Each of the societies mentioned in the Schedule aforesaid shall deliver the existing certificate of incorporation to the registrar for cancellation and he shall then issue in its place a certificate of incorporation under and in accordance with the provisions of this Act. -operative housing association" means an association of persons- (a) Which is formed for all or any of the objects referred to. in section six of this Act;. To do all other things as in the opinion of the registrar is aimed at promoting the economic interests of the members of the society in relation to the objectives specified in paragraph (a) of this subsection.
A company may, subject to this law and its rules, raise money on loan for the company's facilities. A company may be formed by any person not under eighteen years of age and entitled under this Act and the rules hereafter adopted and registered to be members of the company. A statutory declaration or statutory declarations from the persons who acted as chairman and secretary of the meeting for compliance with the requirements of Article eight of this law.
The costs of and related to the establishment of the association. A certificate showing that all registration and precedent or incidental requirements of this Act have been met. 'Imperial', 'Empire', 'Common~ealth)~, ''State9', or 'any word which in the opinion of the Registrar means Royal.
PART IV-MEMBERS, SHARES AND FUNDS
A company can cancel my share bought by or forfeited to the company in accordance with the rules of the law. Every company shdl have a registered QE which must be notified to the registrar when applying for registration of the company. A copy of the latest audited balance sheet and the last accounts, (d) the prescribed register of directors, members and shares; and (e).
Statements certified by the auditor of the profit and loss and reserve accounts and balance sheet of the society for and at the end of that financial year;. A signed copy of the report or reports of the auditor of the society for that financial year; and. A society shall make any advance to a member of the society unless and until that member has been allotted and accepted shares of a nominal value at least equal to the amount of the advance.
The chairman of the board of directors is elected by the boas in accordance with the rules of the association and holds office after retirement and may be removed from office as provided by the rules of the association. The office of a director shall be vacated in such circumstances, if any, as may be prescribed by the rules of the company and in any of the following circumstances, namely:-. a). if he is dismissed by a decision of the association's assembly; or me).
The Director or such other person as may be authorized by him to do so shall [a) sell any land or act as agent for the sale of any land (whether or not containing a dwelling-house) to a member of the society intending to pay for the same, in whole or in part, from the advance given by the association; A director or other officer may be so paid by the general meeting of the association, but in no case may it exceed the maximum amounts prescribed by the regulations: In this subsection, "quorum" means a quorum of members entitled to vote under the rules of the association, which in no case may be less than five such members.
The maximum percentage of shares or any class of shares that may be held by a member;. Powers and duties of the board and quorum for board meetings; s). For the purposes of this law, the amendment of the rules includes the addition and removal of a nil.
In the case of any of the matters mentioned in paragraphs (e), (f) and (g) of the last preceding subsection, the Minister gives consent to the issuance of the certificate by the registrar. As soon as possible after the dissolution of the company, the registrar registers the dissolution and cancels the registration of the company.
PART VI-ADMINISTRATION
A certificate signed by the liquidator or by the secretary. or by another officer of the company approved by the registrar that all property vested in the company has been duly transferred or assigned by the company to the entitled persons. is filed with or sent by prepaid registered mail or certified mail to the Registrar. As soon as practicable after the dissolution of the association, the registrar shall register the dissolution and cancel the registration of the association. The Registrar and y other officers required for the purposes of this Act 11 be appointed and hold office under, subject to and in accordance with The Public Service Acts, 1922 to 1955. The Registrar shall have such duties, powers and authority as nance or other cause, or during any vacancy in the office of the registrar, the duties, powers and authority of the registrar may be performed and exercised by a deputy registrar appointed by. with a view to incurring expenses in connection with the dissemination of information regarding the establishment, registration and operation of cooperative housing associations. On the registration of a company or of a rule or document under this Act, the registrar may require from the applicant such information and evidence as is reasonable to show that the application should be granted.
Any bank in which a society maintains an account shall, when required in writing by the registrar, furnish to the registrar a statement of such account and any other particulars so required by the registrar to be furnished and no bank shall incur any liability whether in respect of any breach of trust or otherwise, by means of the provision of any statement or particulars hereunder. Decimal currency reference s o section 7 of decimal currency Act of. not less than one-third of the members of any society-. a) call a special general meeting of the society; or (b) institute an inquiry into the affairs of the society. such evidence as the registrar directs for the purpose of showing that the applicants have good reason for requiring the meeting or investigation, and that the application is made without malicious motive. The meeting shall have all the powers of a meeting called in accordance with the rules of the society, and shall have the power to appoint its own chairman, notwithstanding any rule of the society to the contrary.
The provisions of subsections five, six and eight of the last apply to and with respect registrar or inspector U ~ Q I I inquiry. The provisions of Znquiry Acts, 1950 to 1954, apply for the purposes of any inquiry into the affairs of a society by the registrar or any inspector appointed for the purpose, and for the purpose of so applying those provisions , the term "'Commission" in those Acts shall be s upon registration. Any person may, on payment ct at the office of the registrar, the registration and rules (b) Obtain from the r r a certificate of the registration of. any society and a copy of the rules or of any part of the rules of any society; and.
As soon as possible after the end of each financial year, the Registrar shall submit to the Minister a report of his activities and of the most important matters he has dealt with and of the administration of this Act in general during that financial year, and this report shall be drawn up for the Parliament. The appointment in the name of the committee does not affect the composition of the committee as constituted immediately before the entry into force of this Act on the basis of Article 57 of the Main Act, and the members of that committee will, in accordance with the Main Act, as amended by this Act, continue to oppose the commission under the said Article 57, as amended by this Act.
PART VII-GUARANTEES AND PRIVILEGES
Any person who knowingly continues to exercise the powers of a director of a society after his office continues to exercise the powers of a director of a society after his office as a director has been vacated and any director of ' a society that knowingly allows or tolerates any such. person to exercise the powers of a director is guilty of an offense and liable to a fine not exceeding two hundred dollars and in addition to a fine not exceeding ten dollars for each day during which the offense continues. Decimal currency references substituted in terms of section 7 of the Decimal Currency Act of 1965. of an offence, if it fails-. An association shall be guilty of an offense if it contravenes any restriction imposed by this Act or its rules on its power to carry on business, and, in particular, if it obtains money on loan or makes any advance except as provided by this Act authorized and the regulations and its rules.
If any officer of a society or any person on its behalf uses a seal purporting to be the seal of the society, in which the name does not appear in legible letters, he is guilty of an offense and liable to a fine of not more than one hundred dollars. If any person takes any money in consideration for the allotment of any share before a society is registered.
Taking money before registration. If before a society is registered any person takes any money in consideration of the allotment of any share
