L.R.O. 1/2012
LAWS OF GUYANA
NEW BUILDING SOCIETY ACT
CHAPTER 36:21
Act
12 of 1940
Amended by
3 of 1948 O. 4/1974
27 of 1967 4 of 1972


(inclusive) by L.R.O.
Pages Authorised
Current Authorised Pages
of 2010 5 of 2005
12
1 – 45 ... 1/2012
LAWS OF GUYANA
2 Cap. 36:21 New Building Society
L.R.O. 1/2012
Index
of
Subsidiary Legislation
This Chapter contains no subsidiary legislation.




Note
shall be read and construed with all modifications, qualifications and adaptations that may be
necessary to bring them in conformity with the Financial Institutions Act 1995, the Bank of Guyana
Act 1998 and any other applicable law.
(2)Notwithstanding the provisions of subsection (1), the Society shall benefit from the exclusion of
taxes on earnings, waiver of licensing fees and reserve requirements.
20. (1) The provisions of the Principal Act amended by this Act save and except sections 32 and 35,
Section 20 of Act No. 12 of 2010 (New Building Society (Amendment) Act 2010) provides as follows:
LAWS OF GUYANA
New Building Society Cap. 36:21 3
L.R.O. 1/2012
CHAPTER 36:21
NEW BUILDING SOCIETY ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
PART I
2. Interpretation.
3. (1) Incorporation of the Society.
(2) Power to sue and hold land.
CHANGE OF NAME
4. Change of name.
OBJECT AND POWERS OF THE SOCIETY
5. Object of the Society.
6. Society deemed to be a Housing Association.
7. Powers of the Society.
8. Power of Society to make donations.
MEMBERS
9. (1) Definition of member.
(2) Infants.
10. Limited liability.
MANAGEMENT
11. Management of the Society.
GENERAL MEETINGS

12. (1) Annual and other general meetings.
(2) Special general meetings.
LAWS OF GUYANA
4 Cap. 36:21 New Building Society
L.R.O. 1/2012
SECTION
(3) Requisition to state object of meeting.
(4) Power of requisitionists to call meeting.
(5) Restriction on business to be transacted.
13. Right to attend and vote at meetings.
14. (1) Rules.
(2)Power to alter, rescind or make rules.
(3) Publication of rules in Gazette.
FINANCIAL PROVISIONS
15. Keeping of accounts.
16. Auditors.
17. (1) Annual account and statement and audit.
(2) Audit of account and statement.
(3) Auditor’s certificate.
(4) Right of member to receive copy of account.
18. Officers to give security.
19. [Repealed by Act 12 of 2010]
LEGAL PROVISIONS
20. (1) Determination of disputes.
(2) Decision to be final.
(3) Preservation of ordinary legal rights.
21. (1) Payment of sums not exceeding $100,00 on intestacy of
members or depositors.
(2) Validity of payment.
22. (1) Execution of documents.
(2) Authentication of documents.
23. (1) Service of documents on the Society.
(2) Service of documents by the Society.
24. Presumption as to signatories.
25. Extracts to be prime facie evidence.
26. (1) Gifts, etc., not to be accepted by officers.
(2) Penalty for accepting gifts.
DISSOLUTION
27. (1) Dissolution.
(3) Repayment of gifts.
LAWS OF GUYANA
New Building Society Cap. 36:21 5
L.R.O. 1/2012
(2) Contents of instrument of dissolution.
(3) Notice of dissolution.
28. -30 [Repealed by Act No. 12 of 2010]
MISCELLANEOUS
31. Chapter 89:01 not to apply to Society.
32. Exemption from stamp duty.
PART II
33. Power of Society to borrow for capital purposes.
34. Bond certificates.
PART III
35. Exemption from stamp duty.
SCHEDULE—The New Building Society Rules.
1953Ed.
c. 201 _______________________________________________________
12 of 1940 An Act to incorporate the New Building Society, Limited,
and to transfer to that Society the assets of the British
Guiana Building Society, Limited.
[6TH APRIL, 1940]
Short title.

1. This Act may be cited as The New Building Society
Act.
CHAPTER 36:21
NEW BUILDING SOCIETY ACT
__________________________
LAWS OF GUYANA
6 Cap. 36:21 New Building Society
L.R.O. 1/2012

c. 85:03
c. 85:03
c. 85:03
c. 85:02
PART I
2. In this Act—
“advance share” means a share which is issued to a member
when the amount thereof is advanced to a member in
consideration of his giving security for the repayment of
the same;
“bank” has the same meaning as in section 2 of the Financial
Institutions Act;
“capital” in relation to the Society means assigned capital as
defined in section 2 of the Financial Institutions Act,
notwithstanding that the Society is not a foreign
company;
“the Board” means the Board of Directors of the Society;
“financial year” means the twelve months beginning on
the 1st January, inclusive, in any year;
“investing share” means a share issued to holders of Save and
Prosper and $5 Shares Accounts or other savings accounts
that the Society may so create;
“licensed financial institution” has the same meaning as in
section 2 of the Financial Institutions Act;
“rules” means the rules set out in the Schedule or the rules for
the time being of the Society;
“the Bank” has the same meaning as in the Bank of Guyana
Act;
“the Secretary” means the person appointed by the Board to
carry out the duties of secretary of the Society and
includes an acting or assistant secretary;
Interpretation.
[12 of 2010]
LAWS OF GUYANA
New Building Society Cap. 36:21 7
L.R.O. 1/2012
Incorporation


Power to sue
and hold land.
c. 85:03

c. 85:03
Change of
name.

“the Society” means the building society hereby incorporated;
“special resolution” means a resolution passed by a majority
of not less than three-fourths of such members of the
Society as, being entitled so to do, vote in person or by
their duly authorised representative at a general meeting
of the Society of which notice specifying the intention to
propose the resolution as a special resolution has been
duly given.
3. (1) The persons who have signed the petition
praying for the incorporation of the Society and all persons
who shall hereafter become members of the Society in
accordance with this Act shall be and are hereby incorporated
as a building society by the name of “The New Building
Society, Limited” and by that name shall be a body corporate
with such constitution, objects and powers as are contained in
this Act.
(2) The Society may acquire, hold, lease and
dispose of land and other property in any part of the world.
(3) Notwithstanding the provisions of subsection
(2), the power of the Society to hold, lease and dispose of land
shall be subject to the limitations as provided under section 15
(3) of the Financial Institutions Act.
CHANGE OF NAME
4. (1) Subject to the provision of section 12 (1) (e) of
the Financial Institutions Act , the Society may change its
name by special resolution provided that the new name is not
identical with that of any other company or society carrying
on business in Guyana.
(2) Any change of name shall not affect any right or
of the Society.
[12 of 2010]
LAWS OF GUYANA
8 Cap. 36:21 New Building Society
L.R.O. 1/2012
Object of the
Society.

