A 6
CAP. 33]
[Subsidiary]
Co-operative Societies Rules.
[1964 Ed.
Division of profits.
Maximum total amount of debts. G.N.A.102/56.
(2) No member of a registered society with share capital shall be entitled to appoint more than one nominee unless that member holds more than one share.
(3) In any case where more than one nominee is appointed by any member, the number of shares to be transferred or the exact proportion of the amount available that is to be transferred to each of these nominees shall be specified at the time of the appointment.
(4) Every appointment of a nominee shall be recorded in the Register of Members.
(5) For the purpose of a transfer to a nominee, the value of any share or interest shall be represented by the sum actually paid for that share or interest by the member holding it, unless the by-laws of the registered society otherwise provide.
(6) Where any money is paid to a nominee who is a minor, a receipt given either by the minor or by his guardian shall be sufficient discharge to the registered society.
19. (1) Unless otherwise authorized by the Governor under the proviso to subsection (1) of section 34 of the Ordinance, no dividend or payment on account of profits shall be made by a society registered with unlimited liability until the reserve fund has reached a proportion of not less than one-tenth of the society's total liabilities.
(2) No registered society shall pay a dividend if the rate of interest on loans granted by it to its members exceeds ten per cent per annum.
(3) No registered society shall pay a dividend on share capital exceeding five per cent per annum of the capital actually paid up.
(4) A bonus based on wages or on the value of the products of a member, or a bonus or rebate on patronage calculated in proportion to the amount of the business done by each member with the registered society may be distributed periodically to the members from surplus funds after the deduction of all expenditure and after making provision for bad and doubtful debts and making allocation to the reserve fund.
20. (1) Every registered society shall from time to time, fix at a general meeting the maximum total amount of debts it may incur in loans or deposits whether from members or non-members.
(2) The maximum so fixed shall be subject to the sanction of the Registrar, who may at any time reduce it. No registered society shall receive loans or deposits which will make the total amount of its debts exceed the limit sanctioned by the Registrar.
A 6
CAP. 33]
[Subsidiary]
Co-operative Societies Rules.
[1964 Ed.
Division of profits.
Maximum total amount of debts. G.N.A. 102/56.
(2) No member of a registered society with share capital shall be entitled to appoint more than one nominee unless that member holds more than one share.
(3) In any case where more than one nominee is appointed by any member, the number of shares to be transferred or the exact proportion of the amount available that is to be transferred to each of these nominees shall be specified at the time of the appointment.
(4) Every appointment of a nominee shall be recorded in the Register of Members.
(5) For the purpose of a transfer to a nominee, the value of any share or interest shall be represented by the sum actually paid for that share or interest by the member holding it, unless the by- laws of the registered society otherwise provide.
(6) Where any money is paid to a nominee who is a minor, a receipt given either by the minor or by his guardian shall be sufficient discharge to the registered society.
19. (1) Unless otherwise authorized by the Governor under the proviso to subsection (1) of section 34 of the Ordinance, no dividend or payment on account of profits shall be made by a society registered with unlimited liability until the reserve fund has reached a proportion of not less than one tenth of the society's total liabilities.
(2) No registered society shall pay a dividend if the rate of interest on loans granted by it to its members exceeds ten per cent per annum.
(3) No registered society shall pay a dividend on share capital exceeding five per cent per annum of the capital actually paid up.
(4) A bonus based on wages or on the value of the products of a member, or a bonus or rebate on patronage calculated in proportion to the amount of the business done by each member with the registered society may be distributed periodically to the members from surplus funds after the deduction of all expenditure and after making provision for bad and doubtful debts and making allocation to the reserve fund.
20. (1) Every registered society shall from time to time, fix at a general meeting the maximum total amount of debts it may incur in loans or deposits whether from members or non-members.
(2) The maximum so fixed shall be subject to the sanction of the Registrar, who may at any time reduce it. No registered society shall receive loans or deposits which will make the total amount of its debts exceed the limit sanctioned by the Registrar.
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