Co-operative Societies.
[CAP. 33
the committee shall take steps for the recovery of the same by referring the matter to the Registrar as prescribed in section 49 of the Ordinance.
Rules applicable to Marketing Societies.
51. (1) Every member of the society shall deliver to the Marketing society at such place as the committee shall direct such amount of articles produced or obtained by him as may be prescribed in the by-laws or in the relevant contract to be disposed of by the society.
(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 as the case may be shall pay to the society as liquidated damages such sum as may be specifically assessed or ascertained in manner prescribed by the by-laws or by the relevant contract and such sum shall be deemed to be a debt due to the society.
52. The committee may, with the approval of the Registrar, cause bad debts to be written off the books of the registered society in such manner and at such times as the Registrar may deem fit.
Bad debts.
53. The committee shall in every year and as soon as conveniently 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 Registrar of the preceding year together with a detailed statement of the profit and loss account; and
(b) prepare a report on the year's working of the registered society to be presented to the annual general meeting.
Preparation of annual accounts and report.
54. (1) Any share may be transferred with the approval Transfer of shares. of the committee to any other member at the option of the transferor, but if the transferee is not a member, he 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
201
Co-operative Societies.
[CAP. 33
the committee shall take steps for the recovery of the same by referring the matter to the Registrar as prescribed in section 49 of the Ordinance.
Rules applicable to Marketing Societies.
51. (1) Every member of the society shall deliver to the Marketing. society at such place as the committee shall direct such amount of articles produced or obtained by him as may be prescribed in the by-laws or in the relevant contract to be disposed of by the society.
(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 as the case may be shall pay to the society as liquidated damages such sum as may be specifically assessed or ascertained in manner prescribed by the by-laws or by the relevant contract and such sum shall be deemed to be a debt due to the society.
52. The committee may, with the approval of the Bad debts. Registrar, cause bad debts to be written off the books of the registered society in such manner and at such times as the Registrar may deem fit.
53. The committee shall in every year and as soon as conveniently 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 Registrar of the preceding year together with a detailed statement of the profit and loss account; and
(b) prepare a report on the year's working of the registered society to be presented to the annual general meeting.
Preparation accounts
of annual
and report.
shares.
54. (1) Any share may be transferred with the approval Transfer of of the committee to any other member at the option of the transferor, but if the transferee is not a member, he 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
201
¡
No comments yet.
Private notes are available after approval.