Society deemed
to be a Housing
Association.
Powers of the
Society.
[10 of 2010]

obligation of the Society or of any member thereof or other
person concerned.
OBJECT AND POWERS OF THE SOCIETY
5. (1) The object for which the Society is incorporated
is to raise by the subscriptions of its members or in any other
manner a stock or fund for making advances to its members
upon the security of immovable property by way of mortgage.
(2) The Society shall comply in all respects with the
extent as those laws provide.

6. The Society shall be a Housing Association for the
purposes of the Housing Act and may exercise and perform
all the powers and functions and discharge all the duties of a
Housing Association under the said Act in the same manner
and to the same extent as if the Society were deemed and
certified by the Act to be a Housing Association for the
purposes of the said Act.
7. (1) The Society shall have power—
(a) to raise funds by the issue from time
to time of shares of one or more
denominations, either paid up in full
or to be paid by periodical or other
subscriptions and with or without
accumulating interest and to repay
such funds when no longer required
for the purposes of the Society;
(b) to make temporary loans to its
members upon the security of their
deposits with the Society;
provisions of the Financial Institutions Act , the Bank of
Guyana Act and any other law in the manner and to the
[12 of 2010]
c. 85:03
c. 85:02
LAWS OF GUYANA
New Building Society Cap. 36:21 9
L.R.O. 1/2012
(c) to impose fines and forfeitures on its
members;
(d) (i) to receive deposits or loans at
interest from its members or
other persons or from the
Government or The Central
Housing and Planning
Authority or any Local
Authority under the Housing
Act, or from any bank, joint
stock company or other
corporate body;
(ii) for the purpose of receiving
from any bank, joint stock
company or other corporate
body, any loan by way of
overdraft or any loan raised
for a merely temporary
purpose for a period not
exceeding twelve months, to
pledge or hypothecate with
such bank, joint stock company
or other corporate body,
notwithstanding proviso (a) to
section 34(1), any of the
Society’s mortgage deeds, or
other securities by way of
security for any such loan:
Provided that the total amount so
received on deposit or loan and not
repaid by the Society (exclusive of any
deposit or loan made by the
Government or The Central Housing
and Planning Authority or any Local
Authority under the Housing Act, for
the purpose of any housing scheme or
LAWS OF GUYANA
10 Cap. 36:21 New Building Society
L.R.O. 1/2012
other scheme under the said Act) shall
not at any time exceed two-thirds or
such other ratio as may be specified by
the Bank of the amount for the time
being secured to the Society by
mortgages from its members, and in
calculating this amount the amount
due under any mortgage or contract in
respect of which payments were
upwards of twelve months in arrear at
the date of the Society’s last preceding
balance sheet, shall be disregarded;
(e) to carry out any housing or other
scheme under the Housing Act as
may be approved by the Government
or The Central Housing and
Planning Authority or any Local
Authority under the said Act, and to
do all other things incidental to the
carrying out of any housing or other
scheme as aforesaid;
(f) to invest any portion of the funds of
the Society not immediately required
for its purposes upon mortgages of
immovable property to an amount
not exceeding three- fourths of the
value of such property exclusive of
the value of any collateral security
authorised by the rules, or in any
bonds or securities issued or
guaranteed by any government or
municipal corporation within the
Commonwealth, or in or upon any
security in which trustees are for the
time being authorised by law to
invest, or in any savings bank or
LAWS OF GUYANA
New Building Society Cap. 36:21 11
L.R.O. 1/2012
Transitional
provisions for
certain
transactions.
deposit account at any bank in
Guyana:
Provided that any restriction
imposed by this Act or by the rules on
the amount to be advanced upon
mortgages shall not apply to any
mortgages granted by the Society at
the request of the Government or The
Central Housing and Planning
Authority or any Local Authority
under the Housing Act, for the
purpose of or in pursuance to any
housing or other scheme under the
said Act;
(g) to do all other things incidental or
conducive to the attainment of the
object of the Society.
(2) The powers of the Society under this section
shall be subject to the limitations provided under sections 14
and 15 of the Financial Institutions Act.
7A. (1) Notwithstanding section 14 (1) of the Financial
Institutions Act, the Society shall, in relation to any transaction
entered into prior to the commencement of this Act which
violates the provisions of section 14 (1) of the Financial
Institutions Act, within three months of the commencement of
this Act submit in writing to the Bank a statement of each
transaction and the Society’s plan for terminating the
transaction or otherwise bringing itself into compliance with
the Financial Institutions Act.
(2) The Society shall ensure compliance with
section 14 (1) of the Financial Institutions Act within four
years of the commencement of this Act, which period may,
upon good cause shown to the Bank be extended for not more
c. 85:03
c. 85:03
LAWS OF GUYANA
12 Cap. 36:21 New Building Society
L.R.O. 1/2012
Power of
Society to make
donations.
Definition of
member.
[12 of 2010]
Limited
liability.

Management of
the Society.

than one year at a time, but no extensions with respect to any
one transaction shall exceed, in aggregate, three years.

8. Anything in this Act to the contrary
notwithstanding, the Society may, in general meeting,
approve of—
(a) a gift of money being made to the
Government in respect of the
constitution of Guyana as a sovereign
State;
(b) the appropriation annually of a sum
of money out of which the Board may
make donations in such proportions
as it thinks fit to such charitable
institutions or organisations as the
Board may determine.

MEMBERS
9. Every person who holds an investing share in the
Society shall so long as that share remains in force, be a
member of the Society and be bound by the rules.
10. The liability of each member of the Society is
limited in respect of an investing share to the amount actually
paid or in arrear on such share and in respect of an advance
share to the amount repayable in respect thereof under any
mortgage or other security or under the rules.
MANAGEMENT
11. (1) The policies of the business and affairs of the
Society shall be vested in the Board who may exercise all
powers and do all acts and things which may be exercised or
done by the Society and are not by this Act or the rules
expressly directed or required to be exercised or done by the
[12 of 2010]
LAWS OF GUYANA
New Building Society Cap. 36:21 13
L.R.O. 1/2012
c. 85:03
c. 85:02
Annual and
other general
meetings.
[12 of 2010]
Special general
meetings.
Requisition to
state object of
meeting.
Power of
requisitionists
to call meeting.
Society in general meeting, and who may make such by- laws
as may be necessary provided the same are not inconsistent
with this Act or the rules.
(2) Notwithstanding the provisions of subsection (1),
the Board shall exercise its functions subject to the authority
conferred on the Bank by the Financial Institutions Act, the
Bank of Guyana Act and any other law with respect to the
licensing, regulation, inspection or supervision of licensed
financial institutions
GENERAL MEETINGS
12. (1) A general meeting of the Society shall be held
once at least in every calendar year after the close of the
financial year of the Society and at such other times as may be
prescribed by the rules.
(2) The Board shall on the requisition of at least
one-tenth of the whole number of the members of the Society,
forthwith proceed to convene a special general meeting of the
Society.
(3) The requisition shall state the object of the
meeting and shall be signed by the requisitionists and
deposited at the office of the Society and may consist of
several documents in like form, each signed by one or more
requisitionists.
(4) If the Board neglects within forty- two days
from the date of the requisition being so deposited or refuses
to convene a meeting, the requisitionists or any four or more
of them may themselves convene the meeting but any
meeting so convened shall not be held after three months from
the date of the deposit.
(5) No business other than that specified in the
notice convening the meeting shall be considered at the
transacted.
business to be
Restriction on
LAWS OF GUYANA
Cap. 36:21
L.R.O. 1/2012
Right to attend
and vote at
meetings.
Rules.
[12 of 2010]
c. 85:03
c 85:02
Power to alter,
rescind or
make rules.
Publication of
rules in

