SOUTH AUSTRALIA CREDIT UNIONS REGULATIONS, 1990

SOUTH AUSTRALIA

CREDIT UNIONS REGULATIONS, 1990

REGULATIONS UNDER THE CREDIT UNIONS ACT, 1989

Credit Unions Regulations, 1990

being

No. 46 of 1990: Gaz. 5 April 1990, p. 9721

as varied by

No. 151 of 1991: Gaz. 27 June 1991, p. 22682

1 Came into operation 12 April 1990: reg. 3.2 Came into operation 1 July 1991: reg. 2.

2.

PART I

PRELIMINARY

Citation1. These regulations may be cited as the Credit Unions Regulations, 1990.

Revocation2. All regulations made under the Credit Unions Act, 1976, are revoked.

Commencement3. These regulations will come into operation on 12 April, 1990.

Interpretation4. In these regulations—

"the Act" means the Credit Unions Act, 1989.

Note: For definition of divisional penalties see Appendix 2.

Forms5. (1) The forms set out in schedule 1 must—

(a) be used for the purposes specified in the schedule;

and

(b) be completed in accordance with the instructions contained in the forms.

(2) The name of a person signing a form set out in schedule 1 must be written legibly underor alongside the signature of that person.

(3) Where the space provided in a form is insufficient to contain all the requiredinformation—

(a) the information must be set out in an annexure to the form;

(b) the annexure must have an distinguishing mark such as a letter or numeral;

and

(c) the space in the form must contain the statement "See Annexure" together with thedistinguishing mark for the annexure, or words to similar effect.

Fees6. The fees set out in schedule 2 are payable as specified in the schedule.

Application of Securities Industry (South Australia) Code7. Pursuant to section 4(2) of the Act, the provisions of the Securities Industry (South

Australia) Code apply in relation to credit unions and associations subject to the modification thatthey do not apply in relation to any dealing by a credit union or association in its own securities.

3.

Application of Companies (South Australia) Code provisions relating to registration ofcharges

8. Pursuant to section 4(2) of the Act, the provisions of the Companies (South Australia)Code relating to the registration of charges (Division 9 of Part IV and Schedule 5) apply inrelation to credit unions and associations subject to the following modifications:

(a) a reference to a company is to be read as including a reference to a credit union orassociation;

(b) a reference to the Register of Company Charges or the Register is to be read asincluding a reference to—

(i) a Register of Credit Union Charges;

and

(ii) a Register of Credit Union Association Charges,

and section 203 of the Code is to be read as if the section included a requirement thateach Register is to be maintained separately by the Commission with entries relatingto companies, credit unions or associations being made by the Commission only in theRegister kept in relation to bodies of that kind;

(c) a reference to an official manager is to be read as including a reference to anadministrator appointed pursuant to section 121 of the Act;

and

(d) section 215A of the Code is not to apply in relation to a credit union or association.

Contents of rules of credit unions9. For the purposes of section 15 of the Act, the following provisions must be contained in

the rules of a credit union:

(a) the name of the credit union and the location of its first office;

(b) the objects of the credit union;

(c) the powers of the credit union;

(d) the mode and conditions of admission to membership and the shares to be acquiredbefore the exercise of rights of membership;

(e) the circumstances under which membership will cease and the manner in which amember may be expelled;

(f) the manner in which the funds of the credit union are to be raised;

(g) the manner in which the funds of the credit union are to be managed including themode of drawing and signing cheques, drafts, bills of exchange, promissory notes andother negotiable instruments;

4.

(h) the conditions relating to shares and deposits and the withdrawal of shares anddeposits;

(i) the manner in which any non-withdrawable shares may be transferred;

(j) the application and investment of funds;

(k) the conditions relating to loans and the security for loans, including the conditions onwhich a borrower may redeem the amount due prior to the expiration of the period ofthe loan;

(l) the manner in which any surplus arising out of the operations of the credit union is tobe distributed;

(m) the number of directors, the qualifications as to shareholding of directors, the mannerof the election, remuneration and removal of directors and the filling of vacancies inthe office of director;

(n) the powers and duties of the board of directors and the manner of calling meetings,the quorum for meetings and the procedure at meetings of the board of directors;

(o) the manner of calling general and special meetings of members and the requisitenotices of meetings and the quorum for meetings of the credit union;

(p) the procedure at meetings of the credit union, including the voting rights of members,the manner of voting and the majority necessary for carrying resolutions;

(q) the frequency with which the accounts of the credit union are to be audited;

(r) the manner of appointing, remunerating and removing auditors, the powers and dutiesof auditors and, in particular, the powers and duties of auditors with respect to theinspection of securities held by the credit union;

(s) the manner of settling disputes between the credit union and its officers or members,or any person claiming through any member or under the rules;

(t) the security to be given by any officer or employee of the credit union having thereceipt or charge of any money belonging to the credit union;

(u) the manner of altering, adding to or rescinding these rules;

(v) the custody and use of the seal of the credit union;

and

(w) the manner in which the credit union may be wound up.

5.

Auditor’s report for amalgamation application10. For the purposes of section 32(6)(c) of the Act, the report prepared by the auditor of a

credit union concerned in a proposed amalgamation must state—

(a) whether the accounts of the credit union for the financial year up to the date referredto in section 32(6)(c) are, in the opinion of the auditor, properly prepared—

(i) in accordance with applicable approved accounting standards;

and

(ii) in accordance with section 32(6) and the other provisions of the Act;

(b) any defect or irregularity in the accounts and any matter not set out in the accountswithout regard to which a true and fair view of the results for the period and state ofaffairs of the credit union, as at the date, would not be obtained;

and

(c) if he or she is not satisfied as to any matter referred to in paragraph (a), the reasonsfor not being so satisfied.

Disclosure statements11. (1) For the purposes of section 39(1) of the Act, a disclosure statement must—

(a) be printed in type of a size not less than the type known as eight point Times unlessthe Commission, before the issuing of the disclosure statement, approves the type andsize of print as being legible and satisfactory;

(b) state that a copy of the disclosure statement has been lodged with the Commission andalso state, immediately after that statement, that the Commission takes noresponsibility as to the contents of the disclosure statement;

(c) state that no securities will be issued on the basis of the disclosure statement later thansix months after the date of execution of the disclosure statement;

(d) if the disclosure statement includes any statement that is made by an expert or iscontained in what purports to be a copy of, or extract from, a report, memorandum orvaluation of an expert—state the date on which the statement, report, memorandum orvaluation was made and whether or not it was prepared by the expert for incorporationin the disclosure statement;

(e) state the dates of, the parties to, and the general nature of, every material contract;

(f) contain the information set out in schedule 3;

and

(g) not more that 14 days before the date on which the statement is issued to members ofthe credit union, be signed and dated by each director of the credit union or by a dulyauthorized agent of the director.

6.

(2) The credit union must, not less than six weeks before the date of execution of thedisclosure statement, lodge with the Commission—

(a) a copy of the disclosure statement;

and

(b) copies, verified by statements in writing, of all consents required by section 39(4) ofthe Act to the issue of the disclosure statement and of all material contracts referred toin the disclosure statement or, in the case of such a contract not reduced to writing, ormemorandum giving full particulars of the contract, verified by statement in writing.

Penalty: Division 7 fine.

(3) For the purposes of this regulation, a reference to a material contract does not include—

(a) a contract entered into in the ordinary course of the business of the credit union orany body on behalf of which the securities are to be issued;

or

(b) a contract entered into more than two years before the date of issue of the disclosurestatement.

(4) For the purposes of this regulation and schedule 3, the date of execution of a disclosurestatement is the date of signing of the statement by the director or the director’s agent last signingthe statement.

Commercial loans12. For the purposes of section 45(4) of the Act, courses in commercial or business lending

conducted by the Credit Union Association of S.A. are courses of instruction of a prescribed kind.

Liquidity13. (1) For the purposes of section 47(1) of the Act, the average amount of liquid funds held

by a credit union over a month must be computed by calculating the total amount of liquid fundsof the credit union at the end of each day during the month and, as soon as practicable after theend of the month, calculating the sum of those amounts and dividing the sum by the number ofdays in the month.

(2) For the purposes of the definition of "liquid funds" in section 47(2) of the Act—

(a) the following are prescribed associations:

(i) the Credit Union Association of S.A.;

and

(ii) the Credit Union Services Co-operative of S.A.;

and

7.

(b) the following are investments of a prescribed class:

(i) deposits with a company or other body corporate of a kind with which atrustee is authorized by law to invest trust funds on deposit;

(ii) securities issued or guaranteed by the Treasurer or Government of the State,the Commonwealth or another State or a Territory of the Commonwealth;

and

(iii) bills of exchange that have been endorsed or accepted by a bank.

Future losses account14. (1) For the purposes of section 49(1)(a)(ii) of the Act, the amount to be determined is

the aggregate for the time being of the amounts determined in accordance with the followingformula in relation to all loans made by the credit union—

(a) that are secured by registered first mortgages over real property;

and

(b) under which an amount is for the time being due and unpaid to the credit union thatequals or exceeds three months’ payments:

A = B × C100

Where—

A is the amount to be determined in relation to each such loan:

B is—

(i) where the amount due and unpaid under the loan equals orexceeds three months’ payments but is less than 6 months’payments—10;

(ii) where the amount due and unpaid under the loan equals orexceeds 6 months’ payments but is less than 9 months’payments—20;

(iii) where the amount due and unpaid under the loan equals orexceeds 9 months’ payments but is less that 12 months’payments—25;

(iv) where the amount due and unpaid under the loan equals orexceeds 12 months’ payments—30.

C is the total amount for the time being due and unpaid to the creditunion under the loan.

8.

(2) For the purposes of section 49(1)(b)(ii) the amount to be determined is the aggregate forthe time being of the amounts determined in accordance with the following formula in relation toall loans made by the credit union—

(a) that are not secured as referred to in subregulation (1);

and

(b) under which an amount is for the time being due and unpaid to the credit union thatequals or exceeds three months’ payments:

A = B × C100

Where—

A is the amount to be determined in relation to each such loan:

B is—

(i) where the amount due and unpaid under the loan equals orexceeds 3 months’ payments but is less than 6 months’payments—40;

(ii) where the amount due and unpaid under the loan equals orexceeds 6 months’ payments but is less than 9 months’payments—60;

(iii) where the amount due and unpaid under the loan equals orexceeds 9 months’ payments but is less than 12 months’payments—80;

(iv) where the amount due and unpaid under the loan equals orexceeds 12 months’ payments—100:

C is the total amount for the time being due and unpaid to the creditunion under the loan.

(3) A reference in this regulation to a number of months’ payments in relation to a loan is areference to the total amount required to be paid to the credit union according to the terms of theloan contract in respect of the immediately preceding period of that number of months.

Provisions governing investment15. (1) For the purposes of section 51(1)(d) of the Act, the following are investments of a

prescribed class:

(a) securities issued by the Treasurer or Government of a State other than this State orissued or guaranteed by the Treasurer or Government of a Territory of theCommonwealth;

9.

