Industrial and Provident Societies Amendment Act 1952

1: Short Title
This Act may be cited as the Industrial and Provident Societies Amendment Act 1952, and shall be read together with and deemed part of the Industrial and Provident Societies Act 1908
1: Miscellaneous amendments
2:
3:
4:
5:
a:
b:
c:
d: Sections 5(a) 5(b) repealed 18 November 1964 Industrial and Provident Societies Amendment Act 1964
6:
7: Protection of
bona fide A member or other person who in good faith lends money to or deposits money with a registered society shall not be bound to see to the application thereof or that the society has not exceeded its borrowing limit. Special provisions as to debentures
8: Rights of inspection of register of debenture holders and to copies of register and trust deed
1: Every register of holders of debentures of a registered society shall, except when duly closed (but subject to such reasonable restrictions as the society may in general meeting impose, so that not less than 2 hours in each day shall be allowed for inspection), be open to the inspection of the registered holder of any such debentures or any member of the society without fee, and of any other person on payment of a fee of 10c
2: Any such registered holder of debentures or member as aforesaid or any other person may require a copy of the register of the holders of debentures of the society or any part thereof on payment of 10c
3: A copy of any trust deed for securing any issue of debentures shall be forwarded to every holder of any such debentures at his request on payment in the case of a printed trust deed of the sum of 50c 10c
4: If inspection is refused or a copy is refused or not forwarded, the society and every officer of the society who knowingly and wilfully authorises or permits the default shall be liable to a fine not exceeding $10 $4
5: Where a society is in default as aforesaid, a District Court
6: For the purposes of this section, a register shall be deemed to be duly closed if closed in accordance with provisions contained in the rules of the society or in the debentures or, in the case of debenture stock, in the stock certificates, or in the trust deed or other document securing the debentures or debenture stock, during such period or periods, not exceeding in the whole 30 days in any year, as may be therein specified. 1933 No 29 s 84
9: Liability of trustees for debenture holders
1: Subject to the following provisions of this section, any provision contained in a trust deed for securing an issue of debentures, or in any contract with the holders of debentures secured by a trust deed shall be void in so far as it would have the effect of exempting a trustee thereof from or indemnifying him against liability for breach of trust where he fails to show the degree of care and diligence required of him as trustee, having regard to the provisions of the trust deed conferring on him any powers, authorities, or discretions.
2: The last preceding subsection shall not invalidate—
a: Any release otherwise validly given in respect of anything done or omitted to be done by a trustee before the giving of the release; or
b: Any provision enabling such a release to be given—
i: On the agreement thereto of a majority of not less than three-fourths in value of the debenture holders voting in person or, where proxies are permitted, by proxy at a meeting summoned for the purpose; and
ii: Either with respect to specific acts or omissions or on the trustee dying or ceasing to act.
3: Subsection (1)
a: To invalidate any provision in force at the commencement of this Act so long as any person then entitled to the benefit of that provision or afterwards given the benefit thereof under the next succeeding subsection remains a trustee of the deed in question; or
b: To deprive any person of any exemption or right to be indemnified in respect of anything done or omitted to be done by him while any such provision was in force.
4: While any trustee of a trust deed remains entitled to the benefit of a provision saved by the last preceding subsection, the benefit of that provision may be given either—
a: To all trustees of the deed, present and future; or
b: To any named trustees or proposed trustees thereof,— by a resolution passed by a majority of not less than three-fourths in value of the debenture holders voting in person or, where proxies are permitted, by proxy at a meeting summoned for the purpose in accordance with the provisions of the deed or, if the deed makes no provision for summoning meetings, a meeting summoned for the purpose in any manner approved by a District Court Companies Act 1948, s 88 (UK)
10: Perpetual debentures
A condition contained in any debentures or in any deed for securing any debentures, whether issued or executed before or after the commencement of this Act, shall not be invalid by reason only that the debentures are thereby made irredeemable or redeemable only on the happening of a contingency, however remote, or on the expiration of a period, however long, any rule of equity to the contrary notwithstanding. 1933 No 29 s 85
11: Prohibiting reissue of redeemed debentures
1: A registered society shall have no power to reissue any debentures that it has redeemed.
