CORPORATIONS ACT 2001

SCHEDULE 4 - TRANSFER OF FINANCIAL INSTITUTIONS AND FRIENDLY SOCIETIES  

Note: See section 1465A.

PART 7 - TRANSITIONAL PROVISIONS  

CLAUSE 38   - MODIFICATION BY REGULATIONS  

38(1)  
The regulations may modify the operation of this Act (including the provisions applied by clause 36) in relation to:


(a) a company registered under clause 3; or


(b) a company that is permitted to use the expression building society , credit union or credit society under section 66 of the Banking Act 1959 ; or


(c) a company that is a friendly society for the purposes of the Life Insurance Act 1995 ; or


(d) a specified class of any of those companies.

38(2)  
Regulations made for the purposes of this clause may only modify this Act in relation to the following matters:


(a) issuing, cancelling or redeeming membership shares or redeemable preference shares;


(b) inspection of the register of members required by section 169;


(c) giving notice of a meeting of a company ' s members;


(d) members ' rights to request the directors to hold a general meeting or to move a resolution at a general meeting;


(e) issuing share certificates for membership shares or redeemable preference shares, or numbering those shares;


(f) the publication of the names and addresses of members in the annual return;


(g) the report to members required by section 314;


(h) disposing of securities in a company if the whereabouts of the holder of the securities is unknown as described in section 1343;


(i) the treatment of members who hold shares jointly or who have jointly given a guarantee;


(j) selective buy-backs.

38(3)  
Regulations made for the purposes of this clause may not:


(a) create an offence with a penalty greater than 10 penalty units; or


(b) increase the penalty for an existing offence; or


(c) substitute for an existing offence an offence with a penalty greater than the penalty for the existing offence; or


(d) modify an obligation, contravention of which will result in committing an offence, so as to make it more difficult to comply with.


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