Co-operative Societies Act |
Co-operative Societies Rules |
R 1 |
REVISED EDITION 1990 |
(25th March 1992) |
[1st January 1980] |
Citation |
1. These Rules may be cited as the Co-operative Societies Rules. |
Reserve fund |
2. The reserve fund maintained by a society under section 70 of the Act shall be used —
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Central Co-operative Fund |
Central Co-operative Fund Committee |
4.—(1) For the purpose of advising the Minister on the administration of the Central Co-operative Fund, there is hereby established a committee which shall be known as the Central Co-operative Fund Committee and which shall consist of a Chairman and 4 other members appointed by the Minister.
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Administration of Central Co-operative Fund |
5.—(1) Contributions to the Central Co-operative Fund shall be made by every society in accordance with section 71 of the Act.
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Audit of Central Co-operative Fund |
6.—(1) The accounts of the Central Co-operative Fund shall be audited by an auditor (referred to in these Rules as the auditor) appointed by the Central Co-operative Fund Committee.
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Dividend |
7. No society shall pay a dividend on paid-up shares or subscription capital exceeding 10% per annum without the sanction of the Registrar. |
Duties of officers of a society |
8.—(1) Except as otherwise provided in the by-laws of the society, the chairman of a society shall preside at all general meetings and at all meetings of the committee of management. This duty shall be carried out by the vice-chairman in the absence of the chairman, or, in the absence of both the chairman and the vice-chairman, by any other person elected by a majority of those present at that meeting.
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