Keeping of
accounts.
Auditors.
[12 of 2010]
meeting.
13. Subject to this Act every member shall be entitled
to attend and vote at any meeting of the Society in accordance
with the rules.
14. (1) The Society shall be governed and managed in
accordance with this Act, the Financial Institution Act, and the
(2) The Society may by special resolution alter or
rescind any rule or make any additional or new rule provided
that no rule so made shall be inconsistent with this Act and no
rule or any alteration or revocation shall come into force until
approved by the Minister.
(3) All rules so made and notice of any alteration or
three months after approval by the Minister.
FINANCIAL PROVISIONS
15. (1) The Society shall cause to be kept proper books
of account showing the financial position of the Society.
(2) The books of account shall at all times be open
to inspection by any director.
16. (1) The Society shall at every annual general
meeting of the Society appoint an auditor or auditors to hold
office until the next annual general meeting.
(2) No person other than a retiring auditor shall be
appointed an auditor under subsection (1) unless, not less
than fourteen days before the annual general meeting, notice
of the intention to nominate such person for appointment as
auditor is given to the Society by a member.
14 New Building Society
Gazette. revocation of a rule shall be published in the Gazette within
Bank of Guyana Act and any other applicable law.
LAWS OF GUYANA
New Building Society Cap. 36:21 15
L.R.O. 1/2012
(3) Where any such notice is given to the Society,
the Society shall send a copy of the notice to the retiring
auditor, and give notice thereof to the members either by
advertisement or in any other mode allowed by the rules not
less than seven days before the annual general meeting.
(4) The Board may appoint an auditor or auditors
to hold office until the expiration of any current year—
(a) where no auditor is appointed under
subsection (1);
(b) where the Board considers it advisable
to appoint an auditor in addition to
the auditor or auditors appointed by
the Society;
(c) where the office of auditor has become
vacant under subsection (5).
(5) The office of an auditor appointed under
subsection (1) or (4) shall become vacant where the auditor—
(a) dies; or
(b) resigns his office; or
(c) leaves Guyana; or
(d) becomes from any cause unable, in the
opinion of the Board, to discharge the
duties of his office efficiently.
(6) Where two or more auditors have been
appointed under this section, and the office of one or more of
such auditors has become vacant under subsection (5), the
remaining auditor or auditors (if any) shall continue and act
as the auditor until the vacancy has been filled, in the same
LAWS OF GUYANA
16 Cap. 36:21 New Building Society
L.R.O. 1/2012
c. 85:03
manner and to the same extent as if there were no vacancy.

(7) An auditor appointed by the Society shall
receive the remuneration fixed by the Society, and an auditor
appointed by the Board shall receive the remuneration fixed
by the Board.
(8) The auditor appointed by the Society
shall –
(a) be qualified in accordance with section
22 of the Financial Institutions Act;
(b) perform the reviews and make the
reports required by Part V of the
Financial Institutions Act; and
(c) exercise, in addition to the functions
conferred on him by this Act, those
functions and powers provided by the
Financial Institutions Act.
17. (1) The Secretary shall at least once in every year
prepare an account of the income and expenditure of the
Society and a general statement of its funds and effects,
liabilities and assets showing—
(a) the amounts due to each class of
members in respect of shares;
(b) the amounts due to depositors and
creditors for loans;
(c) the balance due or outstanding on the
Society’s mortgage or securities
contracts (not including prospective
interests) and in respect of such
mortgages and contracts the number
and audit.
and statement
Annual account
c. 85:03
c. 85:03
LAWS OF GUYANA
New Building Society Cap. 36:21 17
L.R.O. 1/2012
Auditor’s
certificate.
thereof and the aggregate amount
owing thereon, classified under the
heads of mortgages or contracts –
(i) not exceeding one million dollars;
(ii) exceeding one million dollars but not
exceeding three million dollars;
(iii) exceeding three million dollars but not
exceeding five million dollars;
(iv) exceeding five million dollars but not
exceeding seven million dollars;
(v) exceeding seven million dollars but
not exceeding eight million dollars;
(vi) exceeding eight million dollars but not
exceeding nine million dollars;
(vii) exceeding nine million dollars but not
exceeding ten million dollars;
(viii) exceeding ten million dollars but not
exceeding eleven million dollars;
(ix) exceeding eleven million dollars but
not exceeding twelve million dollars;
(x) exceeding twelve million dollars,
and showing under each head the aggregate
amount on mortgages and contracts on
which repayments or payments are upwards
of twelve months in arrear; and
(d) the amount invested in the funds or other
securities.
(2) Every such account and statement shall be
audited and attested by the auditor to whom the mortgage
deeds, transports, and other securities and title deeds
belonging to the Society shall be produced.
(3) The auditor shall either certify that such account
and statement is correct, duly vouched and in accordance with


[12 of 2010]
statement.
account and
Audit of
LAWS OF GUYANA
18 Cap. 36:21 New Building Society
L.R.O. 1/2012
Right of
member to
receive copy of
account.

Officers to give
security.
Determination
of disputes.

Decision to be
final.

Preservation of
ordinary legal
rights.
law or specially report to the Society in what respect he finds
it incorrect, unvouched or not in accordance with law and
shall also certify that he has at the audit actually inspected
such mortgage deeds, transports and other securities and title
deeds.

