AUSTRALIAN CAPITAL TERRITORY

CO-OPERATIVE SOCIETIES ORDINANCE 1972

EXPLANATORY MEMORANDUM

No. 6 of 1972

	Since the present statutory loan limits for credit unions were set in 1966 there has been a considerable change in money values.  In addition a growth in the credit union movement has resulted in some credit unions having a substantial cash surplus available for lending.

	The proposed Co-operative Societies Ordinance 1972 will increase the statutory limits on loans that credit unions may make to their members from $800 to $1,000 without security and from $2,000 to $4,000 where the amount in excess of $1,000 is secured.