1950_CO-OPERATIVE_SOCIETIES_RULES — Page 12

Co-operative Societies.

41. (1) The committee may-

(a) appoint such clerks or employees as it considers

necessary; and

(b) fix the salary, wages or remuneration of every such

clerk or employee.

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

Rules applicable to Credit Societies.

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

43. (1) The committee shall consider at a meeting every application for a loan and if the committee is satisfied with the 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.

(2) No person other than members of the committee and the secretary and the Registrar and his staff shall be present at any meeting of the committee when an application for a loan is under consideration. A member of the com- mittee who applies for a loan or who is proposed as surety for a loan must withdraw while the relevant application is being discussed. If there is a difference of opinion concern- ing 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.·

[CAP. 33

Employees.

Application for a loan,

Sanction of loan.

for loans.

44. Loans, when approved by the committee, shall be Security 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

199