Tasmanian Numbered Regulations

COOPERATIVES REGULATIONS 2000 (S.R. 2000, NO. 36) - REG 4

4. Definition of debenture

The following classes of documents are prescribed as exempt documents for the purposes of paragraph (c) of the definition of "debenture" in section 3(1) of the Act:

(a) a passbook or other document –

(i) that contains all or some of the terms and conditions pursuant to which deposits are accepted by, or withdrawn from, a cooperative; and

(ii) that acknowledges the receipt of a deposit with a cooperative; and

(iii) that enables further deposits to be made at any time adding to the balance of an existing deposit; and

(iv) that enables the withdrawal of the whole or part of the balance of a deposit, whether at call or on the giving of a fixed period of notice; and

(v) that acknowledges the amount of the withdrawal and the balance remaining;

(b) a document acknowledging a debt incurred by a cooperative –

(i) in the ordinary course of carrying on so much of a business as neither comprises, nor forms part of, a business of borrowing money and providing finance; and

(ii) in respect of money that is or may be deposited with or lent to the cooperative by a person in the ordinary course of a business carried on by the cooperative;

(c) a document that is issued by a company and that constitutes evidence of a debt owed by the company to a cooperative that is a holding company (within the meaning of the Corporations Law) of the company;

(d) a document that is issued by a cooperative and that constitutes evidence of a debt owed by the cooperative to a body corporate that is a subsidiary of the cooperative.