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Papua New Guinea Consolidated Legislation |
This reprint of this Statutory Instrument incorporates all amendments, if any, made before25 November 2006 and in force at 1 July 2001.
.........
Legislative Counsel
Dated 25 November 2006
INDEPENDENT STATE OF PAPUA NEW GUINEA.
Chapter 141A.
Savings and Loan Societies Regulation 1962
ARRANGEMENT OF SECTIONS.
Savings and Loan Societies Regulation 1962
MADE under the Savings and Loan Societies Act 1961.
Dated 200 .
PART I. – PRELIMINARY.
The Registrar may–
(a) direct that a society–
(i) remove from office an officer or member; or
(ii) remove from employment an employee,
whom he thinks to be unfit for the discharge of his duties; and
(b) direct that the society maintain such special reserve funds and apply the money of those funds in such manner as he thinks proper; and
(c) require that any transaction of a society be evidenced by such contract or agreement as he thinks necessary.
Following an inspection under Section 4 of the Act, the Registrar–
(a) shall advise the society of the results of the audit; and
(b) may give such directions as he thinks proper to correct any irregularities disclosed by the audit.
PART II. – SOCIETIES OTHER THAN ASSOCIATIONS.
An application under Section 10 of the Act shall be in Form 1.
On the registration of a society other than an association, the Registrar shall issue under his seal a Certificate of Registration and Incorporation in Form 2.
Except in the case of an association, a notice under Section 12 of the Act–
(a) shall be in Form 3; and
(b) shall be accompanied by the society’s Certificate of Registration and Incorporation.
On the registration of a change of name of a society other than an association, the Registrar shall–
(a) issue under his seal a Certificate of Registration and Incorporation in the new name in Form 4; and
(b) destroy the Certificate issued in the society’s previous name.
The device of the seal of a society shall be the name of the society within two concentric circles, the whole encircling the word “Seal”.
An application for membership of a society other than an association shall be in Form 5.
A society shall maintain Registers of Members and Directors in Forms 6 and 7 respectively.
Penalty: A fine not exceeding K40.00.
Default penalty: A fine not exceeding K10.00.
(1) Subject to Subsection (2), the fee for a copy of the standard rules is K0.10.
(2) The Registrar shall supply a copy of the standard rules, without fee, to any person bona fide applying for a copy for a purpose relating to the proposed formation of a society.
(1) A notification to the Registrar of any additions to, or amendments of, the standard rules proposed under Section 17(1) of the Act by a society shall include the following particulars, and shall be signed by the chairman and secretary of the general meeting at which the additions or amendments were approved:–
(a) the date of the general meeting;
(b) the number of persons in attendance at the meeting and the number who favoured the additions or amendments;
(c) the reasons for the additions or amendments.
(2) The Registrar shall maintain a full record of all variations from the standard rules in the Rules of each society.
The minute books of a society and of the Board, the Loans Committee and the Supervisory Committee of a society shall record–
(a) the date, place and time of each meeting; and
(b) the names or numbers of persons present at the meeting; and
(c) the purpose of the meeting; and
(d) any resolutions passed by the meeting; and
(e) the particulars of any correspondence received and submitted to the meeting.
PART III. – ASSOCIATIONS.
An application for registration as an association made under Section 35(1) of the Act–
(a) shall be in Form 8; and
(b) shall be accompanied by a copy of the proposed rules of the association.
On the registration of an association, the Registrar shall issue under his seal a Certificate of Registration and Incorporation in Form 9.
(1) In the case of an association, a notice under Section 12 of the Act–
(a) shall be in Form 10; and
(b) shall be accompanied by the association’s Certificate of Registration and Incorporation.
(2) On the registration of a change of name of an association, the Registrar shall–
(a) issue under his seal a Certificate of Registration and Incorporation under the new name in Form 11; and
(b) destroy the Certificate issued in the association’s previous name.
