1964 Ed.]
Co-operative Societies Rules.
[CAP. 33
A 19
[Subsidiary]
contribution shall be subject to a maximum of either five per cent of the net annual profits of the registered society or of one per cent of the working capital of the registered society, and shall not in any case be less than three per cent on the net annual profits or one half per cent of the working capital.
69. (1) The by-laws of a proposed society shall contain pro-vision in respect of the following matters-
(a) the name of the society;
(b) the registered address of the society,
(c) the objects for which the society was established;
(d) the purposes to which the funds may be applied;
(e) the qualifications for membership, the terms of admission of members, and the mode of election;
(f) the nature and extent of the liability of members; and
(g) the manner of raising funds, including the maximum rate of interest on deposits.
(2) If the objects of the proposed society include the creation of funds to be lent to the members, the proposed by-laws shall, in addition, contain provision in respect of the following matters-
(a) the occupation and residence of the members;
(b) the conditions on which loans may be made to members, including-
(i) the rate of interest, and
(ii) the maximum amount which may be lent to a member; and
(c) the consequences, if any, of default in the payment of any sum due on account of shares.
70. (1) Where in pursuance of subsection (1) of section 10 of the Ordinance a registered society amends its by-laws, such amendment shall be made by a resolution of the members of the registered society at a general meeting.
(2) Every resolution under paragraph (1) of this rule shall not be valid and effective unless it was taken by a majority of not less than three-fourths of the members present at the general meet-ing at which the resolution was proposed.
(3) A copy of a resolution under paragraph (1) of this rule shall be forwarded to the Registrar together with three copies of the amendment.
By-laws.
IN153/76
Amendment of by-laws.
1964 Ed.]
Co-operative Societies Rules.
[CAP. 33
A 19
[Subsidiary]
contribution shall be subject to a maximum of either five per cent of the net annual profits of the registered society or of one per cent of the working capital of the registered society, and shall not in any case be less than three per cent on the net annual profits or one half per cent of the working capital.
69. (1) The by-laws of a proposed society shall contain pro- vision in respect of the following matters-
(a) the name of the society;
(b) the registered address of the society,
(c) the objects for which the society was established;
(d) the purposes to which the funds may be applied;
(e) the qualifications for membership, the terms of admission
of members, and the mode of election;
(f) the nature and extent of the liability of members; and
(g) the manner of raising funds, including the maximum rate
of interest on deposits.
(2) If the objects of the proposed society include the creation of funds to be lent to the members, the proposed by-laws shall, in addition, contain provision in respect of the following matters-
(a) the occupation and residence of the members;
(b) the conditions on which loans may be made to members,
including-
(i) the rate of interest, and
(ii) the maximum amount which may be lent to a member; and
(c) the consequences, if any, of default in the payment of any
sum due on account of shares.
70. (1) Where in pursuance of subsection (1) of section 10 of the Ordinance a registered society amends its by-laws, such amendment shall be made by a resolution of the members of the registered society at a general meeting.
(2) Every resolution under paragraph (1) of this rule shall not be valid and effective unless it was taken by a majority of not less than three-fourths of the members present at the general meet- ing at which the resolution was proposed.
(3) A copy of a resolution under paragraph (1) of this rule shall be forwarded to the Registrar together with three copies of the amendment.
By-laws.
IN 153/76
Amendment of by-laws.
No comments yet.
Private notes are available after approval.