1950_CO-OPERATIVE_SOCIETIES_ORDINANCE — Page 11

Co-operative Societies.

[CAP. 33

capital

27. No member, other than a registered society, shall share of hold more than one-fifth of the share capital of any co- limited. operative society."

on transfer

28. (1) The transfer or charge of the share or interest Restriction of a member or past member or deceased member in the of share or capital of a registered society shall be subject to such con- interest. ditions as to maximum holding as may be prescribed by this Ordinance or by the rules.

(2) In the case of a society registered with unlimited liability, a member shall not transfer any share held by him or his interest in the capital of the society or any part there- of, unless-

(a) he has held such share or interest for not less than

one year; and

(b) the transfer or charge is made to the society, or to a member of the society, or to a person whose application for membership has been accepted by the committee.

past member

29. (1) The liability of a past member for the debts Liability of of a registered society as they existed on the date on which he ceased to be a member shall not continue for a period of more than two years reckoned from that date.

(2) The estate of a deceased member shall not be liable for the debts of the society as they existed on the date of his decease for a period of more than two years reckoned from the date of his decease.

PART V.

PROPERTY AND Funds of Registered Societies.

and estate member for

of deceased

debts of society.

registered

by a

society.

30. (1) A registered society shall not, except as pro- Loans made vided in section 33, make any ioan to any person other than a member: Provided that, with the consent of the Registrar, a registered society may make loans to another registered society.

(2) Except with the permission of the Registrar, a registered society shall not lend money on the security of any movable property other than produce or goods in which the society is authorized to deal.

263

!