sec.90Financial accommodation to, and deposits from, members and others

sec.90 Financial accommodation to, and deposits from, members and others

A society may provide financial accommodation only to its members. A society must not provide financial accommodation to a person who is not a member of the society. Maximum penalty—10 penalty units. A member of a society who wishes to obtain financial accommodation must apply to the society in the way approved by the society. In providing financial accommodation to a member, a society may make a loan to a member only— on condition that the member makes repayments of principal and interest calculated on the outstanding loan balance; or in a way mentioned in the relevant standard; or in another way prescribed under a regulation. Maximum penalty—40 penalty units. A society must not accept a deposit of money from any person. Maximum penalty for subsection (5) —80 penalty units. (sec.90-ssec.1) A society may provide financial accommodation only to its members. (sec.90-ssec.2) A society must not provide financial accommodation to a person who is not a member of the society. Maximum penalty—10 penalty units. (sec.90-ssec.3) A member of a society who wishes to obtain financial accommodation must apply to the society in the way approved by the society. (sec.90-ssec.4) In providing financial accommodation to a member, a society may make a loan to a member only— on condition that the member makes repayments of principal and interest calculated on the outstanding loan balance; or in a way mentioned in the relevant standard; or in another way prescribed under a regulation. Maximum penalty—40 penalty units. (sec.90-ssec.5) A society must not accept a deposit of money from any person. Maximum penalty for subsection (5) —80 penalty units.

• (a) on condition that the member makes repayments of principal and interest calculated on the outstanding loan balance; or
• (b) in a way mentioned in the relevant standard; or
• (c) in another way prescribed under a regulation.