(b) securities issued or guaranteed by an instrumentality of the Crown in right of a Stateother than this State or of a Territory of the Commonwealth;

(c) securities issued by a bank, or securities issued by any other body corporate where theobligations of the body under the securities are guaranteed, or secured by a letter ofcredit issued or confirmed, by a bank;

(d) withdrawable shares in an association of which the credit union is a member;

(e) shares in, or deposits with—

(i) Data Action Pty. Ltd.;

or

(ii) Members Mortgage Fund Pty. Ltd.;

(f) units in Members Mortgage Loan Trust Fund.

(2) The investments referred to in subregulation (1)(e) and (f) are prescribed for the purposesof section 51(3) of the Act.

Application of Act to associations16. Pursuant to section 61 of the Act, the following provisions of the Act do not apply to or

in relation to associations:

(a) section 123(3)(a);

(b) section 137.

Registers17. (1) For the purposes of section 76 of the Act, but subject to this regulation, registers

must be kept by each credit union in writing as set out in schedule 4.

(2) Notwithstanding subregulation (1), a register to be kept by a credit union may be kept byrecording or storing the matters concerned by means of a mechanical, electronic or other deviceprovided that—

(a) the matters recorded or stored are capable, at any time, of being reproduced in awritten form, or a reproduction of those matters is kept in a written form, approved bythe Commission;

(b) all reasonable precautions are taken by the credit union for guarding against damageto, destruction of or falsification of or in, and for discovery of falsification of or in,the register;

and

10.

(c) when the register is required to be made available for inspection, or a copy of thewhole or part of its contents is required, pursuant to the Act, the register is madeavailable in written form or the whole or part of its contents is reproduced in writing,as the case may be.

Inspection of registers18. (1) For the purposes of section 77(2) of the Act, the matters in respect of which

particulars are recorded in the Register of Members and Shares kept by the credit union pursuantto the Act and these regulations are prescribed matters.

(2) A credit union must keep the Register of Prescribed Interests and Holders of PrescribedInterests kept by the credit union pursuant to the Act and these regulations open for inspection atits registered office without fee by the holders of such interests.

Requirements for preparation of accounts19. For the purposes of section 81(6) of the Act, the prescribed requirements are—

(a) the requirements set out in schedule 5;

and

(b) a requirement that the accounts or group accounts, as the case may be, include astatement of sources and applications of funds prepared so as to comply with theapproved accounting standard ASRB 1007: Financial Reporting of Sources andApplications of Funds.

Rounding off of amounts in accounts or reports20. (1) Pursuant to section 83(1) of the Act but subject to this regulation, a credit union may

insert in any accounts or report under the Act, in substitution for an amount that the credit unionwould otherwise be required or permitted to set out in the accounts or report, that amount to thenearest thousand dollars, or if the amount is $500 or less, zero.

(2) Where an amount is adjusted to the nearest thousand dollars, the fact that such anadjustment has been made must be clearly indicated on each page on which the adjusted amountappears.

(3) Where an amount is adjusted to zero, the original amount must be shown in full by wayof a note to the accounts or report.

(4) Where an amount is adjusted in accordance with this regulation, any correspondingamount for a previous period that is recorded in the accounts or report must be similarly adjusted.

(5) Where an amount is adjusted in accordance with this regulation in a report undersection 82(1) or (2) of the Act, the report must state that the credit union is a credit union to whichthis regulation applies and that the amount has been adjusted in accordance with this regulation.

(6) This regulation applies only in relation to—

(a) a credit union with total assets in excess of $10 000 000;

or

11.

(b) a holding credit union where the total assets of the group for which it is the holdingcredit union are in excess of $10 000 000.

Final audit on amalgamation21. For the purposes of section 94(1) of the Act, the following are prescribed statements to

be made by the auditor in a report under that section:

(a) a statement whether the accounts are, in the opinion of the auditor, properlyprepared—

(i) so as to give a true and fair view of the profit or loss of the credit union forthe financial year up to the date of dissolution of the credit union, and so asto give a true and fair view of the state of affairs of the credit union as atthat date;

(ii) in accordance with the provisions of the Act;

and

(iii) in accordance with applicable approved accounting standards;

(b) a statement of any defect or irregularity in the accounts and any matter not set out inthe accounts without regard to which a true and fair view of the results for the periodand state of affairs of the credit union as at that date would not be obtained;

and

(c) if he or she is not satisfied as to any matter referred to in paragraph (a), a statementof the reasons for not being so satisfied.

Credit Union Deposit Insurance Fund22. (1) For the purposes of section 110(2) of the Act, the prescribed percentage is—

(a) in relation to a credit union with reserves less than 3 per cent of its total assets—2 percent;

(b) in relation to a credit union with reserves equal to or greater than 3 per cent but lessthat 3.5 per cent of its total assets—1.8 per cent;

(c) in relation to a credit union with reserves equal to or greater than 3.5 per cent but lessthan 4 per cent of its total assets—1.6 per cent;

(d) in relation to a credit union with reserves equal to or greater than 4 per cent but lessthan 4.5 per cent of its total assets—1.4 per cent;

(e) in relation to a credit union with reserves equal to or greater than 4.5 per cent but lessthan 5 per cent of its total assets—1.2 per cent;

(f) in relation to a credit union with reserves equal to or greater than 5 per cent of itstotal assets—1 per cent.

12.

(2) In this regulation—

"reserves" means the amount comprising reserves of the credit union pursuant to section 48of the Act as at the preceding 30 June:

"total assets" means the amount recorded in the accounts of the credit union as the amountof its total assets as at the preceding 30 June.

Rate of interest payable to Board on amounts outstanding23. For the purposes of section 110(10) and 111(7) of the Act, the prescribed rate of interest

is 20 per cent per annum.

Winding up24. (1) For the purposes of section 123(2) of the Act, the application of Part XII of the

Companies (South Australia) Code is subject to the following modifications:

(a) notwithstanding the provisions of that Part, on the winding up of a credit union, nopresent or past member of the credit union will be liable to contribute to the propertyof the credit union by reason only of his or her membership of the credit union;

and

(b) the persons on whose application under section 363 of the Code a credit union may bewound up under an order of the Court include any member of the credit union.

(2) For the purposes of section 123(7) of the Act, a winding up on the certificate of theCommission must be carried by the Court, on application by the Commission and lodgement of acopy of the certificate, in accordance with the provisions of Part XII of the Companies (SouthAustralia) Code as applied by section 123 of the Act as if the credit union had by specialresolution resolved that it be wound up by the Court.

Application for registration as foreign credit union25. For the purposes of section 127(2)(c) of the Act, each document or copy of a document

must be verified by an officer of the foreign credit union, by statutory declaration, as truly statingthe matters set out in the document, or as constituting a true copy, as at a date not earlier thanthree months before lodgment of the document or copy with the Commission.

Notification to Commission of changes relating to foreign credit union26. For the purposes of section 130 of the Act, notice of any change to the name under

which the foreign credit union carries on business in the place of its origin must, if the changeresults in the issue of a new or amended certificate of incorporation or registration by theappropriate authority in the State or Territory of its origin, be accompanied by a copy of the newor amended certificate certified by that authority.

Copy of court orders for Commission27. A credit union must, within seven days after the entering of any order made by the

Court pursuant to the Act in relation to the credit union, lodge an office copy of the order with theCommission.

Penalty: Division 7 fine.

13.

SCHEDULE 1

Forms

(Regulation 5)

Form 1: Application for registration as a credit union.

Form 2: Declaration to accompany application for registration as a credit union.

Form 3: Certificate of incorporation of credit union.

Form 4: Application by credit union/association for registration of alteration of rules.

Form 5: Certificate of incorporation of credit union/association (following change of name).

Form 6: Notice of change of registered office.

Form 7: Application for registration of amalgamation of credit unions or associations.

Form 8: Certificate of incorporation on amalgamation—new local credit union/association.

Form 9: Certificate of amalgamation—new local credit union/association.

Form 10: Certificate of registration—new foreign credit union.

Form 11: Certificate of amalgamation—new foreign credit union.

Form 12: Certificate of amalgamation—local merger of credit unions/associations.

Form 13: Certificate of amalgamation—foreign merger.

Form 14: Report of a credit union to the Credit Union Deposit Insurance Board—prescribed loans madefor the month of ...........

Form 15: Application for registration of an association.

Form 16: Certificate of incorporation of an association.

Form 17: Application for registration of special resolution.

Form 18: Application for consent to resignation as auditor.

Form 19: Notice of resignation, retirement, withdrawal or removal of auditor.

Form 20: Return of a credit union or association for financial year ended on ............

Form 21: Application for registration of a foreign credit union.

Form 22: Certificate of registration of a foreign credit union.

14.

(Section 12)

Form 1

Credit Unions Act, 1989

APPLICATION FOR REGISTRATION AS A CREDIT UNION

To the Corporate Affairs Commission

(To be completed and lodged in duplicate)

Application is made by the credit union formed at the meeting described below for registration as a creditunion under the Credit Unions Act, 1989, under the name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. The meeting to form the credit union was held on the ............... day of ........................, 19.... and wasattended by ........ persons.

2. Accompanying this application are—

(a) a statutory declaration by the person presiding at the formation meeting and the secretary of thatmeeting in the form of Form 2;

(b) a copy of the statement presented to the formation meeting, signed by the person presiding and thesecretary of that meeting;

(c) two copies of the proposed rules certified by the person presiding and the secretary to be the rulesas approved at the formation meeting;

(d) a list containing the full name, address, and occupation of each director;

(e) a list containing the full name, address and occupation of each of 25 natural persons of full age andcapacity who attended the formation meeting and applied for membership and shares;

(f) written estimates of all income (including deposits and share capital) and expenditure (includingloans and allocation of funds to reserves) over each of the first three years of operation of the creditunion.

3. The credit union was formed for the purpose of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(Concise summary of objects)

4. The person and the address to which communications relating to this application may be sent are—

(Name) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Address) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dated this . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . . 19 . . . . . . . . . . . . . . . . . . .

15.

Signatures of all directors of applicant credit union:

Director . . . . . . . . . . . . . . . . . . . . . . . . . Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .





16.

(Section 12)

Form 2


DECLARATION TO ACCOMPANY APPLICATION FORREGISTRATION AS A CREDIT UNION

Name of Applicant Credit Union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

We, . . . . . . . . . . . . . . . . . . . of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

and . . . . . . . . . . . . . . . . . . . of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(Full Name) (Residential Address)

being the person presiding and the secretary of the meeting held at ............................. on the ............ day of....................., 19.... for the purpose of forming the abovementioned credit union do solemnly and sincerelydeclare that—

(a) there were presented to the meeting—

(i) a written statement showing the objects of the credit union and the reasons for believingthat an application for registration of the credit union should be granted and that, ifregistered, it would be able to carry out its objects successfully;

and

(ii) a copy of the rules tendered for registration;

(b) there were 25 or more natural persons of full age and capacity qualified to be members of the creditunion present at the meeting and they approved of the rules now being tendered for registration;

and

(c) the requirements of Part III of the Act as to formation have been complied with.

