1947-HKRS29-8-14_Part05 — Page 16

Security

for loans.

Purpones of Loan.

Documente mlating to Joani

Restriclitsus

h lona ta defaulters.

Extensions of loans

Mixupplica.

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(2) No perann other than members of the coinmittee and the secretary and the Registrar and his staff shall be present at any meeting of the committee 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 loan 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 ballot. 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 committee, 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 luan may be made to the member without sureties or other security.

45. (1) No loan shall ba mode except for a purpose to be approved in each case by the committee.

(2) All lonna made shall be applied by the borrowing members to auch purpose as the committee has approved.

46. When a loan is sanctioned by the committee a notice shall be sent to the borrower to that offert, and, before the amount is advanced, the borrower (and his sureties if any) shall execute an instrument in writing setting out the terms of repayment of the loan and containing such other terms and conditions as the committen may consider necessary,

47. Where a member-

(a) ja in default in the payment of a loan or of an

instalment of a loan, and

(8) 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 finds that he will be unable to discharge his obligations to the registered anciety and notifies the secretary in writing before a loon is due the committee may extend the time fixed for payment on such conditions as it thinks fit.

49. Where the committee is satisfied that a member of the tion of loso registered society who has obtained a loan bos 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 Joann.

Marketing.

50. Wherein.

(a) a loan or au instalment of a loon has not been paid on the date on which it became due, and

() no extension for the payment, thereof has been given to the debtor by the committee under rule 48,

the committee shall take steps for the recovery of the same by referring the matter to the Registrar as prescribed in section 40 of the Ordinance.

BOLE 51.

[APPLICABIA TO Marketixa BootETIES.]

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 is 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 breach of the by-laws or the relevant contract ca the case may be shall pay to the society as liquidated damaçes such sum as may be apecífically assessed or ascertained in under prescribed by the by-laws or by the relevant contract and such sum shall be deemed to be a děbɩ due to the society.

52. The committee may, with the approval of the Registrar, Bad Tubts. cause bad debta to be written off the hooks of the registered society

in such manner and at such times as the Registrar may deem fit.

60. The committee shall in every year and as soon as con- Preparation veniently 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 Begistrar of the preceding year together with a detailed statement of the profit and loss account; and

(6) prepare a report on the year's working of the registered society to be presented to the anùual general meeting.

anal

counla and zupurt.

54. (1) Any share may be transferred with the approval of Trauter of the committee to any other member at the option of the transferor, shares, but if the transferoë is not a member, be 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 und allotment, the number an raquired to be held before the transfer can be registered.

(2) Special transfer forma shall be provided by the Registrar.

(8) No transfer of a share shall be valid and effective muless and until unch 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 abure 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.

default.

$5. The committee may in default of payment by aty member sales of indebted to the registered society to an amount not less than three shares at fourths of the sum paid up for the time being on any transforable members in share held by him, sell, transfer and register in the books of the registered society such share to any person entitled to hold the eume 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 Iosa occasioned 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 services.

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.