1964 Ed.]
Co-operative Societies.
[CAP. 33
22. No member of a registered society shall exercise the rights of a member unless or until he has made such payment to the society in respect of membership or acquired such interest in the society, as may be prescribed by the rules or by-laws.
23. Except with the sanction of the Registrar, no person shall be a member of more than one registered society whose primary object is to grant loans to its members.
24. No member of any registered society shall have more than one vote in the conduct of the affairs of the society:
Provided that-
(a) in the case of an equality of votes the chairman shall have a casting vote;
(b) in the case of societies of which a registered society is a member that society may have such voting powers as are provided in the rules.
25. A registered society which is a member of any other registered society may appoint any one of its members as its proxy for the purpose of voting in the conduct of the affairs of such other registered society.
26. The minority or non-age of any person duly admitted as a member of any registered society shall not debar that person from executing any instrument or giving any acquittance necessary to be executed or given under this Ordinance or the rules made thereunder, and shall not be a ground for invalidating or avoiding any contract entered into by any such person with the society; and any such contract entered into by any such person with the society, whether as principal or as surety, shall be enforceable at law or against such person notwithstanding his minority or non-age.
27. No member, other than a registered society, shall hold more than one-fifth of the share capital of any co-operative society.
28. (1) The transfer or charge of the share or interest of a member or past member or deceased member in the capital of a registered society shall be subject to such conditions 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 thereof, 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.
9
Members not to exercise rights till due payment made.
Restriction of membership in society.
Votes of members.
Representation by proxy.
Contracts with society of members who are minors.
Block holdings of shares limited.
Restriction on transfer of share or interest.
Page 11
1964 Ed.]
Co-operative Societies.
[CAP. 33
22. No member of a registered society shall exercise the rights of a member unless or until he has made such payment to the society in respect of membership or acquired such interest in the society, as may be prescribed by the rules or by-laws.
23. Except with the sanction of the Registrar, no person shall be a member of more than one registered society whose primary object is to grant loans to its members.
24. No member of any registered society shall have more than one vote in the conduct of the affairs of the society:
Provided that-
(a) in the case of an equality of votes the chairman shall
have a casting vote;
(b) in the case of societies of which a registered society is a member that society may have such voting powers as are provided in the rules.
25. A registered society which is a member of any other registered society may appoint any one of its members as its proxy for the purpose of voting in the conduct of the affairs of such other registered society.
26. The minority or non-age of any person duly admitted as a member of any registered society shall not debar that person from executing any instrument or giving any acquittance necessary to be executed or given under this Ordinance or the rules made thereunder, and shall not be a ground for invalidating or avoiding any contract entered into by any such person with the society; and any such contract entered into by any such person with the society, whether as principal or as surety, shall be enforceable at law or against such person notwithstanding his minority or non-age.
27. No member, other than a registered society, shall hold more than one-fifth of the share capital of any co-operative society.
28. (1) The transfer or charge of the share or interest of a member or past member or deceased member in the capital of a registered society shall be subject to such conditions 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 thereof, 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.
9
Members not to exercise rights till due payment made.
Restriction of membership in society.
Votes of members.
Representation by proxy.
Contracts with society of members who are minors.
Block boldings of shares limited.
Restriction on transfer of share or interest.
jPage 11
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