61
In forceCooperatives Supervision Fund
Part 4Other functions and powers of registrar
Division 2Specific powers
Subdivision 6Supervision fund and levy
61 Cooperatives Supervision Fund
(1)
The Cooperatives Supervision Fund is established.
(2)
The registrar must pay into the fund—
(a)
all amounts received as supervision levy under this subdivision; and
(b)
income from the investment of amounts credited to the fund and the proceeds of the sale of investments.
(3)
The registrar must pay out of the fund—
(a)
payments for or towards the expenses of performing the registrar’s functions and exercising the registrar’s powers under this Act; and
(b)
expenses incurred in administering the fund.
(4)
The registrar may invest amounts in the fund in the way the registrar considers appropriate.
This Act’s bill:Explanatory memorandum
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