Financial Sector Reform (Amendments and Transitional Provisions) Act (No. 1) 1999 (44 of 1999)

Schedule 7   Consequential amendment of Acts

Bankruptcy Act 1966

2   Subsection 125(3) (definition of co-operative society)

Repeal the definition, substitute:

co-operative society means:

(a) a society registered or incorporated as a co-operative housing society under a law of a State or Territory; or

(b) any other society whose principal business consists of borrowing moneys from its members and lending those moneys to its members and that is registered or incorporated under a law of a State or Territory relating to co-operative societies.