s 32C Duty to inform Registrar of certain developments, etc.
32C.—(1) Where a credit society becomes aware of any development or circumstance specified in subsection (2), whether occurring before, on or after 10 April 2018, the credit society must immediately inform the Registrar, in the manner specified by the Registrar, of that development or circumstance.[3/2018] (2) The developments and circumstances mentioned in subsection (1) are as follows:(a) a development or circumstance which is likely to cause the society to become insolvent, to be unable to meet its obligations, to suspend payments to its members or creditors, or to be wound up under section 83, at any time on or after 10 April 2018; (b) a development or circumstance which adversely affects, or is likely to adversely affect, either or both of the following, at any time on or after 10 April 2018:(i) the interests of all or any of the classes of members of the society; (ii) the reputation of the society; (c) the institution or resolution, at any time on or after 10 April 2018, of any legal proceedings against the society, or against a member of the society in connection with the member’s conduct in any matter relating to the society or its affairs.[3/2018]