And we make this solemn declaration conscientiously believing the same to be true and by virtue of theprovisions of the Oaths Act, 1936.

.........................................................................Signature of person presiding at meeting

...................................................................Signature of secretary of the meeting

Declared before me at . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .this . . . . . . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . .,19 . . . . . . . . . . . . . . . . . . . . . .

...............................................................Justice of the Peace, Notary Public

or Commissioner for Affidavits

17.

(Section 12)

Form 3


CERTIFICATE OF INCORPORATION OF CREDIT UNION

This is to certify that . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .is this day incorporated as a credit union under the Credit Unions Act, 1989.

Dated this ................................ day of ........................................................., 19 .............

........................................................Corporate Affairs Commission

(Section 18)

Form 4


APPLICATION BY CREDIT UNION/ASSOCIATION FOR REGISTRATIONOF ALTERATION OF RULES



Name of Credit Union (or Association) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. Application is made by the abovementioned credit union (or association) for registration of—

(a) alterations of rules of the credit union (or association) as specified below;

and

(b) the special resolution passed by the credit union (or association) approving the alterations.

2. Proposed alterations—

(a) set out the special resolution approving the alterations proposed to be made to the rules—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

18.

(b) set out the text of—

(i) existing rules affected by the proposed alterations, as they would read as a result of thealterations;

(ii) new rules proposed to be inserted;

(iii) existing rules proposed to be deleted—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) state the reasons for and intended effect of proposed alterations—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. Special resolution—

(a) the special resolution referred to above was passed at a meeting of the credit union (or association)held on the .................................. day of ........................................., 19................ at

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . ;

(b) the provisions of the Act and the rules of the credit union (or association) relating to the calling andconduct of meetings and the passing of special resolutions were duly complied with in relation tothe passing of the special resolution.

Dated this ....................................... day of ..................................................., 19...................

...........................................................Signature of *Director/Secretary

* Delete as necessary

NOTE:

Section 18 of the Credit Unions Act, 1989, requires this application to be made not later than one monthafter the passing of the special resolution.

19.

(Section 28(3))

Form 5


CERTIFICATE OF INCORPORATION OF CREDIT UNION/ASSOCIATION(following change of name)

The credit union (or association) incorporated on the ................... day of ........................., 19...., under the name

of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

has pursuant to a special resolution passed on the ........................ day of ............................., 19...., and

registered by the Commission changed its name to . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

his is to certify that . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

is incorporated as a credit union (or association) under the Credit Unions Act, 1989.

Dated this .................................. day of ...................................................................., 19.......

........................................................Corporate Affairs Commission

20.

(Section 29(3))

Form 6


NOTICE OF CHANGE OF REGISTERED OFFICE


Name of Credit Union (or Association) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Notice is given that it is proposed that the registered office of the credit union (or association) be changed

from . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

to . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

with effect from the . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . . . . . 19 . . . . . .

Dated this . . . . . . . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . . . ., 19 . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Signature of *Director/Secretary

*Delete as necessary

21.

(Section 32)Form 7


APPLICATION FOR REGISTRATION OF AMALGAMATION OF CREDITUNIONS OR ASSOCIATIONS



Name of Proposed Amalgamated Credit Union (or Association) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Application is made by the undermentioned credit unions (or associations) for registration under the namestated above of a credit union/association to be formed by amalgamation of the applicants—

(i) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(ii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(iii) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(set out names of applicant credit unions/associations)

1. Attached are—

(a) a certified copy of the special resolution passed by each of the applicant credit unions/associationsapproving of the terms of amalgamation;

(b) two copies of the proposed rules or constitution of the amalgamated credit union/association signedby a director and secretary thereof;

(c) the certificates of incorporation of the applicant credit unions/associations.

2. Each local credit union/association concerned in the amalgamation has complied with the requirementsof section 32(5), (6) and (7) of the Credit Unions Act, 1989.

3. The registered office of the amalgamated credit union/association is to be at. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dated this . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . . . . . . . . ., 19 . . . . . .

Signatures of a director and the secretary of each applicant:

Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Credit Union/Association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


Director . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .


NOTE: If any of all of the certificates of incorporation cannot be produced, statutory declarations as to theloss must accompany this application.

(Section 33(1)(d))

22.

Form 8


CERTIFICATE OF INCORPORATION ON AMALGAMATION—NEW LOCAL CREDITUNION/ASSOCIATION

This is to certify that . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

is this day incorporated as a credit union (or association) under the Credit Unions Act, 1989.

Dated this . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . . . . . . ., 19 . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . .

Corporate Affairs Commission

(Section 33(1)(d))

Form 9


CERTIFICATE OF AMALGAMATION—NEW LOCAL CREDIT UNION/ASSOCIATION

This is to certify that the credit union (or association) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

was formed by the amalgamation of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

and . . . . . . . . . . . . . . . . on this day under the Credit Unions Act, 1989.

Dated this . . . . . . . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . . ., 19 . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . .


23.

(Section 33(2)(d))Form 10


CERTIFICATE OF REGISTRATION—NEW FOREIGN CREDIT UNION

This is to certify that . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

was this day registered as a foreign credit union under Part III of the Credit Unions Act, 1989.

Dated this . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . ., 19 . . . . . .

. . . . . . . . . . . . . . . . . . . . .Corporate Affairs Commission

(Section 33(2)(d))

Form 11


CERTIFICATE OF AMALGAMATION—NEW FOREIGN CREDIT UNION

This is to certify that the foreign credit union . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

was formed by the amalgamation of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

and . . . . . . . . . . . . . . . . on this day under Part III of the Credit Unions Act, 1989.

Dated this . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . ., 19 . . . . . . .

. . . . . . . . . . . . . . . . . . . .


24.

(Section 33(3)(d))Form 12


CERTIFICATE OF AMALGAMATION—LOCAL MERGER OF CREDIT UNIONS/ASSOCIATIONS

This is to certify that on this day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

amalgamated with . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . and as a result of

the amalgamation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . dissolved and

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . continues to be registered as a credit union (or association)

under the Credit Unions Act, 1989.

Dated this . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . ., 19 . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . .


(Section 33(4)(d))

Form 13


CERTIFICATE OF AMALGAMATION—FOREIGN MERGER

This is to certify that on this day . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

amalgamated with . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . and as a result of

the amalgamation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . is dissolved and

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . credit union under

Part III of the Credit Unions Act, 1989.

Dated this . . . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . , 19 . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . .


25.

(Section 45(5))

Form 14


REPORT OF A CREDIT UNION TO THE CREDIT UNION DEPOSIT INSURANCEBOARD—PRESCRIBED LOANS MADE FOR THE MONTH OF . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Insert Month)

MemberNo.

Name ofMember

Amount ofthisAdvance

TotalIndebtednessof Member andAssociates

Nature ofSecurityTaken

Periodof Loan

InterestRate atInception

ApprovingOfficer

NOTE: This report must be completed and lodged with the Credit Union Deposit Insurance Board within onemonth following the month to which the report relates. See section 45(6) for prescribed loans to be reported.

26.

(Section 56(1))

Form 15


APPLICATION FOR REGISTRATION OF AN ASSOCIATION



Application is made by the credit unions whose common seals are affixed below for registration of anassociation under the name . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. Accompanying this application are two copies of the rules proposed for the association signed on behalfof each applicant credit union by a director of the credit union.

2. The meeting to form the association was held on the ............. day of ......................... , 19....., and wasattended by ..... persons.

3. Not less than two representatives of each of the applicant credit unions were present at the formationmeeting and approved of the rules now being tendered for registration.

4. The association is to be formed for the following purposes:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(Concise summary of objects).

5. The following persons were elected as directors of the association at the formation meeting:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Set out the full name, address and occupation of each such person and the name of the credit union ofwhich he or she is a member or officer.)

27.

6. Set out details of the share capital proposed for the association and the numbers of shares applied forby each applicant credit union—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. The person and the address to which communications relating to this application may be sent are—

(Name) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Address) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dated this . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . ., 19 . . . . . . . . . . . . . . . . . . . . .

Common seals of applicant credit unions:

28.

(Section 56(2))

Form 16


CERTIFICATE OF INCORPORATION OF AN ASSOCIATION

This is to certify that . . . . . . . . . . . . . . . . . is . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

this day incorporated as an association under the Credit Unions Act, 1989.

Dated this . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . , 19 . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . .


(Section 74(5))

Form 17


APPLICATION FOR REGISTRATION OF SPECIAL RESOLUTION(other than a special resolution altering the rules of a credit union or association)


Name of Credit Union (or Association) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. Application is made by the abovementioned credit union (or association) for registration of a specialresolution as specified below.

2. Special Resolution—

(a) set out the special resolution—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) State the reasons for and intended effect of the special resolution—

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(c) The special resolution was passed at a meeting of the credit union (or association) held on the . . . .

. . . . . . . . . . . . . day of . . . . . . . . . . ., 19. . . . . . , at . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

29.

(d) The provisions of the Act and the rules of the credit union (or association) relating to the callingand conduct of meetings and the passing of special resolutions were duly complied with in relationto the passing of the special resolution.

Dated this . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . ., 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . .Signature of *Director/Secretary


NOTE:Section 18 of the Credit Unions Act, 1989, requires this application to be made not later than one month

after the passing of the special resolution.

30.

(Section 90(6))

FORM 18


APPLICATION FOR CONSENT TO RESIGNATION AS AUDITOR


1. I/We . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . registered company(Full names of individual/firm)

auditor(s), at present being the auditor(s) of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

whose registered office is situated at . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

apply to the Commission for consent to my/our resignation as auditor of the abovementioned credit union (orassociation).

2. Have you commenced the current year’s audit? YES/NO. (see Note (1)).

If yes, to what extent have you completed the current year’s audit? Give details. (see Note (2)).

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. What are the full reasons for the application for consent to resign as auditor(s)?

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. Are you aware of anything amiss or changes in the affairs or accounts of the credit union (orassociation) which you believe would cause you to comment adversely or qualify the accounts of the creditunion (or association) if you were to continue with the audit? YES/NO (see Notes (1) and (3)).

If yes, give details. (see Note (4)).

5. Are there any conflicts or disagreements between you and the credit union (or association) about thescope of the audit or your audit role? YES/NO (see Note (1)).


6. Who does the credit union (or association) propose to nominate as auditor?:

Name: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Firm: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Address: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. Do you have any professional objections to the proposed nomination? YES/NO (see Note (1)).


31.

8. Have you discussed the nature, timing and extent of the audit procedures with the directors of the creditunion (or association) or the nominated auditor(s) as detailed in the ICA and ASA statement of auditingpractice "Resignation Removal or Retirement of an Auditor" (AUP 23) for the current year. YES/NO (seeNote (1)).