(4) Every member, depositor and creditor for loans
may uplift a copy of such account and statement from any of
the Society’s offices and a copy thereof shall be exhibited in a
conspicuous place in every office of the Society
18. The Secretary and every officer of the Society
having the receipt or charge of any money or other property
of the Society shall give security to the satisfaction of the
Board for the due rendering of a just and true account thereof
and the due payment and delivery of such money and
property.
19. [Repealed by Act No 12 of 2010]
.
LEGAL PROVISIONS
20.(1) Every dispute between a member or a person
claiming through or under him and the Society or an officer
thereof or under the rules shall be determined by
arbitration in accordance with the Arbitration Act.
(2) Any decision so obtained shall be binding and
conclusive on all parties and shall be final to all intents and
purposes and shall not be subject to appeal.
(3) Nothing in this section shall prevent the Society
or any member thereof or any person claiming through or
under him from obtaining in the ordinary course of law any
remedy in respect of any debt due under any mortgage or
other contract to which he or the Society would otherwise be
by law entitled.
LAWS OF GUYANA
New Building Society Cap. 36:21 19
L.R.O. 1/2012
Payment of
sums not
exceeding
$100,000 on
intestacy of
members or
depositors.
[12 of 2010]


Validity of
payment.
Execution of
documents.

Authentication
of documents.
Service of
documents on
the Society.

Service of
documents by
the Society.
21. (1) If any member of or depositor with the Society
having in the funds thereof a sum of money not exceeding one
hundred thousand dollars shall die intestate, then the amount
due may be paid to the person who shall appear to the Board
to be entitled under the Laws of Intestacy to receive the same,
without taking out letters of administration, upon the Board
receiving satisfactory evidence of death and a statutory
declaration that the member or depositor died intestate and
(2) Any payment as aforesaid by the Society shall
be valid and effectual with respect to any demand from any
other person or next of kin or as the lawful representative
of such deceased member or depositor against the Society
but such next of kin or representative shall nevertheless have
his lawful remedy for the amount so paid against the person
who has received the same.
22. (1) Any document requiring to be formally
executed by or on behalf of the Society shall be sufficiently
executed if the seal of the Society is affixed thereto by the
secretary in accordance with the rules.
(2) Any power ad litem or document or proceeding
requiring authentication by the Society may be signed by a
director and the Secretary and need not be under its seal.
23. (1) A document may be served on the Society by
leaving it with the secretary at the office of the Society or by
sending it by registered post addressed to the secretary
thereat.
(2) A document may be served on any member or
depositor or other person by leaving it at his address
according to the books of the Society with any person residing
there or by sending it through the post as a prepaid letter
that the person claiming is so entitled..
LAWS OF GUYANA
20 Cap. 36:21 New Building Society
L.R.O. 1/2012
Presumption as
to signatories.
Extracts to be
prime facie
evidence.
Gifts, etc., not
to be accepted
Penalty for
accepting gifts.
Repayment of
gifts.
Dissolution.



addressed to him thereat.
24. Every person signing as chairman, director or
secretary shall be taken so to be until the contrary is proved.
25. Every copy or extract purporting to be a copy or
extract from the minutes, proceedings or rules of the Society
signed by the secretary or purporting to be signed by the
secretary shall be held and taken to be prima facie evidence of
the matters and things therein contained and shall be
judicially noticed.
officer of the Society shall in addition to any remuneration
prescribed or authorised by law or the rules, receive from
any person any gift, bonus, commission or benefit for or in
connection with any loan made by the Society or the purchase
of any shares of the Society.
(2) Any person paying or accepting any such gift,
bonus, commission or benefit shall be liable on summary
conviction to a fine of fifty thousand dollars.
(3) Any person accepting any such gift, bonus,
commission or benefit shall as and when directed by the
Court by which he is convicted pay over to the Society the
amount or value thereof, and in default of such payment shall
be liable to be imprisoned for six months.
DISSOLUTION
27. The Society may only be terminated or dissolved
in accordance with the provisions of the Financial Institutions
Act.
26. (l) No director, secretary, solicitor or other
by officers.
[12 of 2010]
[ss. 28 to 30 (inclusive) repealed by Act No. 12 of 2010]
LAWS OF GUYANA
New Building Society Cap. 36:21 21
L.R.O. 1/2012

31. The Companies Act shall not, save as in this Act
provided, apply or affect the Society.
32. No rules of the Society nor any copy thereof nor
any power, or warrant of attorney granted by the Society, nor
any receipts given by the Society, nor any entry in any book of
receipt for money deposited in the funds of the Society nor for
any money received by any member, his executors,
administrators, assigns or attorneys, from the funds of the
Society, nor any bond certificate or share certificate or transfer
of any bond or share, nor any bond or other security to be
given to or on account of the Society or by any officer thereof,
nor any order on any officer for payment of money to any
member, nor any appointment of an agent nor any certificate
or other instrument for the revocation of any such
appointment, nor any other instrument, agreement or
document whenever required or authorised to be given,
issued, signed, made or produced in pursuance of this Act
shall be subject or liable to or charged with any stamp duty or
duties whatsoever, provided that this exemption shall not
extend to any mortgage.
PART II
33. For any capital purpose within the power of the
Society under this Act, the Society may borrow money by
the issue of bond certificates.
34. (1) Bond certificates issued under this Act together
with the interest thereon shall all rank pari passu as a first
charge by way of floating security on the assets of the Society:
Provided that except with the consent of the Minister the
amount for the time being secured by the said bond
certificates shall not at any time exceed five hundred million.
(2) Bond certificates shall bear interest at such
MISCELLANEOUS
Society not to apply to Chapter 89:01
Exemption
duty. from stamp
certificates.
Bond
purposes.
capital
borrow for
Society to
Power of
LAWS OF GUYANA
22 Cap. 36:21 New Building Society
L.R.O. 1/2012

rate not exceeding six per cent per annum as the Board may
determine at the date of issue of the said certificates.
(3) Bond certificates may be redeemed in whole or
in part by the Society on six months’ notice.
(4) Bond certificates may be transferred in whole or
in part in multiples of five thousand dollars, on payment of
such fee as the Board may fix.
PART III

35. Stamp duty shall not be chargeable on any
agreement, transport, transfer, assignment, certificate, receipt
or other document that may have to be executed or issued by
reason of this Act.
____________________
SCHEDULE
NEW BUILDING SOCIETY RULES
1. These Rules may be cited as the New Building
Society Rules.
PLACE OF OFFICE
2. (1) The Chief Office of the Society shall be situated
Society exemption from stamp duty.

LAWS OF GUYANA
New Building Society Cap. 36:21 23
L.R.O. 1/2012
in the City of Georgetown, in the county of Demerara.
(2) The Board may from time to time establish
branch offices in such place or places as it may think fit.