The device of the seal of an association shall be as approved by the Registrar.
An application for membership of an association shall be in Form 12.
PART IV. – MANAGEMENT AND FINANCE.
17A. PRESCRIBED SECURITIES.
[1](1) [Repealed.]
(2) For the purposes ot Section 15(d) of the Act, the PSA Savings and Loan Society Limited may subscribe for a maximum of 250,000 “B” class shares issued by Pubsave Pty. Limited, a company incorporated in Papua New Guinea, in accordance with the Memorandum and Articles of Association dated 1 April 1976 and lodged with the Registrar of Companies, under which it is proposed to issue 250,000 “B” class shares at K1.00 each.
(3)[2] [3]For the purposes of Section 15(d) of the Act, a society may invest sums which in aggregate do not exceed 10% of the total deposits of the society either–
(a) as an equity; or
(b) as a deposit; or
(c) as a combination of equity and a deposit,
(d) in any one or more of the following companies:–
(e) A.G.C. (Pacific) Limited;
(f) Credit Corporation (PNG) Limited;
(g) I.A.C. (New Guinea) Pty. Limited.
(1) For the purposes of this section, “the Investment Corporation” means the Investment Corporation of Papua New Guinea established by the Investment Corporation Act 1971.
(2) For the purposes of Section 15(d) of the Act, a society may purchase, subscribe for or otherwise acquire–
(a) any shares in oversea enterprises that the Investment Corporation resolves to dispose of; and
(b) any share, unit or subunit in any company, trust or fund established or managed by the Investment Corporation,
in accordance with or under Section 6(1)(b) or (e) of the Investment Corporation Act 1971.
(1) Each society must keep an account of–
(a) all money received and paid by the society, and every matter in respect of which the receipts and payments are made; and
(b) the assets and liabilities, and the debtors and creditors, of the society; and
(c) the profit or loss made by the society, and the application of the profit or loss.
(2) The accounts referred to in Subsection (1) must be kept by double entry, and the whole of the income must be taken into account in the financial year in which it is received and the whole of the expenditure in the financial year in which it is disbursed.
(3) A list must be kept of the fixed assets of a society and of the value of each, and where any of them have depreciated the value must be written-down yearly by an amount to be approved by the Board.
Penalty: A fine not exceeding K40.00.
Default penalty: A fine not exceeding K10.00.
The annual statement of receipts and expenditure, assets and liabilities referred to in Section 50 of the Act shall be in a form approved by the Registrar.
PART V. – WINDING-UP.
A request to wind up a society under Section 51(1)(a) or (j) of the Act shall be made to the Registrar in Form 13 or 14 as the case requires.
A liquidator of a society may, in respect of the society–
(a) act as arbitrator in all disputes; and
(b) determine the contributions to be made by members and past members respectively to the assets of the society; and
(c) investigate all claims against the society and decide questions of priority arising between claimants; and
(d) determine from time to time by what persons and in what proportions the costs of the liquidation are to be borne; and
(e) take possession of the books, documents and assets of the society; and
(f) give such directions in regard to the collection and distribution of the assets of the society and the disposal of the books and documents of the society as appear to him to be necessary for winding up the affairs of the society; and
(g) convene a special general meeting or meeting of the Board of the society.
(1) A liquidator of a society shall furnish security to the satisfaction of the Registrar for accounting correctly for all money received and paid by him or paid to him on account of the society.
(2) A security referred to in Subsection (1) shall be in an amount specified by the Registrar, and the liquidator shall give a personal recognizance in the same amount.
The Registrar shall determine the fees (if any) to be paid to a liquidator of a society, but in no case shall the fees exceed 5% of the realized value of the assets of the society being wound up, plus any out-of-pocket expenses reasonably incurred as a result of the liquidation.
PART VI. – MISCELLANEOUS.
(1) The fee to be paid for an inspection under Section 59 of the Act is K0.25.