If no, give reasons. (see Note (4)).

9. Date from which I/we desire the resignation to take effect is . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Note: This date cannot be a date prior to the date of the Commission’s consent (see Note (2)).

10. On . . . . . . . . . . . . . . . I/we advised the credit union (or association) of this application and notifiedthe credit union (or association) that if it wished to make representations to the Commission it should do sowithin seven (7) days.

Dated this . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . 19 . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . .Signature of Auditor(s)

Registered office of auditor(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

EXPLANATORY NOTES

(1) Please cross out the inappropriate answer.

(2) Where the effective date of resignation fixed by the Commission pursuant to section 90(10) of theCredit Unions Act, 1989, does not coincide with the date on which the annual general meeting of the creditunion (or association) will be held or the date on which the directors of the credit union (or association)propose to appoint the incoming auditor(s), then the date fixed will be the date on which the responsibility forthe current audit period will pass from the resigning auditor(s) to the incoming auditor(s), notwithstanding thatthe directors of the credit union (or association) may have appointed the incoming auditors prior to that date.

(3) The qualifying or adverse comments include comments as to any matters or changes in accountingprinciples or practices affecting the financial statements, but not comments as to changes necessitated by recentlegislation.

(4) The Commission expects an auditor to be completely candid in setting out the reasons in support of anapplication for consent to resign. As forwarding of a copy of this application to the credit union (orassociation) may prejudice privilege under section 90(8) of the Credit Unions Act, 1989, and thus the capacityof the auditor to comply with the Commission’s requirements in this regard, you should not forward a copy ofthis application to the credit union (or association) or to any other third party without first seeking your ownlegal advice.

If you need to supply further information or details which the Commission should take into account, thenyou should provide full details under separate cover or arrange to discuss the issues in strict confidence withthe Commission.

(5) The conflicts or disagreements that must be reported include conflicts or disagreements about mattersof accounting principle or practice; any action on the part of the management of the credit union (orassociation) to suggest that you should resign or that you will be removed from office if the audit deals withcertain matters or items otherwise than in accordance with the approach desired by the management; or anyother matter of a similar nature affecting the independence of the audit or your audit role.

32.

(Section 90(12))

FORM 19


NOTICE OF RESIGNATION, RETIREMENT, WITHDRAWAL OR REMOVAL OF AUDITOR


Re: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(Name of credit union or association)

Notice is given that—

*On the . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . , 19 . . . . . . . . . . . . . . . . . . . . . . . . .

notice was received of the resignation of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(Name of auditor or audit firm)

as auditor of this credit union/association. The Commission consented to the resignation on

the . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . , 19 . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

*On the . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . ., 19 . . . . . . . . . . . . . . . . . . . . . . . . . . .

notice was received of the *retirement/withdrawal of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(Name of auditor or audit firm)

as auditor of this credit union/association.

*On the . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . ., 19 . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(Name of auditor or audit firm)

was removed as auditor of this credit union/association.

Dated this . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . ., 19 . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . .Signature of *Director/Secretary


33.

(Section 97(2))

FORM 20


RETURN OF A CREDIT UNION OR ASSOCIATION FOR FINANCIAL YEAR ENDEDON . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Insert date)

(Section 97(2))

Please refer to the accompanying DIRECTIONS before completing this form.

1. CREDIT UNION (OR ASSOCIATION) FULL NAME: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

2. ADDRESS OF REGISTERED OFFICE: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

3. PRINCIPAL OFFICES: . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(a) List each State and Territory in which the credit union is registered or exempted to trade or carryon business:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) State the address of the credit union’s principal office in each State and Territory in which thecredit union has a place of business or carries on business:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

4. DIRECTORS, PRINCIPAL EXECUTIVE OFFICER AND SECRETARIES:

Full Name of Officer Usual ResidentialAddress

Date and Place of Birth Office Held

34.

5. NAME OF AUDITOR:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Address of principal place of practice:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

6. ANNUAL GENERAL MEETING *Date held:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

*If the credit union (or association) has been granted an extension of time to hold the annual general meeting,set out the date to which the time has been extended:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

7. *DATE OF ANNUAL GENERAL MEETING FOR PREVIOUS FINANCIAL YEAR:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

* Where the annual general meeting for the financial year immediately preceding the financial year to whichthis annual return relates was not held before or on the date to which the last annual return was made up, statethe date on which the meeting was held:

8. NUMBER OF SHARES ISSUED: . . . . . . . . . . . . . . . . . . .

NOMINAL VALUE OF EACH SHARE: $ . . . . . . . . . . . . . . . . . .

PAID UP CAPITAL: $ . . . . . . . . . . . . . . . . . . . . . . . . . . . .

9. BUSINESS NAMES under which the credit union (or association) carries on business:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

STATES OR TERRITORIES in which each of those names is registered:

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

35.

10. KEY FINANCIAL DATA:

(a) as at the end of the financial year:current assets $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .current liabilities $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .section 48 reserves $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .other assets $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .other liabilities $ . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(b) for the financial year: operating profit and extraordinary items after income tax: $ . . . . . . . . .

11. AUDITOR’S REPORT:

Did the report of the auditors of the credit union (or association) for the financial year include a statement ofreasons for the auditor not being satisfied as to any matter referred to in section 93(3) or a statement ofparticulars of any deficiency, failure or shortcoming in respect of any matter referred to in section 93(4)?

*YES *NO

12. DECLARATION:

I certify that, to the best of my knowledge and belief—

(a) the information contained in this return is correct at the date of signing;

* (b) the key financial data in Item 10 has been accurately extracted from accounting records kept inaccordance with subsection 80(1);

(c) this declaration is made pursuant to a resolution of the board of directors of the credit union (orassociation) which adopted the contents of this annual return.

Dated this . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . ., 19 . . . . . . . . . . . . . . . . . . . . . .


*Delete as necessaryDIRECTIONS FOR COMPLETING FORM

DUE DATE FOR LODGING RETURN

1. Under section 97 an annual return must be lodged not later than 6 months after the end of the credit union’sor association’s financial year.

DATE OF PARTICULARS PROVIDED

2. The particulars provided in the RETURN should be correct as at the date of signing the RETURN except forItem 10 which—

(a) in the case of "operating profit and extraordinary items after income tax"—should be the amount forthe whole financial year;

and

(b) in the case of the other items—should be the amounts as at the end of the financial year to whichthe return relates.

36.

DIRECTIONS FOR COMPLETING PARTICULAR ITEMS OF RETURN

3. Complete any uncompleted sections of the return to the extent applicable to the credit union or association.Items not applicable may be marked "N/A".

OFFICERS

4. "Director" includes any person occupying, or acting in, the position of director, and any person inaccordance with whose directions or instructions the directors are accustomed to act.

AUDITOR

5. Insert the full name of the firm(s) or individual(s) holding office as auditor(s) at the date on which theannual return is signed.

KEY FINANCIAL DATA

6. State the amount of the operating profit and extraordinary items after adding, or deducting, extraordinaryitems and after deducting income tax. State losses in brackets.

7. Where the credit union or association acts as a trustee, state separately the liabilities incurred as a trusteeand the amount by which the credit union or association has the right to be indemnified out of trust assets inrespect of those liabilities.

DOCUMENTS TO ACCOMPANY THE ANNUAL RETURN ACCOUNTS

8. Annex a copy, certified in the manner set out below, of all accounts and group accounts (if any) required tobe laid before the credit union (or association) at the annual general meeting, together with a copy of everydocument required by section 85 to be laid before the annual general meeting together with such otherdocuments as are required by section 97.

CERTIFICATION

9. Certify all documents required to be attached to the annual return as follows:

"I certify that these documents constitute true copies of all accounts and group accounts (if any) requiredto be laid before the credit union (or association) at the annual general meeting, together with every otherdocument a copy of which is required by section 85 to be laid before the annual general meeting togetherwith such other documents as are required by section 97.

Dated this . . . . . . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . ., 19 . . . . . . . . . . . . . . . . .



37.

(Section 127(1))

FORM 21


APPLICATION FOR REGISTRATION OF A FOREIGN CREDIT UNION



Application is made by . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .(Insert name of foreign credit union)

for registration as a foreign credit union under the name

. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

1. Accompanying this application are—

(a) a copy of the certificate of incorporation or registration issued in respect of the credit union by theappropriate authority in the State or Territory of the credit union’s origin, certified by that authority;

(b) a copy of the rules or constitution of the credit union and a copy of the last audited balance sheet ofthe credit union, in each case certified by at least two of the directors of the credit union;

(c) the following, verified in the manner prescribed in regulation 25:

(i) the full name, address and occupation of each director of the credit union;

(ii) the full name and address of each person who will act as an agent of the credit union inthis State;

(iii) the address of the proposed registered office of the credit union in this State;

and

(iv) a copy of an instrument appointing a person resident in this State (not being a bodycorporate incorporated outside this State) as a person on whom all notices or legal processmay be served on behalf of the credit union.

2. The person to whom and the address to which communications relating to this application may be sentare—

(Name) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

(Address) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .

Dated this . . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . . . . , 19 . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . .Signature of Director/Secretary

* Delete as necessary(Section 127(3))

38.

FORM 22


CERTIFICATE OF REGISTRATION OF FOREIGN CREDIT UNION

This is to certify that . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .is this day registered as a foreign credit union under Part IX of the Credit Unions Act, 1989.

Dated this . . . . . . . . . . . . . . . . . . . . . . . day of . . . . . . . . . . . . . . . . , 19 . . . . . . . . . . . . . . . . . . . . . . .

. . . . . . . . . . . . . . . . . . . . .Corporate Affairs Commission

39.

SCHEDULE 2

Regulation 6

FEES

Item Matter Amount$

PART A

To be paid to the Commission—

1. For inspection under section 6(2) of the Act of documents lodged by or inrelation to a registered credit union, registered foreign credit union orregistered association (other than an inspection by or on behalf of theAustralian Broadcasting Corporation, the Australian Bureau of Statistics,the holder of a licence for a commercial broadcasting or television station,or the proprietor or publisher of a newspaper generally available to thepublic otherwise than only on subscription) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00

2. For the supply of an uncertified copy or extract of a document lodged byor on behalf of a registered credit union, registered foreign credit unionor registered association, in addition to the fee payable under item 1 . . . . . . . . . . . . . . . . . . . . . 3.00

3. For the supply of a certified copy of, or the supply of a certified copyof an extract from, a document held by the Commission in relation to aregistered credit union, registered foreign credit union or registeredassociation—

for one page . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 5.00for each additional page . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .50

4. On lodging an application to the Commission (not being an application forwhich a fee is specified elsewhere in this schedule) to exercise any of thepowers conferred on the Commission by the Act, or by those provisions of theCompanies (South Australia) Code applied by the Act to a registered creditunion, registered foreign credit union or registered association . . . . . . . . . . . . . . . . . . . . . . . . 13.00

5. On lodging an application for registration under section 12 of the Act . . . . . . . . . . . . . . . . . . 132.00

6. On lodging an application to register an alteration to rules under section 18of the Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.00

7. On lodging an application for amalgamation under section 32 of the Act . . . . . . . . . . . . . . . . 132.00

40.