(3) Notice of the situation of the Chief Office and
any change thereof shall be published in the Gazette.
MEMBERSHIP
3. (1) Any person may be admitted as a member of the
Society at any time on making application to the Board for an
investing share in Form A in the Appendix to these Rules and
on paying the entrance fee on such share as hereinafter
provided or on obtaining a transfer for any such share.
(2) Any company authorised by its memorandum
to hold shares in or to invest its money in other corporate
bodies may be a member of the society, and the secretary of
such company or the person duly appointed in that behalf is
entitled to represent and vote on behalf of the company.
(3) Two or more persons may jointly hold a share
or shares in the Society. In such case the person whose name
stands first on the Register alone is entitled to receive
communications and to vote in respect of such shares. The
receipt of any one or more of the holders shall be a good
discharge for any dividend, interest, profit, or bonus paid in
respect of such shares.
(4) The Board may decline to register any share in
more than four names and may decline to issue any shares to
any person or company.
REGISTER OF MEMBERS
4. (1) A register shall be kept, in which shall be
LAWS OF GUYANA
24 Cap. 36:21 New Building Society
L.R.O. 1/2012
entered the christian and surname, occupation and place
of abode of every member; and as often as any member shall
change his place of abode, he shall within fourteen days give
notice thereof to the secretary. Upon such notice being given,
the alteration shall be entered in the register by the secretary;
and all notices by circular shall be deemed duly given by the
secretary by putting the same in a post office at Georgetown
addressed to the member according to the last entry on the
register.

(2) Any female member who may marry shall give
notice in writing thereof to the secretary, and of the christian
and surname, place of abode, and profession or business of
her husband.
(3) Upon the death of any member, his legal
personal representative, or other person entitled, shall
within one month afterwards, give notice thereof, in writing,
to the secretary, stating the christian and surname, place of
abode, and profession or business of such personal
representative, or other person entitled to the shares of such
deceased member.
ENTRANCE FEE
5. On admission or taking additional shares every
member shall pay such entrance fee if any not exceeding
twelve cents per share as the Board may appoint.
COPY OF RULES
6. On admission every member shall be furnished with
a copy of the rules for which he shall pay twenty-four cents.
PASS BOOK
7. (1) Every member of the Society other than a
LAWS OF GUYANA
New Building Society Cap. 36:21 25
L.R.O. 1/2012
member holding fully paid shares shall be furnished with a
pass book in which his account with the Society shall from
time to time be made up.
(2) Any member losing his pass book shall
immediately give notice thereof in writing to the secretary,
and such member shall on request, be supplied with another,
containing a copy of his account, on payment of a fine of sixty-
five dollars.
(3) If any person other than the member to whom it
belongs shall produce any pass book, and represent himself to
be the member therein named, and shall thereupon withdraw
or receive any money in respect of the account contained in
the pass book, neither the Society nor any of its officers shall
be held responsible for the same, unless notice in writing of
the loss of the pass book shall have previously been given to
the secretary.

(4) Every member shall leave his pass book at the
chief office of the Society, or with one of its duly appointed
agents, as often as shall be required by the Board, for the
purpose of examination by the auditors, or in default thereof
shall be fined sixty cents. There shall be delivered to him a
receipt for his book, which he shall return on applying for the
book.
SHARES
8. (1) The stock or funds of the Society shall be raised
by the issue of—
(a) fully paid up investing shares of five
dollars each or of such other
denomination not exceeding fifty
dollars each as the Board may fix,
upon which interest at such rate as the
LAWS OF GUYANA
26 Cap. 36:21 New Building Society
L.R.O. 1/2012
Board may from time to time fix, shall
be receivable by the member half
yearly, subject nevertheless to such
conditions as the Board may from
time to time prescribe and to the
provisions of the Rules;
(b) subscription investing shares with
accumulative interest, of $100 each
realisable by a single payment or by
monthly or other subscriptions, and
in periods of years according to such
scale or scales as the Board may from
time to time prescribe;
(c) any other forms of investing shares
and on such terms as the Board may
from time to time fix.
(2) The Society shall have the right at time to pay
off the whole or any part of an investing share on six months’
notice.
(3) All investing shares of the Society (whether
fully-paid or matured or otherwise) shall rank pari passu in
proportion to the amount of principal and interest to which
the holders of such shares are entitled.

9. (1) Each member, to whom fully paid investing
shares are issued is entitled to a certificate of such shares,
under the seal of the Society specifying the number,
denomination, and amount thereof respectively, which
certificate shall be evidence of his title thereto:
Provided that the Society shall be under no obligation to
issue certificates in respect of advance shares or of any
investing shares issued under rule 8(1)(c).

LAWS OF GUYANA
New Building Society Cap. 36:21 27
L.R.O. 1/2012
(2) If any certificate shall be worn out or defaced,
the Board may upon production, thereof, order it to be
cancelled, and may issue a new certificate in lieu thereof to the
member entitled.
(3) If any certificate shall be lost or destroyed, the
Board may issue a new certificate in lieu thereof, to the
member entitled, upon payment by him of a fine of sixty cents
and upon satisfactory evidence of the loss or destruction, or,
in default thereof, upon such indemnity as they deem
sufficient, being given.
10. (l) Any member may transfer his investing
shares to any person, approved by the Board, or to any
existing member, on payment to the Society of all arrears,
fines and other payments then due, and such transfer fees, if
any, as the Board may determine.
(2) No transfer shall be valid unless made in Form
B in the Appendix to these Rules, and a proper record of all
transfers shall be made in a book to be kept for that purpose
by the secretary.
11. (1) Upon any member holding investing shares
becoming insolvent, or entering into any composition with
his creditors, or availing himself of any proceedings for the
relief of insolvent debtors or having any judgement of
execution against his estate and effects, or if his shares, or any
of them, shall be charged in favour of any person, by or
through a Judge’s order or otherwise, the trustee, assignee,
execution creditor, or person obtaining such charge, shall not
by reason thereof become a member of the Society, but shall
be at liberty to withdraw the share or shares, or interest of
such member, or to sell or transfer the same, to any other
person duly admitted as a member of the Society.
TRANSFER AND TRANSMISSION OF SHARES
LAWS OF GUYANA
28 Cap. 36:21 New Building Society
L.R.O. 1/2012
(2) Such shares shall, nevertheless, be subject to all
the rules and regulations of the Society, to which they would
have been liable in the hands of the member originally
holding the same.

