Australian Capital Territory Repealed Acts Australian Capital Territory Repealed ActsThis legislation has been repealed.
(1) Subject to section 22A, any part of the surplus arising in a financial year of a society from the business of the society may, if authorised by the rules of the society—
(a) be paid to a member by way of dividend in relation to the shares held by him or her; or
(b) be paid to a member by way of bonus or rebate on the business done by him or her with the society; or
(c) be credited to an employee who is not a member, but is qualified to be a member, by way of bonus in proportion to the employee's salary or wages at a rate equal to the rate of bonus or rebate paid to a member on the business done by the member with the society; or
(d) be credited to a person who is not a member, but is qualified to be a member, by way of bonus or rebate in proportion to the business done by the person with the society.
(2) A bonus or rebate shall only be credited to an employee or person who is not a member if the amount credited does not exceed the nominal value of the minimum number of shares for which a member is required by the rules to subscribe and is to be applied in or towards payment for that minimum number of shares to be issued to him or her on application in accordance with the rules of the society.
(3) Nothing in this section precludes the payment of a bonus to an employee in accordance with the terms of his or her employment.
(4) Subject to section 22A, a society may, if authorised by its rules, apply an amount not exceeding 10% of the surplus arising in a financial year of the society from the business of the society to a charitable purpose or for promoting community cooperation and advancement.
(5) For this section, the surplus arising in a financial year of a society from the business of the society does not include any funds that have been transferred under section 22A to a reserve fund of the society.