Registrar’s directions about participating co‑operative obtaining financial accommodation
380E Registrar’s directions about participating co‑operative obtaining financial accommodation
The Registrar may, if the Registrar considers it is in the interests of a participating co‑operative’s members, by written notice served on the co‑operative, give a direction to the co‑operative as to the way in which it is to exercise its functions in connection with the activities of the co‑operative in obtaining financial accommodation in this State.
A direction under subsection (1) may make provision for any one or more of the following matters —
requiring the co‑operative to stop obtaining financial accommodation or to stop obtaining financial accommodation in a particular way;
requiring the co‑operative to repay in accordance with the direction all or part of financial accommodation obtained;
requiring the co‑operative to re‑finance in a specified way financial accommodation repaid in accordance with the Registrar’s direction;
the way in which the co‑operative is permitted to invest or use the proceeds of financial accommodation it obtains.
The Registrar must give the co‑operative written notice of the reasons for making the direction.
Within 28 days of receiving the direction, the co‑operative may apply to the Supreme Court for a review of that decision.
[Section 380E inserted: No. 7 of 2016 s. 135.]
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