Friendly Societies and Credit Unions Order 1998

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Friendly Societies and Credit Unions Order 1998

(SR 1998/41)

Note

This order is administered in the Ministry of Commerce.

PURSUANT to section 42(2) and section 106(3) of the Friendly Societies and Credit Unions Act 1982, His Excellency the Governor-General, acting by and with the advice and consent of the Executive Council, makes the following order.

1 Title and commencement

  • (1) This order may be cited as the Friendly Societies and Credit Unions Order 1998.

    (2) This order comes into force on the 28th day after the date of its notification in the Gazette.

2 Maximum gross sum for contracts of insurance
3 Interest in shares of credit union

  • [Revoked]

    Clause 3 was revoked, as from 24 August 2000, by clause 4 Friendly Societies And Credit Unions (Limit on Shareholdings) Order 2000 (SR 2000/135).

4 Revocation

  • The Friendly Societies and Credit Unions Order 19901 is revoked.

MARIE SHROFF,

Clerk of the Executive Council.

Explanatory note

This note is not part of the order, but is intended to indicate its general effect.

This order, which comes into force on the 28th day after the date of its notification in the Gazette,—

  • (a) Increases from $45,000 to $60,000 the maximum gross sum for contracts of insurance that a member of a society registered under Part 2 of the Friendly Societies and Credit Unions Act 1982, or a person claiming through such a member, is permitted to receive from a registered society or branch:

  • (b) Increases from $30,000 to $40,000 the maximum amount of any interest in the shares of a credit union that a member of a credit union is permitted to have or claim.

Issued under the authority of the Acts and Regulations Publication Act 1989.

Date of notification in Gazette: 12 March 1998.

  • 1 SR 1990/144