Documents that are not debentures (section 4)
1.3 Documents that are not debentures (section 4)
For the purposes of the definition of debenture in section 4 of the Law, the following classes of documents are prescribed as exempt from the definition:
a class of documents each of which is a document that:
contains all or some of the conditions on which deposits are accepted by, or withdrawn from, a co-operative; and
acknowledges the receipt of a deposit with a co-operative; and
enables further deposits to be made adding to the balance of an existing deposit; and
enables all or part of the balance of a deposit to be withdrawn, whether at call or on the giving of a fixed period of notice; and
acknowledges the amount of the withdrawal and the balance remaining;
a class of documents each of which is a document acknowledging a debt incurred by a co-operative:
in the ordinary course of carrying on so much of a business as is not, or is not part of, a business of borrowing money and providing finance; and
in relation to money that is or may be deposited with or lent to the co-operative by a person in the ordinary course of a business carried on by the co-operative;
a class of documents each of which is a document issued by a company that is evidence of a debt owed by the company to a co-operative that is a holding company (within the meaning of the
Corporations Act
) of the company;
a class of documents each of which is a document issued by a co-operative that is evidence of a debt owed by the co-operative to a corporation that is a subsidiary of the co-operative.
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