures; options in futures transactions; forward interest rate transactions; interest rate swap transactions; other financial transactions of a kind specified in a standard. Maximum penalty—800 penalty units. A society may enter into and deal in approved financial contracts only if it does so to reduce the risk of adverse variations— in the costs of raising funds by the society; or in the revenue obtainable by the society from investments made or financial accommodation provided by the society. A society must not contravene subsection (3) . Maximum penalty—800 penalty units. A contract entered into by a society in contravention of this section may be enforced as if it were an approved financial contract entered into for a purpose mentioned in subsection (3) if another party to the contract entered into it in good faith and, when the other party entered into the contract, the other party did not suspect, and had no reason to suspect, the contravention. The registrar may approve kinds of contracts under this section on terms the registrar considers appropriate. s 67 amd 1999 No. 27 s 76 sch 1 pt 2 ; 2001 No. 45 s 29 sch 3 ; 2003 No. 19 s 3 sch (sec.67-ssec.1) In this section— approved financial contracts means— futures contracts relating to— securities issued or guaranteed by the Treasurer or the Government of the State or by the Commonwealth or another State; or bills of exchange payable within 200 days that have been accepted or endorsed by a bank prescribed under a regulation; but only if made, or dealt in, on a futures market or a futures exchange within the meaning of the Corporations Act ; or interest rate swap contracts, or forward interest rate contracts, to which a bank, or other body approved by the registrar for the purpose, is a party; or options relating to contracts mentioned in paragraph (a) or (b) ; or other contracts of a kind approved by the registrar under subsection (6) . (sec.67-ssec.2) Except as provided by this section, a society must not engage in transactions of the following kinds— transactions relating to financial or other futures; options in futures transactions; forward interest rate transactions; interest rate swap transactions; other financial transactions of a kind specified in a standard. Maximum penalty—800 penalty units. (sec.67-ssec.3) A society may enter into and deal in approved financial contracts only if it does so to reduce the risk of adverse variations— in the costs of raising funds by the society; or in the revenue obtainable by the society from investments made or financial accommodation provided by the society. (sec.67-ssec.4) A society must not contravene subsection (3) . Maximum penalty—800 penalty units. (sec.67-ssec.5) A contract entered into by a society in contravention of this section may be enforced as if it were an approved financial contract entered into for a purpose mentioned in subsection (3) if another party to the contract entered into it in good faith and, when the other party entered into the contract, the other party did not suspect, and had no reason to suspect, the contravention. (sec.67-ssec.6) The registrar may approve kinds of contracts under this section on terms the registrar considers appropriate.