Friday 12th September 2008 |
Text too small? |
"Mutuals will be subject to the same rules of disclosure and transparency and will have to be managed by a board whose directors will be subject to the same duties and qualifications required of company directors," Dalziel said in a statement.
The proposed law change will complete the second stage of the Review of the Friendly Societies and Credit Unions Act 1982, which was put on hold pending broader reforms of the financial sector.
Dalziel said governance rules for credit unions and building societies will "retain flexibility that recognises the special character of mutual financial institutions."
Under legislation passed last week, credit unions and building societies must be licensed as deposit takers by the Reserve Bank. Under the changes proposed, credit unions will have a legal personality which lets them have limited liability, own property, have perpetual succession and sue and be sued, Dalziel said.
No comments yet
TGG - Response to media speculation
ARB - Annual Meeting Date and Director Nominations
CNU - Q4 FY25 Connections Update
MOVE FY25 Results and Investor Briefing 29 August 2025
RYM - First quarter trading update
July 11th Morning Report
IKE Announces equity raising of A$20 million
Chorus full year results date
FPH 2025 Notice of Annual Meeting and Voting Form
July 10th Morning Report