Financial Intermediaries Act 1996

A proposed society formed under this part may apply to the registrar, under a regulation, to be registered under this Act as a society.

An application for registration must—

be made within 2 months after the formation meeting at which the first directors of the society were elected; and

be accompanied by—

a statutory declaration by the person presiding at the formation meeting and the secretary of the meeting, stating that the requirements of section 72 have been complied with; and

a copy of the statement presented to the meeting, signed by the person presiding and the secretary; and

2 copies of the proposed rules of the society, certified by the person presiding and the secretary to be the rules approved at the meeting; and

a list containing the full name, date and place of birth, residential address and business occupation of each director; and

a list containing the full name, address and occupation of each of 5 or more adults who attended the meeting and applied for membership; and

such evidence as the registrar requires—

that the society is eligible for registration; and

that the society, if registered, will be able to comply with this Act and all relevant standards; and

that the society, if registered, will be able to carry out its objects successfully.

The registrar may, for this section, accept a statutory declaration as adequate evidence of matters mentioned in the declaration.

If the registrar is satisfied that the society is eligible for registration, the registrar must—

register the society as a cooperative housing society; and

register its proposed rules.

A society is eligible for registration only if—

the society’s application for registration complies with this Act; and

the proposed rules of the society are not contrary to this Act; and

there are reasonable grounds for believing the society will, if registered—

be able to comply with all relevant standards; and

be able to carry out its objects successfully; and

there is no good reason why the society and its rules should not be registered.