Objects

In force

(1)

The objects of a society are to apply its funds in providing financial accommodation to its members—

(a)

for the purchase of residential premises, or for residential development, by a member; or

(b)

for the refinancing or consolidation of residential loans provided by another society to a member; or

(c)

for the refinancing or consolidation of residential loans provided to a member by another entity; or

(d)

for another purpose authorised by this Act, a regulation or a standard.

(2)

A society must not provide financial accommodation to a member for another purpose.

Maximum penalty—400 penalty units.

(3)

The application of the society’s funds is subject to this Act, the relevant standards and the society’s rules.

Regulations

This provision refers to the regulations (a regulation). Made under this Act:

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