Security
for loans.
Purpose of komen.
Documente relating to Joana.
Flextriclious
On loan to defaulters.
Exterio of loans.
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(2) No
person other than members of the committee and the secretary and the Registrar and his staff shall be present at any meeting of the committen when au application for a loan is under consideration. A member of the committee who applies for a loan or who is proposed as surely for a loun must withdraw while the relevant application is being discussed. If there is a difference of opinion concerning the granting of a loan, the voting shall be taken by bailat. The proceeding with regard to loans at committee meetings shall be kept secret, and any member of the committee or officer of the registered society infringing this rule shall be liable to immediate expulsion or dismissal.
44. Loans, when approved by the commities, shall be granted to members who are able to obtain two sureties approved by the committee, or who can give other security to the satisfaction of the committee. If the committee are of the unanimous opinion that the member's personal character and industry are such that other security is not necessary then, on approval by the Registrar, such loan may be made to the member without suretion or other security.
45. (1) No loan ahall be made except for a purpose to be approved in each case by the committee.
(2) All Jonna made shall be applied by the borrowing members to such purpose as the committee has approved.
48. When a loan is aaautioned by the committee a notice shall be sent to the borrower to that effect, and, before the amount is advanced, the borrower (and his sureties if any) shall execute an instrument in writing setting ont the terms of repayment of the loan and containing such other terms and conditions as the committer may consider necessary,
47. Where a member-
(a) is in default in the payment of a loan or of an
instalment of a loan, and
(b) does not satisfy the committes that such default
is due to a good cause,
such member shall not be entitled to receive another loan from the registered society.
48. If by reason of sickness or some other cause, a member Anda that he will be unable to discharge his obligations to the registered society and notifies the secretary in writing before a loan is due the committee may extend the time fixed för payment on such conditions as it thinks fit.
Misapplica. 49. Where the committee is satisfied that a member of the tion of loan-registered society who has obtained a loan has applied the proceeds thereof to a purpose other than the purpose which is stated in the application therefor under rule 43, the committee may, by notice in writing to the debtor, demand payment of the loan before the agreed date of payment.
Recovery of Ловом.
Marketing.
50. Where-
(a) a loan or an instalment of a loan has not been paid on the date on which it became due, and
(8) no extension for the payment thereof has been given to the debtor by the committee under rule 48,
the committee shall take atepa for the recovery of the same by referring the matter to the Registrar as prescribed in section 49 of the Ordinance.
BULE 51.
[APPLICABLE TO MARERTING Boo[ETIES.]
51. (1) Every member of the society shall deliver to the society at such place as the committee shall direct such amount of articles produced or obtained by him as may be prescribed in the by-laws or in the relevant contract to be disposed of by the society.
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(2) Any member who is approved or adjudged in accordance with the provisions of section 49 of the Ordinance to be guilty of a branch of the by-laws or the relevant contraet za the case may be shall pay to the ancisty as liquidated damages such sum ay may be specifically assessed or ascertained in muner prescribed by the by-lawn or by the relevant contract und auch sum shall be dermed to be a debt due to the society.
$2. The committee may, with the approval of the Registrar, Bad Pubs. cause bad debta to be written off the hooks of the registered society in auch manner and at such times as the Registrar say deem fit.
69. The committee shall in avery year and as soon as con- Preparation veniently possible within such time as the Registrar may directl
and report. (a) cause the secretary to prepare and send to the Registrar the yearly balance abeat closed on the date specified by the Registrar of the preceding year together with a detailed statement of the profit and loss account; and
(8) 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 Transfer of the committee to any other member at the option of the transferor, sharon. but if the transferee is not a member, be must be approved of na 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 "sequire by the transfer, or by the transfer and allotment, the number as required to be held before the transfer can be registered.
(2) Special transfer forms shall be provided by the Registrar.
(8) No transfer of a share shall be valid and effectiva onless 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 po right shall be acquired against the registered society by the transferee, nor shall any claim of the registered society upon the transferor he affected thereby.
default.
55. The committee may in default of payment by any member Bale of indebted to the registered society to an amount not less than three shares of fourths of the sun paid up for the time being on any transferable members io share held by him, sell, transfer and register in the books of the registered society auch share to any person outitled to hold the sato 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 dne and of any orponsa incurred in or about the same, paying over the balance (if any) to the member, without being responsible for any loss decasioned thereby, and the defaulting member shall cease to have any further claim in respect of such Abare.
58. (1) The committee shall appoint a secretary and, unless Secretary. the person so appointed is a member of the committee, shall have power to fix the remuneration for his servicen.
unpaid.
(2) The secretary, if a member of the committee, shall be
(0) No appointment made under paragraph (1) of this rule shall be valid and effective, and no remuneration fixed there- under shall be payable or recoverable, unless approved by the Registrar. Every such approval shall be communicated in writing by the Registrar to the committee.