Financial Intermediaries Act 1996
sec.80Alteration of rules by board of directors
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sec.80 Alteration of rules by board of directors
A society’s rules may be altered by a resolution of its board if the alteration— is required under this Act; or is to give effect to a standard. The society must give written notice of the alteration to its members not later than the day on which notice is given of the society’s next general meeting. Maximum penalty—10 penalty units. The notice may, with the written approval of the registrar, be given by advertisement published in a newspaper circulating generally in the area of the State in which the society operates. s 80 amd 1999 No. 27 s 76 sch 1 pt 2 (sec.80-ssec.1) A society’s rules may be altered by a resolution of its board if the alteration— is required under this Act; or is to give effect to a standard. (sec.80-ssec.2) The society must give written notice of the alteration to its members not later than the day on which notice is given of the society’s next general meeting. Maximum penalty—10 penalty units. (sec.80-ssec.3) The notice may, with the written approval of the registrar, be given by advertisement published in a newspaper circulating generally in the area of the State in which the society operates.
- (a) is required under this Act; or
- (b) is to give effect to a standard.