8. On lodgment of documents by or on behalf of a registered credit union orregistered association under provisions of the Companies (South Australia) Coderelating to the registration of charges (Division 9 of Part IV) applied by the Act—

(a) on lodging a notice of charge or notice of acquisition of property subjectto a registered charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 53.00

(b) on lodging a notice of assignment or variation of registered charge . . . . . . . . . . . . . . . . . 26.00

(c) on lodging a notice of satisfaction of, or release of property from, aregistered charge . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 26.00

9. On lodging an application for registration under section 56 of the Act . . . . . . . . . . . . . . . . . . . 26.00

10. On lodging an application for registration under section 74 of the Act . . . . . . . . . . . . . . . . . . . 26.00

11. On lodging a return of members of a firm of auditors under section 87 of the Act . . . . . . . . . . 13.00

12. On lodging a notice of resignation, retirement or withdrawal, or removal of anauditor under section 90 of the Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 13.00

13. On lodging a return under section 97(2) of the Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 100.00

14. On lodging an application for registration under section 127 of the Act . . . . . . . . . . . . . . . . . 100.00

15. On lodging a copy of a disclosure statement under regulation 11(2) . . . . . . . . . . . . . . . . . . 1 000.00

16. In respect of a registered credit union or registered association which has beendissolved—

(a) on lodging an application to the Commission to exercise the powers conferredby section 460 or 462 of the Companies (South Australia) Code as appliedby section 123 of the Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.00

(b) for an act done by the Commission under section 460 or 462 of the Companies(South Australia) Code . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.00

17. On lodging an application to the Minister to exercise any power conferred on theMinister by the Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 39.00

18. On the late lodgment of a document (in addition to any lodgment fee provided byany other item for the lodging of the document)—

(a) if lodged within one month after the prescribed time . . . . . . . . . . . . . . . . . . . . . . . . . . . 15.00

(b) if lodged more than one month but within three months after the prescribed time . . . . . . . 46.00

(c) if lodged more than three months after the prescribed time . . . . . . . . . . . . . . . . . . . . . . . 81.00

19. For the production by the Commission, pursuant to a subpoena, of a document held byit in relation to a registered credit union, registered foreign credit union orregistered association . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 23.00

and, in addition, for each two pages or less of the document produced . . . . . . . . . . . . . . . . . . . 1.00

41.

20. For any act that the Commission is required or authorized to do on the request of aperson and for which a fee is not prescribed by any other item . . . . . . . . . . . . . . . . . . . . . . . . 15.00

21. For a certificate issued by the Commission other than a certificate issued undersection 12(4), 28(3) or 33(1), (2), (3) or (4) of the Act . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00

PART B

To be paid to a credit union or association—

1. For the supply of a copy of the rules of a credit union or association under section 17of the Act, such sum as may be provided for by the rules of the credit union orassociation, but not exceeding . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 3.00

PART C

To be paid to the Credit Union Deposit Insurance Board—

1. On the late lodgment of a return or report or information required to be furnished tothe Credit Union Deposit Insurance Board—

(a) if lodged within one month after the time specified by the Board . . . . . . . . . . . . . . . . . . 15.00

(b) if lodged more than one month but within three months after the time specified . . . . . . . . 46.00

(c) if lodged more than three months after the specified time . . . . . . . . . . . . . . . . . . . . . . . . 81.00

42.

SCHEDULE 3

(Section 39 and Regulation 11)

Disclosure Statement

Information to be contained in a disclosure statement:

(1) the date of execution of the statement;

(2) the date of, and parties to, the deed or instrument (if any) relating to the securities, together with thedate of, and parties to, any deed or instrument by which any of the provisions of the original deed orinstrument have been amended or abrogated;

(3) the name of the trustee or representative (if any) under the deed or instrument, and the address of thetrustee’s or representative’s registered office or principal place of business, or, in the case of a natural person,business address;

(4) a summary of the provisions of the deed or instrument relating the retirement, removal andreplacement of any such trustee or representative;

(5) the name of the management company (where not the credit union) or the body corporate that is toissue the securities, and the address of its registered office or principal place of business, and if applicable, theaddress of its principal office in each State and Territory;

(6) the names, descriptions and addresses of all the directors or members of the governing body of themanagement company (where not the credit union) or the body corporate that is to issue the securities;

(7) a summary of the provisions of the deed or instrument regulating the retirement, removal orreplacement of any such management company;

(8) the name and address of the auditor of the accounts relating to securities under the deed or instrument,or of the auditor of the accounts relating to the body corporate that is to issue the securities;

(9) a summary of the provisions of the deed or instrument, or the powers of the body corporate that is toissue the securities, relating to the appointment, retirement, removal or replacement of the auditor;

(10) the duration of the scheme to which the securities relate or, if the duration is not ascertainable, thatfact;

(11) full particulars with respect to the termination or winding up of the scheme, or of any part of thescheme;

(12) such particulars as are sufficient to disclose the true nature of the scheme in respect of which thesecurities are to be issued or offered to members of the credit union for subscription or purchase and anyproperty to which the securities relate;

(13) the nature of the securities to be issued or offered and the rights in relation to the scheme to whichthe securities relate of the members of the credit union who become the holders of the securities;

(14) the address where the register of holders of the securities (if any) is or will be kept and the days onwhich and the hours during which the register is or will be accessible to the holders of the securities;

(15) the price and method of calculation of the price at which the management company may sell or thecredit union may offer or sell the securities to members of the credit union;

43.

(16) full particulars of the functions of the trustee or representative (if any) appointed by the deed orinstrument relating to the securities including precise information as to the duties and obligations of the trusteeor representative towards holders of the securities and other persons;

(17) the name and address of each person or corporation with which a holder of a security is required,obliged or entitled, in connection with the scheme, or any part of the scheme, to enter into any contractwhether by way of lease or otherwise, together with the names, descriptions, and residential addresses of thedirectors of each such corporation;

(18) where any real or personal property to which the securities relate is or will become vested in thetrustee or representative (if any), the nature and description of the property and the conditions or circumstancesunder which it is or will become so vested;

(19) where the scheme relates to rights or interests in or arising out of an investment relating to propertythat ordinarily depreciates in value through use of effluxion of time, full and true particulars of the provisionmade for the replacement of the property and the source or sources from which that replacement is to be madeor from which the cost of that replacement is to be met;

(20) where—

(a) property purchased or taken on lease, or proposed to be purchased or taken on lease, in relation tothe scheme to which the deed or instrument relates is to be paid for wholly or partly out ofproceeds of the issue of the securities offered by the statement for subscription or purchase;

or

(b) the purchase or leasing of property proposed to be purchased or taken on lease in relation to thescheme to which the deed or instrument relates has not been completed at the date of the issue ofthe statement,

the following information:

(c) the name and address of each vendor or lessor;

(d) a full and true description of the property;

(e) the amount of cash or other consideration paid or payable to each vendor or lessor;

and

(f) short particulars of any transaction relating to the property, in which any vendor or lessor of theproperty or any person who is, at the time of the transaction, a promoter or director of themanagement company or the body corporate which issues the securities, or a member of itsgoverning body, as the case may be, had any interest direct or indirect, including particularssufficient to disclose the true nature and extent of any interest of such a promoter, director ormember in the property, in the business of any such vendor or lessor, or in such a transaction;

(21) the amount, if any, paid within the two years preceding the date of execution of the statement, orpayable, as commission (but not including commission to sub-underwriters), for subscribing or agreeing tosubscribe, or procuring or agreeing to procure subscriptions, for the securities, or the rate of any suchcommission, and the names of any promoters or directors of the management company, or other bodycorporate issuing the securities, or members of its governing body as the case may be, who are entitled toreceive any such commission and the amount or rate of that commission;

44.

(22) the amount or estimated amount of—

(a) the expenses of setting up the scheme;

and

(b) the expenses of issuing the securities,

and the names of the persons by whom any of those expenses have been paid or are payable;

(23) any amount or benefit paid or given, or intended to be paid or given, to a promoter, the managementcompany, or any other body corporate issuing the securities, a director of the management company or anyother body corporate issuing the securities, out of the proceeds of an issue of securities, excluding amounts orbenefits required to be disclosed elsewhere in the statement, and the consideration for the payment or giving ofthe amount or benefit;

(24) the obligations, if any, imposed on the credit union, management company or other body corporateissuing the securities, to purchase, or to cause to be purchased from any holder of a security, that security, anda statement of the price and the method of the calculation of the purchase price, and, in addition, where theobligation or act of repurchase is conditional on the consent or approval of the Corporate Affairs Commissionor the Credit Union Deposit Insurance Board, a statement to that effect;

(25) a summary of the rights and obligations of the management company or other body corporate issuingthe securities, or of the trustee or representative (if any) governing the valuation of any investment made orproperty held in relation to the scheme;

(26) a summary of the provisions of the deed or instrument under which investments or other propertycomprising or forming part of the scheme to which the deed or instrument relates may be varied;

(27) full information regarding the remuneration of the trustee or representative (if any) and themanagement company, the manner in which that remuneration is provided for, and the charges (if any) thatwill be made by way of remuneration on the sale of or subscription for any securities to which the deed orinstrument relates and on the distribution of incoming capital or otherwise in connection with the relevantscheme;

(28) whether the securities or any rights in respect of the securities, to which the deed or instrumentrelates, are transferable by the holders of the securities and, if so, a summary of the provisions of the deed orinstrument regulating such a transfer;

(29) where the statement relates to different classes of securities, the voting rights, if any, at meetings ofholders of securities conferred by the several classes of securities respectively, other than voting rights derivedfrom membership of the credit union;

(30) a summary of the provisions of the deed or instrument relating to the distribution to the holders ofsecurities of the income derived from the scheme;

(31) full information as to whether, and to what extent, any factor other than cash receipts by way ofdividend, interest or bonus has been or will be taken into account in calculating the amount of income that willbe payable to holders of the securities;

(32) if any reference is made to the yield of income obtained or likely to be obtained by the holders of thesecurities, a statement as to whether, and to what extent, anything other than cash receipts by way of dividend,interest or bonuses has been taken into account in calculating the yield;

(33) a summary of the provisions of the deed or instrument regulating the convening of meetings ofholders of the securities;

45.