(3) If the trustee of any insolvent member shall
disclaim the shares of such member, under the Insolvency Act,
or any amendment thereof, such shares shall immediately be
taken and deemed to be absolutely extinguished.
12. If it shall appear to the Board that any member has
become lunatic, or of unsound mind, or incapable of
managing his affairs, and that no committee, receiver or
guardian has been appointed (although the contrary may in
either case be the fact), the Board may, subject to such
conditions as they think fit, allow the withdrawal of the whole
or any portion of the amount in the books of the Society
standing to the credit of such member by the person who
appears to the Board to have the care of such member or the
management of his affairs and such withdrawal shall be
considered a valid act of such member and be binding upon
him and upon all persons claiming through or under him.
13. At any time within one month after the payment of
the entrance fee by any person, the Board may decline to
admit or continue such person as a member; and notice
thereof shall be given in writing to such person, and the
entrance fee, and any other payment made to the Society by
him, shall be returned or tendered to him by the secretary.
Upon such notice being given and payment or tender made to
such person he shall cease to be a member of the Society.
WITHDRAWAL OF SHARES
14. Any member may withdraw the whole or any part
of the moneys standing to his credit in respect of subscription
investing shares on giving one month’s notice in writing in the
prescribed form and leaving therewith his pass book.
LAWS OF GUYANA
New Building Society Cap. 36:21 29
L.R.O. 1/2012

expedient, be paid upon the withdrawal of any shares,
namely: eight cents in the dollar on the total amount of the
principal and interest withdrawable, if the share be
withdrawn within two years of its issue or during the first half
of the term for which it shall have been originally issued, and
four cents in the dollar if withdrawn after two years of its
issue or during the remaining half; but the Board may, at their
discretion reduce, or absolutely waive, the payment of the
withdrawal fees, or may suspend the requiring of payment
thereof for any period that they think proper.
16. Investing shares under the notice of withdrawal
shall be paid out in rotation, according to the order of the
applicants on the list kept by the secretary for that purpose; or
if the Board should, in consequence of the number of
applications for withdrawal, and the insufficiency of the
funds in hand, think it desirable, then in such manner that
each member may receive in equal proportion of the money
which he has paid in, so that all such members may be
simultaneously accommodated with a portion of their shares.
Provided always that if there is an abnormal or excessive
number of applications for withdrawal and the Society is
solvent the Board may from time to time by resolution make
such provisions for the payment out of satisfaction in
whole or part of such withdrawals and the time or times and
order of payment as in its absolute discretion it thinks fit. In
case the expenses of the Society, or any losses sustained by it,
exceed the amount of the Society’s fund available for the
same, shares under notice of withdrawal shall be chargeable
with their due proportion of such excess; and this rule shall
equally apply to members cancelling their shares, previously
to taking an advance from the Society.
17. Subject to the foregoing provisions, the amounts
payable on the withdrawal of investing shares, upon which all
subscriptions due and all fines, fees and other sums, shall
15. The following fees shall, if the Board deems it
LAWS OF GUYANA
30 Cap. 36:21 New Building Society
L.R.O. 1/2012
have been paid, and the amounts payable on the withdrawal
of investing shares, upon which a single payment in advance
shall have been made in commutation of the periodical
subscriptions, as hereinbefore provided, together with
payment of all fines, fees and other sums due, shall be
according to such tables as the Board shall from time to time
decide.
18. When the funds of the Society do not permit of
payment of the amount withdrawable being made
immediately after the expiration of a notice to withdraw
investing shares, such amount shall bear interest at such rate,
as the Board shall, from time to time, determine.
ADVANCES
19. Whenever the funds of the Society are, in the
opinion of the Board, sufficient for the purpose they shall be
employed in making advances or loans to members as herein
provided, and the order in which members become entitled to
advances shall from time to time be determined by the Board.
20. Every application for an advance or loan shall be
made in writing to the Secretary in such form as the Board
shall from time to time prescribe.
21. On the granting of an advance or loan to an
applicant such number of advance shares (or fractional tenth
parts of shares) as shall be sufficient to cover the amount of
the advance shall be allotted to such an applicant (hereinafter
referred to as “an advanced member”) who shall pay the
prescribed entrance fee. One hundred dollars shall be the full
value of an advance share.
22. (1) Advances for the purpose of or pursuant to any
housing or other scheme under the Housing Act, shall be
made upon such terms and conditions as the Board may from
time to time prescribe.
LAWS OF GUYANA
New Building Society Cap. 36:21 31
L.R.O. 1/2012
(2) Other advances shall be made upon such
terms and conditions as the Board may from time to time
direct:
Provided always—
(a) that subject as hereinafter provided
no advance in excess of three-
quarters of the value of the security
offered shall be made;
(b) that no advance in respect of such
security shall exceed twenty thousand
dollars;
(c) that no advance shall be made upon
property subject to a prior mortgage
or mortgages unless all such prior
mortgages are in favour of the Society;
(d) that no advance shall be made for the
purchase of a property with a view to
a purchase-tenancy contract with a
member in respect thereof unless such
member deposits with the Society or
has at his credit in the Society in
shares or otherwise or provides
additional security of not less than
one-quarter of the value thereof;
(e) that in determining the amount of any
advance the value of any collateral
security offered to the Society other
than the following shall not be taken
into account, that is to say—
(i) a charge upon or assignment
LAWS OF GUYANA
32 Cap. 36:21 New Building Society
L.R.O. 1/2012
of a policy of life assurance;
provided that the value of the
policy shall be assessed at an
amount not exceeding the
surrender value thereof at the
time the advance is made;
(ii) a charge upon money deposited
with the Society;
(iii) a charge given by the member
upon any stocks, funds or
shares in which trustees are for
the time being authorised to
invest trust money;
(iv) a guarantee given by an
insurance company or other
corporate body approved by the
Board;
(v) a guarantee which any local
authority or public body may be
authorised to make for the
purpose of encouraging the
erection or purchase of
dwellings and similar buildings;
(f) that the restriction imposed by proviso
(a), shall not apply to collateral
security in respect of which an
advance may subject to the restriction
in proviso (b), be made to the full
value thereof.
23. Every advanced member shall repay his advance
with interest at such rate as shall be determined from time to
time by the Board by monthly instalments or otherwise as
may be agreed upon, and the Board in agreement with such
member shall have power from time to time to vary the terms
of repayment and make further advances. The Board may
from time to time at the end of any year without reducing the
LAWS OF GUYANA
New Building Society Cap. 36:21 33
L.R.O. 1/2012
rate of interest payable under the mortgages grant a rebate of
interest to all advanced members or to those who are not in
arrears on such terms and conditions as the Board may
determine.
24. The mortgage or other security which an advanced
member shall be required to execute to secure an advance
the member who shall also pay any expense which may be
incurred by the Society in examining, valuing or investigating
the property or security offered. The mortgage or agreement
shall be in such form and contain such powers, covenants,
consider necessary and proper.
25. No advanced member may sell any property
mortgaged to the Society or transfer any agreement unless
and until the consent in writing of the Board has been
obtained to the sale and the intended purchaser has become a
member and has accepted a transfer of the advance shares
held by such member and pays a transfer fee thereon of sixty-
five dollars for the first share and sixty-five dollars share for
any additional number of shares or part thereof.
26. An advanced member shall be deemed to have
terminated his membership as such upon payment of all sums
due on his advance shares together with all interest, fines, fees
or other payments due by virtue of these rules and/or under
the terms of the mortgage or other agreement.
27. A member desiring to pay off his mortgage or the
sum due under any agreement may do so at any time upon
giving three months’ notice in the prescribed form or upon
payment of interest in lieu of the notice.
SUBSCRIPTIONS
28. (1) The subscriptions of investing and advanced
shall be prepared by the Society’s lawyers at the expense of
agreements, stipulations and conditions as such lawyers shall
LAWS OF GUYANA
34 Cap. 36:21 New Building Society
L.R.O. 1/2012
members shall become due and payable at the Society’s office
on the first working day of each month, or of each period as
the case may be.
(2) The Society shall incur no responsibility for
loss of payments made through the post.

