Loans (Co-operative Companies) Act 2004
1Loans (Co-operative Companies) Act 2004
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Loans (Co-operative Companies) Act 2004
Western Australia
Loans (Co-operative Companies) Act 2004
Contents
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Short title 1
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Commencement 2
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Terms used in this Act 2
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Account established 2
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Loans by State to eligible co‑operatives 3
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Power to borrow money for the purposes of this Act 3
Notes
Compilation table 5
Defined terms
Western Australia
Loans (Co-operative Companies) Act 2004
An Act to enable loans to be made by the State to certain co‑operative companies and for related purposes.
1. Short title
This Act may be cited as the Loans (Co-operative Companies) Act 2004.
2. Commencement
This Act comes into operation on the day on which it receives the Royal Assent.
3. Terms used in this Act
In this Act —
eligible co‑operative means a co‑operative company as defined in section 117 of the Income Tax Act that has as its primary object the acquisition of commodities or animals from its shareholders for disposal or distribution;
Income Tax Act means the Income Tax Assessment Act 1936 of the Commonwealth.
4. Account established
(1) An agency special purpose account called the Co‑operative Companies Loans Account is established under section 16 of the Financial Management Act 2006.
(2) There are to be credited to the Co‑operative Companies Loans Account —
(a) all sums transferred to it under section 6(2);
(b) moneys paid by eligible co‑operatives by way of —
(i) repayment of loans made under section 5; and
(ii) interest on, and administration charges relating to, loans made under section 5;
and
(c) any other moneys lawfully received for the purposes of this Act.
(3) There are to be charged to the Co‑operative Companies Loans Account —
(a) all loans made under section 5 and the costs of administering them; and
(b) moneys necessary to be paid by way of —
(i) repayment of principal moneys borrowed under section 6; and
(ii) interest on and other expenses of borrowings under section 6.
[Section 4 amended: No. 77 of 2006 s. 17.]