Daft officer.
Haserve tuan.
Andit of ReCountA.
Audit and
supervision
fund.
By-laws
28
05. If in any society, in the opinion of the Registrar, any merubor of the committed or other officer is unfit for the discharge of his duties, the society abali, on the requirement of the Registrar, dismiss him.
06. (1) The reserve fund of a registered society, created in pursuance of the provisions of section 34 (1) of the Ordinance,
ay, with the aunction of the Registrar,
society, or
(a) be utilised in the business of the registered
(b) be applied to meet occasional deficiencies in- curred by the registered society.
(2) Ia sanctioning the utilisation or application of the reserve fund under paragraph (1) of this rule, the Registrar many impose auch terms and conditions as he may deem fit.
67. In pursuance of the provisions of section 36 of the Ordinance, the accounts of every registered saniety shall be audited once at least in every year by some person authorised by the Registrar. Such person shall have access to all the books and accounts of the registered society and shall examine every balance sheet and sunual return of the receipts and expenditure, funda and effects of the registered society, and shall verify the same with the accounts and vouchers relating thereto, and shall either sign the same as found by him to be correct, duly vouched and in accordance with the Ordinance, and shall report to the Registrar accordingly, or shall specially report to the Begistrar in what respects he finds the same incorrect uavouched or not in accordance with the Ordianoce. The Registrar shall thereupon forward the report of such person to the committee.
68. (1) There shall be constituted a fund to be known as the Audit and Supervision Fund and every registered society shall, when called upon to do as by the Registrar, make annually a contribution to such fund.
(2) Tatil such time as a anciety has been established and registered for the purposes of supervision and audit, such contributions shall be held by the Registrar and administered by him on behalf of the contributing registered societies.
(3) So long as the Registrar administers the fund on bebalf of the contributing registered societies, he shall report in every year to the Government in respect of the income derived from contributions, the expenditure he has sanctioned from the fund and the balance in his handa.
(4) As soon as a society for supervision and audit has been established and registered, the fund shall be credited to such society and shall be utilized by such society in accordance with its objects and by-laws.
(5) Until a society for supervision and audit has been established and registered, the Registrar shall fix the amount of the annual contribution to the fund of every registered society culled upon to contribute to the fond. The amount of avery such annual contribution shall be subject to a maximum of either five per centum of the net annual profite of the registered society or of one per centum of the working capital of the registered society, and shall not in any case be less than three per centum on the net annual profits or one half per centum of the working capital.
69. (1) The by-laws of a proposed society aball contain pro- vision in respect of the following matters:
(a) the name of the society:
(b) the registered address of the society;
(e) the objects for which the society was established;
(d) the purposes to which the funds may be applied; (e) the qualifications for membership, the terms of admission of members, and the mode of election;
and
20
(f) the nature and extent of the liability of members;
(2) the manner of raising funds, including the maximum rate of interest on deposits.
(2) Tf the objects of the proposed society include the oreation of funds to be lent to the members, the proposed by-laws shall, in addition, contain provision in respect of the following
matters;
(a) the occupation and residence of the members; (b) the conditions on which loans may be made to members, including-
(i) the rate of interest, and
(ii) the maximum amount which may be leat
to a member; and
(c) the consequences, if any, of default in the pag- ment of any sum due on account of shares.
70. (1) Where in pursuance of the provisions of Section Amandroent 10 (1) of the Ordinance a registered society amenda its by-lawa, sf by-laws. mach amendment shall be made by a resolution of the members of the registered society at a general meeting.
(2) Every resolution under paragraph (1) of this rule shall not be valid” and effective unless it was taken by a majority of not less than three-fourths of the members present at the general meeting at which the resolution was proposed.
(3) A copy of a resolution under paragraph (1) of this rule shall be forwarded to the Registrar together with three copies of the amendment.
71. For the purposes of section 20 of the Ordinance a copy Copies of of an entry in the book of a registered society may be certified by a mutri. certificate" written at the foot of such copy, declaring that it is a true copy of such entry and that the book containing the entry is still in the custody of the society; such certificate being dated and signed by the secretary and one member of the committee.
72. (1) Reference of a dispute to the Registrar for decision Reference of under the provisions of section 49 (1) of the Ordinance may be a digute to
the Registrar made-
for decision).
(a) by the committee; or (b) by the registered society in pursuance of a resolution in that behalf taken in general meeting; or
(e) by any party to the dispute; or (d) where the dispute concerns a member of the committee and the registered society, by any member of the registered society.
(2) Every reforence under this rule shall be made by a statement in writing addressed to the Registrar. Such statement shall-
(a) be dated;
(b) specify the dispute;
(c) set out full particulars of the dispute; and
(d) he signed by the party making it.
73. (1) Where, in pursuance of the provisions of section Reference to 49 (2) (b) of the Ordinance, the Registrar decides to refer a schitration dispute to arbitration, such decision shall be embodied in an order by the of reference under his band.
Registrar.
(2) Every order of reference under this rule shall—-
(a) specify the name, surname, place of abode and occupation of the arbitrator or arbitrators;