Financial Intermediaries Act 1996 - Queensland

Service summary

The object of this legislative instrucment is to regulate the formation and operation of cooperative housing societies.

The Act deals with the administrative and management structures, functions and responsibilities of these financial institutions.

It also establishes the Registrar of Co operative Housing Societies as the State supervisory authority for these societies and details its powers and functions, including investigation and prosecution of offences under the Act and the imposition of penalties.

The following Subordinate Legislation should be examined:

  • Financial Intermediaries Regulation 2007

The following Guides or Booklets are available:

  • Prudential Standards (relating to the affairs and operations of societies)

These are available only from the Registrar.

Service type

Regulatory Obligation

An obligation defined in law. A business must comply with relevant services.

Definition of terms

Co-operative housing society

a society of persons which is formed for one or more of the objects listed in Part 5 of the Act, being principally to make advances to members to enable each member to acquire land on which to erect a dwelling house, or to erect a dwelling house on land owned by a member, or to buy an established dwelling house. But does not include any society in which the order of advances to members is determined solely or partly by the drawing of lots.

Lodgement

Comply

Compliance Mechanisms and Penalties:

The Registrar of Cooperative Housing Societies has the authority to make standards relating to the business and affairs of societies and to their supervision. Societies must comply with all relevant standards.

The Registrar has extensive powers to enforce compliance with the provisions of the Act. These include suspending the operations of a society, appointing an administrator to conduct its affairs or a liquidator if necessary. It may also appoint inspectors to monitor compliance and investigators to conduct special investigations into the affairs of societies.

Offences against the Act may lead to prosecutions in the Supreme Court.

Penalties include substanial fines and/or imprisonment.


Appeal

Appeal process

Lodgement

Review or Appeal Mechanisms:

Written requests may be made to the Registrar by a person affected by its decision for a review of that decision. The person is entitled to appear and make a submission to the review proceedings.

An appeal against a review decision may be made to the Queensland Civil and Administrative Tribunal.


Administering agency

Queensland Treasury
Queensland Treasury Corporation

Contact details

The Registrar of Co-operative Housing Societies
Queensland Treasury
Queensland Treasury Corporation

Operating address:
Level 6
123 Albert Street
Brisbane, Queensland 4000
Mailing address:
GPO Box 1096
Brisbane, Queensland 4001

Phone:

07 3842 4600

Fax:

07 3221 4122

Website:

Queensland Treasury Corporation Opens in a new browser window

Supporting information

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