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June 30, 2008

Mutuals Code of Practice

Abacus has released the final draft Mutuals Code of Practice
(pdf) together with copies
of the submissions received by Abacus on its first draft and an explanatory document that summarises the major changes
made to the original draft and the rationale for those changes (here) .

Further details
about Code Monitoring and inclusion of the account switching
requirements announced by the Treasurer Wayne Swan in February 2008
will be included in the Code over the next few months.

All additions to the Code will be finalised in the latter part of 2008 and the Code will come into effect in June 2009.

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Posted 30th June 2008 by David Jacobson in Credit unions, Legal, Mutuals

June 21, 2008

Starting the conversation about Australian mutuals

The Corporations Act and the Banking Act do not define mutuals : ASIC and APRA say what demutualisation is, but do not define mutuality.

This blog will discuss matters concerning credit unions, building societies, co-operatives, health benefit funds and a range of other member-based organisations who consider  themselves mutuals.

This blog is not legal advice.

This blog will never discuss my clients’ confidential matters.

But I will try to discuss interesting issues affecting mutuals.

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Posted 21st June 2008 by David Jacobson in Mutuals