(2) The fee to be paid for a certified copy or extract referred to in Section 59 of the Act is K0.25.
The Registrar shall maintain a register in which he shall record details of–
(a) registrations of societies under Section 11 of the Act; and
(b) changes of names of societies under Section 12 of the Act; and
(c) registrations of associations under Section 35(2) of the Act.
An appeal under Section 62 of the Act may be made by lodging a notice of appeal in the National Court and serving a copy on the Registrar.
(1) The Registrar may, by written notice, require a society other than an association to submit to him a return of its membership, as at the date specified in the notice, in Form 15.
(2) The Registrar may, by written notice, require an association to submit to him a return of its membership, as at the date specified in the notice, in Form 16.
(3) The Registrar shall require a society other than an association to submit to him, within 14 days after the society’s annual general meeting, a list in Form 17 of members elected to hold office.
(4) The Registrar shall require an association to submit to him, within 14 days after the association’s annual general meeting, a list in Form 18 of persons elected to hold office.
A person who fails to comply with a direction, order or requirement under this Regulation is guilty of an offence.
Penalty: A fine not exceeding K40.00.
Default Paenalty: A fine not exceeding K10.00.
SCHEDULE 1
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 1 – Application for Registration of Society.
Act, Sec. 10. Form 1.Reg., Sec. 3.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 2 – CERTIFICATE OF REGISTRATION AND INCORPORATION.
Act, Sec. 11(1). Form 2.Reg., Sec. 4.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 3 – APPLICATION FOR REGISTRATION OF CHANGE OF NAME OF SOCIETY.
Act, Sec. 12. Form 3.Rec., Sec. 5.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 4 – CERTIFICATE OF REGISTRATION AND INCORPORATION ON CHANGE OF NAME.
Act, Sec. 12. Form 4.Reg., Sec. 6.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 5 – APPLICATION FOR MEMBERSHIP.
Reg., Sec. 8. Form 5.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 6 – REGISTER OF MEMBERS.
Reg., Sec. 9. Form 6.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 7 – REGISTER OF DIRECTORS.
Reg., Sec. 9. Form 7.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 8 – APPLICATION FOR REGISTRATION OF ASSOCIATION.
Act, Sec. 35(1). Form 8.Reg., Sec. 13.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 9 – CERTIFICATE OF REGISTRATION AND INCORPORATION OF ASSOCIATION.
Act, Sec. 35(2). Form 9.Reg., Sec. 14.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 10 – APPLICATION FOR REGISTRATION OF CHANGE OF NAME OF ASSOCIATION.
Act, Sec. 12. Form 10.Reg., Sec. 15(1).
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 11 – CERTIFICATE OF REGISTRATION AND INCORPORATION ON CHANGE OF NAME OF ASSOCIATION.
Act, Sec. 12(4). Form 11.Reg., Sec. 15(2).
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 12 – Application for Membership of Association.
Reg., Sec. 17. Form 12.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 13 – REQUEST FOR WINDING-UP OF SOCIETY BY MEMBERS.
Act, Sec. 51(1)(a). Form 13.Reg., Sec. 21.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 14 – REQUEST FOR WINDING-UP OF SOCIETY BY CREDITORS.
Act, Sec. 51(1)(j) Form 14.Reg., Sec. 21.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 15 – MEMBERSHIP RETURN FOR SOCIETY.
Reg., Sec. 28(1). Form 15.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 16 – MEMBERSHIP RETURN FOR ASSOCIATION.
Reg., Sec. 28(2). Form 16.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 17 – RETURN OF OFFICE BEARERS OF SOCIETY.
Reg., Sec. 28(3). Form 17.
PAPUA NEW GUINEA.
Savings and Loan Societies Act 1961.
Form 18 – RETURN OF OFFICE BEARERS OF ASSOCIATION.
Reg., Sec. 28(4). Form 18.
Office of Legislative Counsel, PNG
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