29. Every member failing to pay his monthly or other
periodical contribution on an advance share within sixteen
days of its becoming due shall be fined at the rate of one cent
in every dollar or part of a dollar of his contribution in arrear
and shall be charged two cents in the dollar or part of a dollar
for every subsequent month or part of a month during which
that contribution remains unpaid.
30. Any subscription or other payment received from a
member may be applied in or towards satisfaction of such
fines and subject thereto in or towards satisfaction of the
subscriptions or other payments in arrears or due.
31. The Board may in such cases as it may think fit
reduce or remit any fines.
32. When the amount of the fines due and unpaid by
any member is equal to all the subscriptions he has paid, he
shall forefeit his shares and cease to be a member.
PROFITS
33. (1) As at the 31st day of December in each year, the
Board shall make a valuation of the assets and liabilities of the
Society. If the valuation placed on the assets by the Board is
less than their book value, the deficiency shall be provided for
as a charge against profits in the accounts of the Society for the
year.
(2) After all liabilities and contingent liabilities
LAWS OF GUYANA
New Building Society Cap. 36:21 35
L.R.O. 1/2012
have been provided for including the interest payable by the
Society on loans and deposits, the profits of the Society shall,
subject to the Act and these Rules, be applied in payment of
interest due on investing shares in proportion to the monies
paid up on the same.
(3) There shall be set aside out of the profits such
contingencies or to equalise interest or for such other purposes
as the Board shall in their absolute discretion think conducive
to the interest of the Society.
(4) The Board may pay out of the profits such sums
as it may from time to time determine to any provident or
other fund established for the benefit of the staff or in
payment of any superannuation allowances or the premiums
for the insurance of the lives of the staff or any one of the staff.
(5) The Board may carry forward any profit it may
deem prudent not to divide.

34. Subject to rule 33, any profits of the Society may be
applied in payment of bonus on the various issues of
investing and advance shares at such rates and payable at
such times and under such conditions as the Board may
from time to time determine:
Provided that—
(a) no distribution of bonus shall be
made if the reserve fund
aforementioned amounts to less than
five per cent of the mortgage and
purchase-tenancy assets available
under section 7(d) of the Act;
(b) if any rebate of interest has been
granted to advanced members under
sums as the Board thinks proper as a reserve fund to meet
LAWS OF GUYANA
36 Cap. 36:21 New Building Society
L.R.O. 1/2012
rule 23, no distribution of bonus shall
be made on advanced shares.
LOSSES
35. If during any year the Society sustain any loss
exceeding the amount of its reserve fund the excess shall be
debited to the accounts of the members in respect of the shares
in proportion to the amounts standing to the credit of each at
the beginning of such year.
MEETINGS
36. The annual general meeting of the Society shall be
held as soon as conveniently may be after the 31st December
and not later than 31st March. At such meeting the audited
accounts and the Directors report shall be presented to the
members, and the requisite number of Directors elected to
fill vacancies and the remuneration of Directors and auditors
shall be determined, and any other business transacted of
which due notice shall have been previously given.

37. The Board may, whenever it thinks fit, hold a half-
yearly general meeting or call a special general meeting at
such time and place as the Board may determine.
38. Every annual, half-yearly or special general
meeting shall be summoned by advertisement to be inserted
in one or more newspapers of the country at least seven days
before the date of the meeting and for such period as
aforesaid, a copy of the notice shall be conspicuously
exhibited in the registered office of the Society.
39. (1) All questions submitted to the general meeting
shall be decided by a majority of members present, and
qualified to vote at such meeting taken by show of hands
unless a poll be demanded by not less than ten such members
present, whereupon the meeting shall appoint two scrutineers
LAWS OF GUYANA
New Building Society Cap. 36:21 37
L.R.O. 1/2012
and the poll shall be taken in such manner and either at once
or at such time within two months, and place, as the Board
shall determine.
(2) Every member shall have one vote provided
that an investing member with less than $100 to credit shall
not be qualified to vote.
(3) For the purpose of a poll, members unable to
attend any meeting or adjourned meeting may appoint
proxies to record their votes.
(4) The result of the poll shall forthwith be
exhibited at the registered office of the Society, and so remain
for a period of one month.
(5) In the case of equality of votes the chairman
shall have a casting vote.
40. A meeting may be adjourned from time to time by
resolution, or removed from one place to another, and every
meeting by adjournment or removal shall be deemed a
continuation of the original meeting.

DIRECTORS

41. The number of Directors shall not be less than
three nor more than six unless otherwise determined by a
general meeting.
42. The first Directors shall be appointed by the
Minister and shall include at least two of the persons named
as such in the petition to the Minister praying for the
incorporation of the Society.
43. (1) Subject to these Rules the Society in general
meeting shall appoint the Directors of the Society and may
increase or reduce the number of Directors in office.
LAWS OF GUYANA
38 Cap. 36:21 New Building Society
L.R.O. 1/2012
(2) Until the deferred shares issued under the Act
have been extinguished or cancelled the Minister shall have
the right to nominate one-third of the Directors.
(3) If any person or company agrees to underwrite
the issue of any bond certificates or to guarantee the capital or
interest of any such certificates or the due redemption thereof,
such person or company and if more than one then the
majority of them, shall, so long as any bond certificates issued
pursuant to the underwriting agreement are held by them or
during the existence of any such guarantee also have the right
to nominate one-third of the Directors.
44. The Board shall have power at any time and from
time to time appoint any other qualified person as a Director
either to fill a casual vacancy or as an addition to the Board
but so that the total number of Directors shall not at any time
exceed the maximum number fixed and subject to any such
appointment or appointments being confirmed at the next
annual general meeting.
45. Every Director shall possess a qualification in his
own right of paid up investing shares of the value of not less
than five hundred dollars or subscription investing shares of
the ultimate value of not less than two thousand dollars.