(34) the name and description and the date of commencement of operation of every other scheme (if any)involving the issue of securities to members of the credit union or to the public conducted by the managementcompany or other body corporate issuing the securities within the five years immediately preceding the date ofexecution of the statement;

(35) where such an obligation is not imposed on the management company or other body corporate, adeclaration that the credit union will cause certificates of title to be sent to purchasers of or subscribers forsecurities purchased or subscribed for pursuant to the statement not more than two months after the securitiesare issued;

(36) a summary of the provisions of the deed or instrument with respect to the undertakings—

(a) by or on behalf of the management company or the body corporate which issues the securitiesrelating to the issue of securities to which the deed of instrument relates;

and

(b) by or on behalf of the trustee or representative (if any) relating to the issue of certificates of title tothe securities to holders of securities.

NOTE:

For the purposes of this schedule—

(a) reference to an instrument includes a reference to an agreement or contract or a memorandum orarticles of association;

(b) reference to a scheme includes a reference to an undertaking or enterprise or an investmentcontract as defined in section 5(1) of the Companies (South Australia) Code.

46.

SCHEDULE 4

(Section 76, regulation 17)

Registers to be kept by Credit Unions

1. Register of Directors of Credit Union

Date ofElection or

Appt.Surname

ChristianNames (in

full)

ResidentialAddress Occupation

Termination of Office

Particulars ofoffices held in

other creditunions, building

societies orcompanies

Remarks

Date Mode

2. Register of Members and Shares Allotted by Credit Union

Date ofAdmission toMembership

SurnameChristian

Names (infull)

ResidentialAddress

Number ofShares

Allotted

NominalValue ofShares

AmountPaid Up

Date ofAllotment of

Shares

Date ofTermination of

Membership

3. Register of Loans Raised and Securities Given by Credit Union

Date of LoanAmount of

Loan or ChargeCreated

Name andAddress of

mortgagee orperson entitled

to charge

Security givenincluding

description ofproperty

mortgaged orcharged

Registered No.of charge or

mortgage

Date forRepayment of

Loan or Charge

Date SecurityReleased from

charge ormortgage

Remarks

47.

4. Register of Deposits Received by Credit Union

Name of Depositor Amount and Date of Deposit Amount and date of Repayment Balance

5. Register of Loans Made and Securities Taken by Credit Union (excluding commercial loans as definedin section 45(6) of the Act)

Name of MemberDate of Loan

Amount Advanced Total Indebtednessof Member

Nature of SecurityTaken Period of Loan

Account Reference

6. Register of Commercial Loans Made and Securities Taken by Credit Union (commercial loans asdefined in section 45(6) of the Act)

Name ofMember

AmountAdvanced

TotalIndebtedness of

Member andAssociates

Nature ofSecurity Taken

Period of Loan Interest Rate atInception

ApprovingOfficer

AccountReference

48.

7. Register of Investments Made by Credit Union (excluding investments in subsidiary of the credit union)

Nature ofInvestment

MaturityDate

Due Date ofInterest orDividend

DatePurchased Price Paid Face Value Net Cost

Redemption Details(amount and date proceeds

received)

8. Register of Credit Union Investments in and Guarantees on behalf of its Subsidiaries and SecuritiesTaken

Name ofSubsidiary

Date ofInvestment or

Guarantee

Amount ofInvestment or

Guarantee

TotalInvestments or

TotalGuarantees

Nature ofSecurity Taken Nature of

Guarantee

Period of Loanor Guarantee

(whereapplicable)

AccountReference

9. Register of Prescribed Interests and Holders of Prescribed Interests Issued by Credit Union (beinginterests for which a disclosure statement is required under section 39 of the Act)

Date of Issue ofInterests

Surname of Holder Christian Names (infull)

Residential Address Nature and Extent ofInterests Held

Date Interests Ceaseto be Held

49.

SCHEDULE 5(Section 81(6), regulation 19)

ACCOUNTS AND GROUP ACCOUNTS

PART I—PRELIMINARY

Interpretation1. (1) In this schedule, unless the contrary intention appears—

"the accounts" means the accounts of a credit union but does not include the group accounts where thatcredit union is a holding credit union:

"balance sheet" does not include the notes to a balance sheet:

"charge", in relation to a security, includes a mortgage:

"comparative financial period" in relation to the accounts, means the immediately preceding financialperiod:

"current assets" means cash or other assets that would in the ordinary course of business of the creditunion be consumed or converted into cash within 12 months after the end of the last financial period ofthe credit union, but does not include loans to members:

"current liabilities" means liabilities that would in the ordinary course of business of the credit union bedue and payable within 12 months after the end of the last financial period of the credit union, but doesnot include members’ deposits:

"director’s valuation", in relation to the assets of a credit union, means a valuation that is not anindependent valuation:

"executive officer", in relation to a credit union, means a person by whatever name called who isconcerned, or takes part, in the management of the credit union:

"financial period" means a financial year of the credit union:

"group accounts", in relation to a holding credit union, means a set of consolidated accounts for thegroup in relation to which that credit union is the holding credit union:

"independent valuation", in relation to a type of valuation of assets of a credit union, means a valuationmade by a person—

(a) who is an expert in relation to valuations of that type;

and

(b) whose pecuniary or other interests could not reasonably be regarded as being capableof affecting the person’s ability to give an unbiased opinion in relation to thatvaluation:

"information" includes particulars, an amount, or both:

"interest" includes discount on bills of exchange:

"profit and loss account" does not include the notes to a profit and loss account:

50.

"the profit or loss" in relation to—

(a) a credit union—means the operating profit or loss and extraordinary items of thecredit union after providing for income tax;

or

(b) a group comprised of a holding credit union and its subsidiaries—means the operatingprofit or loss and extraordinary items of the group after providing for income tax:

"relevant interest in shares" has the same meaning as in the Companies (South Australia) Code:

"remuneration" means any money, consideration or benefit but does not include, in relation to a personwho is a director or executive officer of the credit union, amounts in payment or re-imbursement ofout-of-pocket expenses incurred for the benefit of the credit union or subsidiary.

(2) In this schedule, unless the contrary intention appears—

(a) a reference to a requirement is a reference to a requirement of this schedule;

(b) a reference to a class of assets or liabilities of a credit union is a reference to assets or liabilities,as the case may be, that share a common nature and function in the business of that credit unionand includes a class of assets or liabilities, as the case may be, referred to in a subparagraph ofclause 9(2);

(c) a reference to cash as a current asset includes a reference to moneys held at call with a bank orfinancial institution.

(3) Unless the contrary intention appears in accounts, an expression used in those accounts has the samemeaning as in this schedule.

Adaptation of format2. (1) In this clause, "prescribed requirement" means any of the following matters required in relation to

accounts:

(a) a form of words;

(b) a sequence in the arrangement of two or more headings, subheadings or entries;

(c) the specification of an item of information in a profit and loss account or balance sheet.

(2) Subject to subclause (3), where, in the opinion of the directors of the credit union, any prescribedrequirement would, but for this subclause, prevent the accounts of the credit union being prepared so as to givea true and fair view of the profit or loss or state of affairs of the credit union in any respect, those accountsmay depart from that requirement to the extent necessary to give such a true and fair view.

(3) A prescribed requirement to specify an item of information in a profit and loss account or balancesheet forming part of the accounts may only be departed from in accordance with subclause (2) if thatinformation is specified separately in a note forming part of those accounts.

(4) Where a provision of this schedule requires any matter relating to an entry in a profit and lossaccount or a subheading in a balance sheet to be provided for in a note, that matter may be incorporated intothat entry or subheading, as the case may be.

(5) The provisions of this schedule are to be read subject to this clause.

51.

General requirements for information specified in accounts3. (1) Subject to subclauses (3), (4) and (5), for the purpose of making out the accounts in respect of a

financial period, a reference in this schedule to the specifying of information—

(a) in any entry in a profit and loss account, or in a note to that account, is to be read as a referenceto the specifying of that information for a period in that entry or note, as the case may be, andthe specifying of the corresponding information for the comparative financial period in that entryor note, as the case may be;

and

(b) in a subheading in a balance sheet, or in a note to that balance sheet, is to be read as a referenceto the specifying of that information as at the end of that period in that subheading or note, asthe case may be, and the specifying of the corresponding information as at the end of thecomparative financial period in that subheading or note, as the case may be.

(2) Where the respective financial periods referred to in subclause (1)(a) or (b) to be specified in theaccounts are not equal in length, the periods covered must be clearly indicated in those accounts.

(3) For the purpose of making out in respect of a financial period the first accounts after the registrationof a credit union, a reference in this schedule to the specifying of information does not include the specifyingof information corresponding to that information for or as at the end of the comparative financial period.

(4) Except where subclause (3) applies, for the purpose of making out in respect of a financial periodthe first accounts in accordance with this schedule, information relating to a matter for or as at the end of thecomparative financial period is not required to be specified in those accounts where the directors state in thoseaccounts in relation to that matter, or in relation to each of those matters, as the case may be, that thatinformation cannot be so specified without unreasonable expense or delay.

(5) Where the accounts are required to include a note by virtue of—

(a) a provision in clause 7—that note must be a note to the profit and loss account;

(b) a provision in any of clauses 9 to 18 (other than clause 15)—that note must be a note to thebalance sheet;

or

(c) any other provision—that note must be a note to the profit and loss account, or to the balancesheet, forming part of those accounts.

(6) Where a provision of this schedule requires information to be specified in a note, a note preparedfor the purposes of that provision must contain sufficient headings, cross-references or other particulars toenable the subject matter or purpose of the note to be readily identified.

Aggregate amounts and notes4. Subject to this schedule, the accounts of a credit union must—

(a) show the aggregate amount and description of each item set out in the profit and loss accountformat and, under the respective headings, set out in the balance sheet format contained inPart II;

and

52.

(b) include notes that—

(i) subdivide, qualify and otherwise explain the matters to which paragraph (a) applies;

and

(ii) give particulars of other matters, as required by Part II.

Language and monetary values5. (1) Accounts must be expressed in the English language.

(2) In accounts all amounts must be expressed in terms of Australian currency.

PART II—PROFIT AND LOSS ACCOUNT AND BALANCE SHEET

Profit and loss account—basic format6. (1) Subject to this clause, the format for a profit and loss account must be as in the following table:

• Operating profit or loss

• Income tax attributable to operating profit or loss

• Operating profit or loss after income tax

• Profit or loss on extraordinary items

• Income tax attributable to profit or loss on extraordinary items

• Profit or loss on extraordinary items after income tax

• Operating profit or loss and extraordinary items after income tax

• Retained profits or accumulated losses at the beginning of the financial year

• Aggregate of amounts transferred from reserves

• Total available for appropriation

• Dividends provided for or paid

• Aggregate of amounts transferred to reserves

• Other appropriations

• Retained profits or accumulated losses at the end of the financial year.

(2) Such of the words set out in the table in subclause (1) as are relevant must be specified in a profitand loss account with the aggregate amount to which those words refer as an entry or part of an entry.

(3) The entries in a profit and loss account must be set out in the same sequence as the groups of wordsare set out in the table in subclause (1).

Notes relating to the profit and loss account7. (1) In relation to the items referred to in the profit and loss account there must be shown separately

the amounts and particulars of any other matters necessary to present a true and fair view of the profit or lossof the credit union.

