A 14
[Subsidiary]
Preparation of annual accounts
and report.
Transfer of shares.
Sales of shares of members in default.
Secretary.
CAP. 33]
Co-operative Societies Rules.
[1964 Ed.
53. The committee shall, in every year and as soon as conveniently possible within such time as the Registrar may direct,
(a) cause the secretary to prepare and send to the Registrar the yearly balance sheet, closed on the date specified by the Registrar, of the preceding year together with a detailed statement of the profit and loss account; and
(b) prepare a report on the year's working of the registered society to be presented to the annual general meeting.
54. (1) Any share may be transferred with the approval of the committee to any other member at the option of the transferor, but if the transferee is not a member, he must be approved of as a member by the committee or the general meeting according to the by-laws relating to the admission of members before the transfer can be registered; and if the by-laws require a member to hold more than one share, the transferee must acquire by the transfer, or by the transfer and allotment, the number so required to be held before the transfer can be registered.
(2) Special transfer forms shall be provided by the Registrar.
(3) No transfer of a share shall be valid and effective unless and until such transfer has been registered by the secretary on the direction of the committee.
(4) No transfer of a share shall be registered if made by a member indebted to the registered society without special order of the committee, and until the transfer of a share is registered no right shall be acquired against the registered society by the transferee, nor shall any claim of the registered society upon the transferor be affected thereby.
55. The committee may, in default of payment by any member indebted to the registered society to an amount not less than three-fourths of the sum paid up for the time being on any transferable share held by him, sell, transfer and register in the books of the registered society such share to any person entitled to hold the same under the rules or by-laws for the best price obtainable therefor, and apply the proceeds in or towards the discharge of the debt so due and of any expense incurred in or about the same, paying over the balance (if any) to the member, without being responsible for any loss occasioned thereby, and the defaulting member shall cease to have any further claim in respect of such share.
56. (1) The committee shall appoint a secretary and, unless the person so appointed is a member of the committee, shall have power to fix the remuneration for his services.
(2) The secretary, if a member of the committee, shall be unpaid.