2: Where a registered society has either before or after the commencement of this Act deposited any of its debentures to secure advances from time to time on current account or otherwise, the debentures shall not be deemed to have been redeemed by reason only of the account of the society having ceased to be in debit whilst the debentures remained so deposited.
12: Specific performance of contracts to subscribe for debentures
A contract with a registered society to take up and pay for any debentures of the society may be enforced by an order for specific performance. 1933 No 29 s 87
13: Payment of certain debts out of assets subject to floating charge in priority to claims under the charge
1: The debts that in every liquidation are under the provisions of Part 16 7 Companies Act 1993
a: any accounts receivable and inventory (or their proceeds) coming into the hands of the receiver who is appointed on behalf of persons who have, over those assets, a security interest that—
i: is not a purchase money security interest that has been perfected at the time specified in section 74
ii: is not a security interest that has been perfected under the Personal Property Securities Act 1999
b: any accounts receivable or inventory (or their proceeds) coming into the hands of any other person who has taken possession of all or any part of the society's property by or on behalf of the persons who have that security interest.
2: In the application of Schedule 7
3: The periods of time referred to in Part 16 Schedule 7 Companies Act 1993
4: Any payments made under this section shall be recouped as far as may be out of the assets of the society available for payment of general creditors.
5: In this section, the terms account receivable inventory new value proceeds purchase money security interest security interest Personal Property Securities Act 1999
6: The provisions of this section, as in force immediately before the commencement of the Personal Property Securities Act 1999 1933 No 29 s 88 The original subsection (1) amended 1 July 1994 4(1) Industrial and Provident Societies Amendment Act 1993 by substituting the words liquidation, the debts which in every liquidation are under the Provisions of Part 16 Schedule 7 Companies Act 1993 course of being wound up, the debts which in every winding up are under the provisions of Part 6 of the Companies Act 1955 Subsection (1) substituted 1 May 2002 191(1) Personal Property Securities Act 1999 See Part 12 Personal Property Securities Act 1999 clause 2 Personal Property Securities Amendment Act Commencement Order 2002 Section 13(1)(a)(i) amended 1 November 2007 section 41 Companies Amendment Act 2006 Section 13(1)(a)(ii) amended 1 November 2007 section 41 Companies Amendment Act 2006 Section 13(2) substituted 1 November 2007 section 41 Companies Amendment Act 2006 Subsection (3) substituted 1 July 1994 4(3) Industrial and Provident Societies Amendment Act 1993 Subsection (5) inserted 14 October 1981 Industrial and Provident Societies Amendment Act 1981 Subsection (5) substituted (6) inserted 1 May 2002 191(1) Personal Property Securities Act 1999 See Part 12 Personal Property Securities Act 1999 clause 2 Personal Property Securities Amendment Act Commencement Order 2002 Winding up
14: Section 14 repealed 1 July 1994 4(5) Industrial and Provident Societies Amendment Act 1993
2: Registration of charges
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12 Registration of charges with Registrar
15: Commencement of this Part
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12
16: Interpretation
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12
17: Registration of charges created by societies
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12 Subsection (2)(cc) inserted 1 April 1990 Motor Vehicle Securities Act 1989 Subsection (2)(cd) inserted 19 December 1989 139(3) Radiocommunications Act 1989
18: Unregistered charges to be void in certain cases
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12
19: Duty of society to register charges existing on property acquired
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12
20: Register of charges to be kept by Registrar
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12
21: Endorsement of certificate of registration on debentures
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12
22: Entries of satisfaction and release of property from charge
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12
23: Rectification of register of charges
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12
24: Registration of enforcement of security
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12 Provisions as to society's register of charges and as to copies of instruments creating charges
25: Copies of instruments creating charges to be kept by society
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12
26: Society's register of charges
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12
27: Right to inspect copies of instruments creating charges and society's register of charges
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12 Rights of the Crown
28: This Part to bind the Crown
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12 Registration of existing charges
29: Registration of charges created, and charges on property acquired, by society before commencement of this Part
Part 2 repealed 1 May 2002 192(1) Personal Property Securities Act 1999 See Part 12