53.

(2) The amounts and particulars required to be shown include, but are not limited to, a note of—

(a) each of the following items credited as revenue in determining the operating profit or loss:

(i) dividends;

(ii) interest on loans;

(iii) interest on investments;

(iv) fees, including loan application, entrance, transfer and any other fees received;

(v) material profits arising from the sale of non-current assets;

(vi) material increments arising from the revaluation of non-current assets;

(vii) material transfers from provisions;

(viii) abnormal items;

and

(ix) any distributions or grant from the Credit Union Deposit Insurance Fund;

(b) each of the following items charged as expense in determining operating profit or loss:

(i) interest on deposits;

(ii) interest on loans or borrowings;

(iii) bad and doubtful debts in each class of debts;

(iv) material losses arising from the sale of non-current assets;

(v) material decrements arising from the revaluation of non-current assets;

(vi) amount charged for depreciation, amortization or diminution in value, as the case maybe, of each of the following classes of assets:

(A) investments;

(B) inventories;

(C) property, plant and equipment;

(D) intangibles;

(E) assets other than assets specified in subsubparagraph (A), (B), (C) or (D),

as specified in the balance sheet forming part of those accounts;

(vii) material transfers to provisions other than provisions referred to in subparagraph (vi);

(viii) abnormal items;

(c) the following item, namely any amount derived by the application of equity accounting includedin determining the profit or loss;

54.

and

(d) each material extraordinary item included in determining the profit or loss.

(3) A note referred to in subclause (2) must specify particulars, and the aggregate amount, of the item,or each of the items, as the case may be, to which it relates including, in the case of the item referred to insubclause (2)(b)(vi), particulars, and the aggregate amount, of each class of assets so affected.

(4) Where the aggregate amount provided in respect of income tax attributable to a credit union inrespect of a financial period differs by more than 15 per cent from the amount of income tax that would bepayable in respect of that period on the income of the credit union calculated by reference to its operatingprofit or loss and extraordinary items, the accounts of the credit union must include a note of explanation ofthat difference.

(5) Where provision is made for the payment of income tax attributable to a credit union during aperiod that, in whole or part, is a period other than the financial period in which that provision was made, theaccounts of the credit union must include a note specifying—

(a) the amount (if any) of that provision that is attributable to that financial period;

and

(b) the amount of that provision that is attributable to any other period or periods.

(6) Where—

(a) at any time during a financial period, or during a comparative financial period, the credit unionhad a subsidiary or subsidiaries;

and

(b) in relation to the profit and loss account of the credit union for that period, a note is required toinclude particulars and an amount relating to interest or dividends in accordance withsubclause (2)(a),

those particulars must include, in relation to that amount—

(c) the portion of that amount that is attributable to that subsidiary or to each subsidiary, as the casemay be;

and

(d) the portion of that amount that is attributable to other persons.

55.

Balance sheet—basic format8. (1) Subject to this clause, the format for a balance sheet must be as in the following table:

CURRENT ASSETS

CashReceivablesInvestmentsInventoriesOther

TOTAL CURRENT ASSETS

LOANS TO MEMBERS

NON-CURRENT ASSETS

ReceivablesStatutory deposit with Credit Union Deposit Insurance FundInvestmentsInventoriesProperty, plant and equipmentIntangiblesOther

TOTAL NON-CURRENT ASSETS

TOTAL ASSETS

CURRENT LIABILITIES

Creditors and borrowingsProvisionsOther

TOTAL CURRENT LIABILITIES

MEMBERS DEPOSITS

NON-CURRENT LIABILITIES

Creditors and borrowingsProvisionsOther

TOTAL NON-CURRENT LIABILITIES

TOTAL LIABILITIES

NET ASSETS

56.

SHARE CAPITAL AND RESERVES

Withdrawable Share CapitalNon-withdrawable Share CapitalStatutory Reserve AccountAsset Revaluation ReserveRealized Capital ReserveOther ReserveRetained Profits or Accumulated Losses

TOTAL SHARE CAPITAL AND RESERVES

(2) The headings set out in the table in subclause (1), to the extent that they are relevant, must bespecified in a balance sheet.

(3) Such of the words set out in the table in subclause (1) as are relevant and do not comprise aheading must be specified in a balance sheet with the aggregate amount to which those words refer as asubheading or part of a subheading.

(4) Each amount specified in a balance sheet forming part of the accounts as the amount of assets of thecredit union as at the end of a financial period must be the aggregate of the amounts in respect of which thoseassets are recorded in the books of the credit union at the end of that period less the aggregate provided for inrespect of those assets by way of depreciation, amortization, diminution in value or doubtful debts in thosebooks as at the end of that period.

(5) The headings and subheadings in a balance sheet must be specified in the same sequence as theheadings and words, or groups of words, are set out in the table in subclause (1).

(6) For the purposes of this clause, each of the following groups of words set out in the table insubclause (1) is a heading:

Current AssetsLoans to MembersNon-current AssetsCurrent LiabilitiesMembers DepositsNon-current LiabilitiesShare Capital and Reserves

Notes relating to the balance sheet9. (1) In relation to the headings referred to in the balance sheet there must be shown separately the

amounts and particulars of any other matters necessary to present a true and fair view of the state of affairs ofthe credit union.

(2) In relation to each subheading in a balance sheet forming part of the accounts, the accounts mustinclude a note of each of the classes included in determining the aggregate amount specified in thatsubheading.

(3) The accounts must include a note of—

(a) each of the following classes relating to receivables as current assets:

(i) trade debtors and prepayments;

(ii) rights of indemnity for liabilities incurred by the credit union on behalf of a trust;

(iii) interest receivable;

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(b) each of the following classes relating to investments as current assets:

(i) securities issued or guaranteed by a government or a semi-government authority;

(ii) debentures;

(iii) bills of exchange;

(iv) shares;

(v) options in respect of shares;

(vi) deposits with a bank;

(vii) deposits with a building society;

(viii) deposits with an association of credit unions;

(c) each of the following classes relating to loans to members:

(i) loans to officers and employees;

(ii) loans to members (other than loans to officers and employees);

(d) segregation of loans to members into each of the following classes:

(i) amounts due and receivable within 12 months after the end of the last financial periodof the credit union;

(ii) amounts due and receivable more than 12 months after the end of the last financialperiod of the credit union;

(e) each of the following classes relating to receivables as non-current assets:

(i) trade debtors;

(ii) rights of indemnity for liabilities incurred by the credit union on behalf of a trust;

(f) each of the following classes relating to investments as non-current assets:

(i) securities issued or guaranteed by a government or a semi-government authority;

(ii) debentures;

(iii) bills of exchange;

(iv) shares;

(v) options in respect of shares;

(vi) deposits with a bank;

(vii) deposits with a building society;

(viii) deposits with an association of credit unions;

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(g) each of the following classes relating to property, plant and equipment as non-current assets:

(i) land and buildings;

(ii) plant or equipment;

(h) each of the following classes relating to creditors and borrowings as current liabilities:

(i) interest accrued;

(ii) bank overdrafts;

(iii) bank loans;

(iv) loans from associations of credit unions;

(v) loans from credit unions;

(vi) loans from the Credit Union Deposit Insurance Fund;

(vii) loans from other persons;

(viii) bills of exchange;

(ix) other creditors and accruals;

(x) lease liabilities;

(i) each of the following classes relating to provisions as current liabilities:

(i) taxation;

(ii) employee entitlements;

(j) segregation of members’ deposits into each of the following classes:

(i) amounts due and payable within 12 months after the end of the last financial periodof the credit union;

(ii) amounts due and payable more than 12 months after the end of the last financialperiod of the credit union;

(k) each of the following classes relating to creditors and borrowings as non-current liabilities:

(i) bank loans;

(ii) loans from associations of credit unions;

(iii) loans from credit unions;

(iv) loans from the Credit Union Deposit Insurance Fund;

(v) loans from other persons;

(vi) creditors;

(vii) lease liabilities;

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(l) the following class relating to provisions as non-current liabilities, namely, employeeentitlements.

(4) A note referred to in subclause (3) must specify particulars and the aggregate amount of each classto which it relates.

Provisions in relation to assets10. Where at the end of a financial period a provision for depreciation, amortization, diminution in

value or doubtful debts exists in the books of a credit union in relation to a class of assets of the credit unionand that class is required to be included in a note referred to in clause 9(3), the particulars of that classrequired for the purposes of clause 9(4) include—

(a) the aggregate amount of that provision;

and

(b) the amount representing the residue remaining after deducting from the aggregate amountreferred to in clause 9(4) the aggregate amount referred to in paragraph (a).

Transfers to or from reserves11. The accounts in respect of a financial period must include a note of material transfers during that

period to and from any reserves specified as a subheading in the balance sheet.

Subdivision of certain classes of assets and liabilities12. (1) Where a class of assets of a credit union comprising non-current assets, inventories or

investments (other than investments listed on a stock exchange specified in regulation 16 of the Companies(South Australia) Regulations that have been recorded in the books of the credit union at market value) isrequired to be included in a note to a balance sheet referred to in clause 9 and part of that class (in thissubclause referred to as "the designated part") is valued otherwise than at cost, the particulars of that classrequired for the purposes of clause 9 include—

(a) a summary description of—

(i) the designated part, together with—

(A) the year of their valuation;

(B) the basis of the valuation;

(C) whether the valuation was a director’s valuation or an independent valuation;

and

(D) where that balance sheet is the first balance sheet in which reference is madeto a valuation as referred to in subsubparagraph (C)—the name of the personwho made that valuation;

and

(ii) the remainder of the class;

and

(b) the aggregate amount of the designated part and of the remainder of the class,

60.

and where the aggregate amount of a provision relating to those assets and the aggregate amount of the residueare required to be included in that note by virtue of clause 10, each of those amounts must be apportioned soas to indicate the amount that is attributable to the designated part and the amount that is attributable to theremainder of the class.

(2) Where a class comprising liabilities is required to be included in a note referred to in clause 9 andpart of that class comprises liabilities secured by a charge, the particulars of that class required for the purposesof clause 9 include—

(a) a summary of the nature of the security;

and

(b) the aggregate amount of the liabilities so secured.

(3) Where a class of assets comprising investments is required to be included in a note referred to inclause 9 and part of that class comprises investments listed on a stock exchange specified in regulation 16 ofthe Companies (South Australia) Regulations, the particulars of that class required for the purposes of clause 9include—

(a) a summary description of the investments so listed;

and

(b) the market value of the investments so listed calculated on the official quotation on the stockmarket of that exchange.

(4) Where—

(a) a class comprising bills of exchange receivable by a credit union is required to be included in anote referred to in clause 9 and part of that class comprises bills accepted or endorsed by abank;

(b) a class comprising interest paid or payable by a credit union is required to be included in a notereferred to in clause 9 and part of that class comprises interest capitalized;

(c) a class comprising a provision for income tax is required to be included in a note referred to inclause 9 and part of that class comprises a provision for future liability;

or

(d) a class comprising assets is required to be included in a note referred to in clause 9 and part ofthat class comprises capitalized lease assets,

the particulars of that class required for the purposes of clause 9 include—

(e) a summary description of that part;

and

(f) the aggregate amount of that part.