46. Such remuneration shall be paid to the Board for
their services as is determined by a general meeting of the
Society and the Board shall decide how such remuneration
shall be apportioned between its members.
47. (1) A Director shall cease to be such if—
(a) he becomes insolvent or compounds
with his creditors;

(b) he be found a lunatic or becomes of
LAWS OF GUYANA
New Building Society Cap. 36:21 39
L.R.O. 1/2012
unsound mind;
(c) he ceases to be qualified to act as a
Director;
(d) his qualification shares shall be in
arrear for two months;
(e) he is absent from four consecutive
meetings of the Board without special
leave of absence from the Board, and
the Board shall resolve that his office
is vacant.
(2) A Director is entitled to resign his office, and the
Board shall have power to accept his resignation.
48. (1) The first Directors shall hold office until the
third annual general meeting of the Society and thereafter
the whole of the Directors shall retire from office at the
annual general meeting in every second year.
(2) The retiring Directors are eligible for re-election
and shall act as Directors throughout the meeting at which
they retire.
49. No person not being a retiring Director or a person
nominated under rule 43 shall unless recommended by the
Board for election be eligible for election to the office of
Director at any general meeting, unless he or some other
member intending to propose him has at least seven days and
not more than twenty-eight days before the meeting left at the
office a notice in writing duly signed signifying his
candidature for the office or the intention of such member to
propose him.

50. No Director or other officer of the Society shall be
removed from office during his term of office except as
LAWS OF GUYANA
40 Cap. 36:21 New Building Society
L.R.O. 1/2012
expressly provided in these rules otherwise than by special
resolution provided always that the Board shall have power to
suspend any officer if and on such terms as the Board shall
think fit.
51. All acts done at any meeting of the Board, or of a
committee of the Board, or by any person acting as a Director,
shall, notwithstanding that it shall afterwards be discovered
that there was some defect in the appointment of such
Directors or persons acting as aforesaid, or that they, or any of
them, were disqualified, be as valid as if there was no vacancy
or every such person had been duly appointed and was
qualified to be a Director.
52. A Director may at any time appoint by writing
under his hand an alternate Director to act for him during his
absence from the country. The appointment of an alternate
Director shall not be deemed to increase the number of
Directors.
53. (1) The Board shall appoint out of their body a
Chairman and Vice-Chairman and in the absence of either
Chairman or Vice- Chairman the Board shall appoint a
Chairman for any meeting.
(2) The Chairman may exercise a casting vote when
necessary.
54. (1) The Board shall meet as often as may be
necessary but as far as possible a meeting shall be held at least
once a month.
(2) The quorum for a Board meeting shall be fixed
by the Board from time to time but until so fixed shall be two.
(3) No Director shall vote upon any question
affecting his own individual interest or conduct.
LAWS OF GUYANA
New Building Society Cap. 36:21 41
L.R.O. 1/2012
OFFICERS

with such remuneration as may be deemed necessary or right
by the Board, who shall also from time to time define what
duties they are to perform in addition to those defined in the
Rules.
legal business of the Society and shall be paid for the same
according to any scale of charges approved by the judges or in
the absence thereof by the Board.
Board and all meetings of members but he is not entitled as
such to vote on any question. He shall attend all meetings at
which his presence shall be required.
(3) Previous to each annual meeting the auditors
shall attend and inspect the securities of the Society held in the
country whether in the custody of the bankers or of any other
person, and the auditors shall in their report to the members
state the result of such inspection.
57. (1) The secretary shall attend all meetings of the
Society and of the Board and shall perform all the duties
pertaining to the office.
(2) The secretary shall keep true and correct
minutes of the proceedings at every meeting and true and
correct accounts of the transactions of the Society in such
books as may be necessary.
(3) The secretary shall be liable to pay the amount
of any loss suffered by the Society through his neglect.
58. The seal of the Society shall not be used without
lawyers, a secretary and such other officers and agents and
55. The Board shall appoint a lawyer or a firm of
56. (1) The lawyer shall transact all the necessary
(2) The lawyer may attend all meetings of the
LAWS OF GUYANA
42 Cap. 36:21 New Building Society
L.R.O. 1/2012
the authority of the Board and shall not be affixed to any
document except in the presence of two Directors or pursuant
to a resolution signed by two Directors and with the
attestation of the secretary or such other person or persons as
the Board may appoint to seal and attest documents.

59. No payment shall be made out of the funds of the
Society except by order of the Board and all such payments
shall be made by cheque upon the bankers of the Society for
the time being signed by two members of the Board and
countersigned by the secretary or in such other manner as the
Board may from time to time direct.
60. If any member fails for a period of not less than
three years to leave his pass book for examination in
accordance with Rule 7(4) and a letter requesting him to do so
has been returned to the Society, and there is less than ten
dollars at the credit of his account, the amount at credit may
be transferred to the credit of the General Reserve Fund of the
Society, provided that the Society shall at any time thereafter
pay such amount on application to the member or other
person entitled thereto.
____________________
APPENDIX
FORM A
APPLICATION FOR SHARES
......................................20....
The Secretary,

LAWS OF GUYANA
New Building Society Cap. 36:21 43
L.R.O. 1/2012
The New Building Society, Limited.
Sir,
I desire to be admitted a member of your Society and hereby
apply for the following shares—

Number of shares Description Amount to be
I enclose the sum of $ .................... in payment.
(Signature)...........................................
Name in full
..........................................................................................
Address
.................................................................................................
Occupation
.............................................................................................
___________________
FORM B
TRANSFER OF SHARES
I,
.………….............................................................................................
....... a member of the New Building Society, Ltd., in
consideration of the sum of ........................ paid to me by
................................................. of …....................................................
(hereinafter referred to as “the transferee”) do hereby transfer
to the transferee my share(s) numbered...of and in the funds of
paid
Copy of Rules Total
LAWS OF GUYANA
44 Cap. 36:21 New Building Society
L.R.O. 1/2012
the said Society to hold the same unto the transferee, his
executors, administrators and assigns subject to the rules
and the payment prescribed thereby.

AND I, the transferee, approved by the Board do hereby agree
to accept the share(s) subject to the same rules and payments.
As WITNESS our hands this .................. day of
...................... 20 .....
____________________
FORM C
APPLICATION FOR ADVANCE
........................................... 20 ............
The Secretary,
The New Building Society, Limited.
Sir,
I hereby apply for an advance of $.............. on the security of
the property hereinafter mentioned and the issue to me of the
equivalent advance shares.
I submit the following particulars—
1. Name in full ...........................................................
Address ....................................................................
Occupation .............................................................
2. Description of property offered as
security…………………………………………………………….
3. Particulars of property—
(a) appraised or other value..................................
LAWS OF GUYANA
New Building Society Cap. 36:21 45
L.R.O. 1/2012
(b) purchased price ...............................................
(c) number and description of buildings …………
(d) monthly rental .....................................................
4. Time within which advance to be repaid
.............................................
5. Form of security
.......................................................................................
(Signature) ......................................................
____________________