CAP. 33]
[s. 30 cont.]
Deposits and loans received by a registered society.
Restrictions on other transactions with non-members.
Investment of funds.
Disposal of profits.
(Cap. 112).
Co-operative Societies.
(3) The Governor may, by general or special order, prohibit or restrict the lending of money on mortgage of any description of immovable property by any registered society.
31. A registered society shall receive deposits and loans from persons who are not members only to such extent and under such conditions as may be prescribed by the rules or by-laws.
32. Save as provided in sections 30 and 31, the transactions of a registered society with persons other than members shall be subject to such prohibitions and restrictions as may be prescribed by the rules.
33. A registered society may invest or deposit its funds-
(a) in a post office savings bank, or with any bank or person carrying on the business of banking approved for this purpose by the Registrar; or
(b) in any securities issued or guaranteed by a Government within the Commonwealth; or
(c) with any other registered society approved for this purpose by the Registrar; or
(d) in any other mode approved by the Registrar.
34. (1) At least one-fourth of the net profits of every registered society, as ascertained by the audit prescribed by section 35, shall be carried to a fund to be called the reserve fund, which shall be employed as prescribed by the rules. After deduction of any tax which may have been charged on such society in accordance with the provisions of the Inland Revenue Ordinance, the remainder of such profits and any profits of past years available for distribution may be divided among the members by way of dividend or bonus, or allocated to any funds constituted by the society, to such extent or under such conditions as may be prescribed by the rules or by-laws: Provided that in the case of a society with unlimited liability, no distribution of profits shall be made without the general or special order of the Governor.
(2) Any registered society may, with the sanction of the Registrar, after one-fourth of the net profits in any year
264
CAP. 33]
[s. 30 cont.]
Deposits and loans received by a registered society.
Restrictions on other transactions
with non- members.
Investment of funds.
Disposal of profits.
(Cap. 112).
Co-operative Societies.
(3) The Governor may, by general or special order, prohibit or restrict the lending of money on mortgage of any description of immovable property by any registered society.
31. A registered society shall receive deposits and loans from persons who are not members only to such extent and under such conditions as may be prescribed by the rules or by-laws.
32. Save as provided in sections 30 and 31, the transac- tions of a registered society with persons other than members shall be subject to such prohibitions and restrictions as may be prescribed by the rules.
33. A registered society may invest or deposit its funds-
(a) in a post office savings bank, or with any bank or person carrying on the business of banking approved for this purpose by the Registrar; or (b) in any securities issued or guaranteed by a Govern-
ment within the Commonwealth; or
(c) with any other registered society approved for this
purpose by the Registrar; or
(d) in any other mode approved by the Registrar.
34. (1) At least one-fourth of the net profits of every registered society, as ascertained by the audit prescribed by section 35, shall be carried to a fund to be called the reserve fund, which shall be employed as prescribed by the rules. After deduction of any tax which may have been charged on such society in accordance with the provisions of the Inland Revenue Ordinance, the remainder of such profits and any profits of past years available for distribution may be divided among the members by way of dividend or bonus, or allocated to any funds constituted by the society, to such extent or under such conditions as may be prescribed by the rules or by-laws: Provided that in the case of a society with unlimited liability, no distribution of profits shall be made without the general or special order of the Governor.
(2) Any registered society, may, with the sanction of the Registrar, after one-fourth of the net profits in any year
264
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