Debts, charges or options13. (1) Where—

(a) at the end of a financial period, a credit union holds shares in corporations or options in respectof shares in corporations;

61.

and

(b) in relation to the balance sheet forming part of the accounts of the credit union as at the end ofthat period, a note is required to include particulars and amounts relating to those shares andoptions for the purposes of clause 9,

those particulars and amounts must include particulars indicating the extent to which those shares or optionsare held—

(c) in subsidiaries;

or

(d) in other corporations.

(2) Subject to subclause (3), where at the end of a financial period there remains in existence a loanmade, guaranteed or secured by a credit union, by a credit union and its subsidiaries (if any) or by any one ormore of such subsidiaries to—

(a) a director of the credit union, a spouse of such a director, or a relative of such a director orspouse;

(b) a director of such a subsidiary, a spouse of such a director or a relative of such a director orspouse;

(c) a trustee of a trust under which a person referred to in paragraph (a) or (b) has a beneficialinterest, being a loan made to the trustee in his or her capacity as trustee;

or

(d) a corporation, where a person referred to in paragraph (a) or (b) has, or two or more suchpersons together have, a direct or indirect beneficial interest in shares in the corporation thenominal value of which is not less than 10 per cent of the nominal value of the issued sharecapital of the corporation,

the accounts of that credit union in respect of that period must include a note specifying the total amount ofthat loan or of all such loans.

(3) For the purposes of subclause (2)(d), where a credit union makes, guarantees or secures a loan to acorporation referred to in that paragraph, a person or persons referred to in subclause (2)(a) or (b) is not to betaken to have a beneficial interest in shares in that corporation by reason only that—

(a) the credit union has a relevant interest or relevant interests in shares in the corporation;

and

(b) the person or persons has or have a relevant interest or relevant interests in shares in the creditunion.

Land held for sale or resale14. (1) Where land is held for sale or resale by a credit union, the accounts must include a note of—

(a) the aggregate cost of acquiring that land;

(b) the aggregate amount of any expenses involved in developing that land (including the cost ofany surveys, roads, or drainage or any other development expense relating to that land) that havebeen capitalized;

62.

and

(c) the aggregate amount of any rates, taxes, interest or other amounts relating to that land that havebeen capitalized.

(2) In subclause (1), "land" includes an interest in land.

Unearned revenue15. Where a balance sheet forming part of the accounts specifies a class of receivables, no part of those

receivables that comprises unearned revenue may be included in an estimate of the gross amount of thosereceivables unless the amount of that unearned revenue is shown as a deduction from that estimated amount.

Valuations supported by guarantees, warranties or indemnities16. Where the valuation at which an asset included in a class specified in a balance sheet forming part

of the accounts as at the end of a financial period is supported by the existence of a guarantee, warranty orindemnity and there is a material difference between—

(a) the estimated realizable value of the asset as at the end of that period;

and

(b) the amount at which the asset is shown in the books of the credit union, at that time,

those accounts must include a note of—

(c) the nature of the asset;

(d) the amount at which the asset is so shown in the books;

(e) the estimated realizable value of the asset if its value were not supported by the existence of aguarantee, warranty or indemnity;

(f) the terms of the guarantee, warranty or indemnity;

and

(g) the identity of the other party or parties to the guarantee, warranty or indemnity.

Commitments for expenditure17. (1) For the purpose of this clause—

(a) capital expenditure contracted for;

(b) lease and hire expenditure contracted for;

and

(c) each type of commitment for expenditure, according to its subject matter, other thancommitments referred to in paragraph (a) or (b),

each comprise separate types of commitments for expenditure.

(2) Where a balance sheet forming part of the accounts as at the end of a financial period does notinclude commitments for expenditure and a type of commitment for expenditure that existed at the end of thatperiod was material, those accounts must include a note specifying separately the aggregate amount of thattype of commitment for expenditure that is payable—

63.

(a) not later than one year;

(b) later than one year but not later than two years;

(c) later than two years but not later than five years;

and

(d) later than five years,

after the end of that financial period.

Contingent liabilities18. (1) The accounts as at the end of a financial period must include a note specifying, so far as

practicable, the total amount, or an estimate of the total amount, of any contingent liabilities of the credit unionas at the end of that period where that amount is material.

(2) A note specifying an amount of contingent liabilities in accordance with subclause (1) must indicatehow much of that amount arises in respect of each of the following and must give particulars of thoseliabilities in respect of each of the following:

(a) the credit union;

(b) subsidiaries (if any);

(c) corporations (if any) the management or operating policies of which can be significantlyinfluenced by the credit union or by a subsidiary;

(d) business undertakings (if any) the management or operating policies of which can besignificantly influenced by the credit union or by a subsidiary or in which the right or interest ofthe credit union or a subsidiary is material;

and

(e) other persons.

(3) The amount and particulars in respect of a category of liabilities referred to in subclause (2) may beexpressed in aggregate terms, but where the contingent liabilities in a category differ substantially in nature, theinformation specified in respect of that category must be sufficient to enable the amount and nature of thoseliabilities to be distinguished.

Remuneration of directors19. (1) In this clause, "income", in relation to a director of a credit union, means all his or her

remuneration—

(a) in connection with the management of the affairs of the credit union, or any subsidiary, whetheras a director or otherwise;

(b) by way of brokerage or commission in consideration of—

(i) subscribing or agreeing to subscribe, whether absolutely or conditionally, for shares inor debentures of, the credit union or any subsidiary;

or

(ii) procuring or agreeing to procure, subscriptions, whether absolute or conditional, forshares in, or debentures of, the credit union or any subsidiary;

64.

(c) by way of bonuses, commissions or salaries,

but does not include any amount to which clause 20 applies.

(2) The accounts in respect of a financial period of a credit union must include in a note—

(a) the aggregate of the income received, or due and receivable, in respect of that financial period,by all directors of the credit union, directly or indirectly, from the credit union or from anysubsidiary;

and

(b) in respect of the band of income below $10 000 income and in respect of each successive$10 000 band, the number of directors of the credit union whose total income received, or dueand receivable, in respect of that financial period, directly or indirectly, from the credit union orfrom any subsidiary falls within that band.

Payments to persons or to prescribed superannuation funds20. (1) Subject to subclause (2), where during a financial period a credit union or an associate gave a

prescribed benefit to a person, or to a prescribed superannuation fund, in connection with the retirement of aperson from a prescribed office in relation to the credit union, the accounts of the credit union must include anote specifying particulars and the amount of that payment.

(2) The particulars referred to in subclause (1) relating to the accounts may be specified in summaryform in those accounts where the directors, having regard to the number of persons to whom those particularswould relate and the nature of those particulars, state in those accounts that the provision of full particularswould be unreasonable.

(3) Unless the contrary intention appears in this clause, an expression used in this clause has the samemeaning as in section 233 of the Companies (South Australia) Code assuming that references in that Code to acompany included a reference to a credit union.

Remuneration of executive officers21. (1) In this clause—

"remuneration" has the meaning assigned to the term by clause 1 but does not include any amount towhich clause 20 applies.

(2) The accounts of a credit union in respect of a financial period must include in a note the aggregateremuneration of the five most highly remunerated executive officers of the credit union.

Remuneration of auditors22. (1) The accounts in respect of a financial period must include in a note—

(a) the aggregate of the remuneration received, or due and receivable, in respect of that financialperiod, by the auditor of the credit union, directly or indirectly, from the credit union, or anysubsidiary, in connection with auditing the accounts of the credit union;

and

(b) the aggregate of the remuneration received, or due and receivable, in respect of that financialperiod, by the auditor of the credit union, directly or indirectly, from the credit union, or anysubsidiary, in connection with any other services provided by that auditor to the credit union.

(2) In this clause, "auditor", in relation to a credit union, means—

(a) a person who has or shares;

65.

or

(b) a member of a firm which has or shares,

the duty of making to the members of that credit union the report or reports required by section 93(1) of theAct on the accounts of that credit union.

PART III—ADDITIONAL REQUIREMENTS IN RELATIONTO GROUP ACCOUNTS

Group accounts23. Where a holding credit union is required to prepare group accounts, those group accounts—

(a) must be prepared as a set of consolidated accounts for the group in relation to which that creditunion is the holding credit union;

and

(b) subject to paragraph (a), must be prepared in accordance with the requirements relating to groupaccounts contained in schedule 7 of the Companies (South Australia) Regulations assumingthat—

(i) a reference in that schedule to a group of companies were a reference to a group ofbodies corporate of which a credit union is the holding credit union;

(ii) a reference in that schedule to a holding company were a reference to a holding creditunion;

(iii) a reference in that schedule to a company or corporation included a reference to acredit union;

(iv) for the words in clause 37(2)(a)(ii) of that schedule there were substituted the words"its State or Territory in Australia of incorporation;";

and

(v) in place of the requirements of clause 28 of that schedule, the holding credit unionwere required to include in the group accounts a note containing the same informationas is required by clause 21 of this schedule.

Subsidiaries acquired or disposed of24. (1) Where during a financial period a subsidiary has been acquired by a credit union or by a

corporation in a group of which the credit union is the holding credit union, the group accounts of that creditunion or that relate to that group, as the case may be, in respect of that period must include a note specifyingin relation to each subsidiary so acquired—

(a) its name;

(b) the proportion of shares acquired in the subsidiary;

(c) the consideration for those shares;

and

(d) the fair value of its net tangible assets at the time of that acquisition.

66.

(2) Where during a financial period a subsidiary has been disposed of by a credit union or by acorporation in a group of which the credit union is the holding credit union, the group accounts of that creditunion or that relate to that group, as the case may be, in respect of that period must include a note specifyingin relation to each subsidiary so disposed of—

(a) its name;

(b) the operating profit or loss and extraordinary items attributable to members of the holding creditunion arising on disposal of that subsidiary;

(c) the fair value of its net tangible assets at the time of that disposal;

and

(d) the remaining interest (if any) held in it by a body corporate or bodies corporate in that group.

67.

APPENDIX 1

Legislative History

Schedule 2: substituted by 151, 1991, reg. 3

68.

APPENDIX 2

Divisional Penalties

At the date of publication of this reprint divisional penalties are, as provided by section 28a of the Acts Interpretation Act,1915, as follows:

Division Maximum Maximumimprisonment fine

1 15 years $60 0002 10 years $40 0003 7 years $30 0004 4 years $15 0005 2 years $8 0006 1 year $4 0007 6 months $2 0008 3 months $1 0009 - $500

10 - $20011 - $10012 - $50

Documents

SOUTH AUSTRALIA CREDIT UNIONS REGULATIONS, 1990