1947-HKRS29-8-14_Part05 — Page 15

Election of committee.

Chairman of committed.

Dution of corumilites.

committee.

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(c) the total number of members on the date on which the meating was held; and

meeting.

(a) all resolutions passed or decisions made at the

31. (1) The committee shall be elected at a general meeting of the registered society to be held annually or convened for the purpose by the Registrar, aud its members shall hold office until the election of a new committee and they shall be eligible for re-election:

Provided that a special general meeting convened for the purpose by or on the demand of the Registrar or on demand of the members (in the case of registered societies with less then forty members, one-half of the members or ten members which- evor is the less or when a registered scoiety consists of more than forty members, one-fourth of the total number of members) may Temove the committee or our members thereof before the expiration of their period of office by majority of three-fourths of the members present, who shall proceed at the same meeting to the election of others in their stend who shall bold office until the election of a new committea by the next general meeting convened for this purpose by the Registrar.

(2) The committee aball consist of five members and three shall constitute a quorni),

32. The committee shall elect its own chairman, who shail have an ordinary vote and on an equality of votes shall be entitled to a casting vote. In the temporary absence of the chairma the committee shall elect one of its members to perform the duties of chairman.

33. (1) The committee shall represent the registered society before all competent public authorities and in all dealings and transactions with third poreons, with power to institute or defend anits brought in the name of or against the society, and in general it shall carry out such duties in the management of the affairs of the registered society na have not hoon specially assigned by the rules or the by-laws to general meetings or to any other officer of the society.

(2) The committee shall always keep a copy of the latest annual balance sheet of the registered society together with the report referred to in rule 23, hung in a conspicuous place at the registered office of the society.

Meetings of 34. The committee shall meet as often as the business of the registered society may require and in any case not less frequently than once a month. Meetings of the committee shall be summoned by the secretary in writing.

Procedure al meetings of committee.

35. At each committee meeting the secretary shall

(a) read the minutes of the preceding meeting:

(b) produce the cash book, detail the entries of receipts and payments made therein since the last meeting and with the treasurer produce the cash in their possession for verifica- tion by the committee with the usah book;

(a) produce a statement showing the loans due and unpaid, for determination by the committee as to the action to be taken in each case;

(d) produce applications for loans, if any, for deter- mination by the committee in accordance with the priority of receipt; and

(e) submit any other business for consideration. by

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Committee.

36. Minutes of committee meetings shall be recorded forth- Minutes of with by the secretary in the minute book and shall be signed by meeting of the chairman or other presiding member and by the secretary and aball contain the following particulars —

(a) the names of the members present and the date

of the meeting:

member; and

(b) the name of the chairman or other presiding

(o) a short statement of all matter disonssed and decisions made and a record as to whether each decision was mude unanimously or by a majority

37. Any member of the committee who, without due excuse Failure to approved by the committen, fails to attend at three consecutiva sutend meetings of the committee shall be deemed to have vacated his peetings of office which shall thereupon be filled as provided by rule 38.

ommittaa.

38. (1) Vacancies occurring on the committee shall be filled Vacancies on within eight days by the election of substitutes elected by the comunities. remaining members of the committee:

Provided that when such election does not take place the Registrar may appoint the required substitutos.

(3) Any substitutes elected or uppointed under paragraph (1) of this rule shall hold office until the expiration of office of the committee.

39. The committee may horrow money

on behalf of the Borrowing registered society to an amount not exceeding such total amount powers. as tony have been fixed in accordance with rule 20.

Braking

40. The committee may, subject to the approval of the Registrar, open a banking account. All ebeques shall be signed aronat by two members of the committee and the secretary:

Provided that with the authority in writing of the Registrar previously obtained cheques may be signed by one member of the committee and the secretary.

41. (1) The committee my...

(4) appoint such clerks or employees as it considers

necessary; and

(b) fix the salary, wages or remuneration of every auch clerk or employes.

(2) Every clerk or employee appointed under this rule shall hold attice during the pleasure of the committee,

Rules 42-50.

[Applicable to CREDIT SOCIETIES. ]

Employees

42. Members who desire to obtain a loan shall submit an Application application to the committee stating the amount and the purpose for a load. for which the loan is required, the term for which it is naked, whether it is desired to repay it by instalments, and the namca of the proposed sureties or any other security which is offered.

43. (1) The committee shall consider at a meeting every Sanction application for a loan and if the committee is satifised with the of lemo. trustworthiness of the applicant, the sufficiency of the security offered and the prospects of advantage to the borrower, in the way of increased production or economy or otherwise, it may sanction the loan.

the committee,