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Chapter 88:01- Co-Op Societies

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L.R.O. 1/2012
LAWS OF GUYANA
CO-OPERATIVE SOCIETIES ACT
CHAPTER 88:01
Act
12 of 1948
Amended by
6 of 1950
27 of 1954 20 of 1967
4 of 1972 29 of 1991
Current Authorised Pages
Pages
(inclusive)
Authorised
by L.R.O.
1 – 77 ... 1/2012
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Index
of
Subsidiary Legislation
Page
Co-operative Societies (Conferment of Powers) Order 39
(O.32/1969)
Co-operative Societies Regulations 39
(Regs. 16/1948, 14/1949, 2/1963, 5/1998)
Application of Section 34(1) Order 75
(O. 30/1950)
Georgetown (North “B” Youth Council) Co-operative Credit
Union Limited (Modification) Order
75
(O.70/1974)
Linden Transport Co-operative Society Ltd (Exemption) Order
76
(O.66/1977)
Guyana Co-operative Wholesale Society Ltd Order
76
(O.48/1980)
Guyana Co-operative Credit Society Ltd (Modification of
Provision) Order
77
(O.13/1982)
Co-operative Societies (Exemption from Income Tax) Order 77
(O. 53/1971)

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CHAPTER 88:01
CO-OPERATIVE SOCIETIES ACT
ARRANGEMENT OF SECTIONS
SECTION
PART I
PRELIMINARY
1. Short title.
2. Interpretation.
PART II
REGISTRATION
3. Appointment of Commissioner and Assistant Commissioner.
4. Societies which may be registered.
5. Conditions of registration.
6. Application for registration.
7. Registration.
8. Societies to be bodies corporate.
9. Evidence of registration.
PART III
DUTIES AND PRIVILEGES OF SOCIETIES
10. Amendment of the rules of a registered society.
11. Address of society.
12. Copy of Act, regulations, rules, etc., to be open to inspection.
13. Disposal of produce to or through a registered society.
14. Creation of charges in favour of registered societies.
15. Charge and set-off in respect of shares or interest of members.
16. Shares or interest not liable to attachment or sale.
17. Transfer of interest on death of member.
18. Deposits by or on behalf of minors.
19. Register of members.
20. Proof of entries in books of society.

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SECTION
PART IV
RIGHTS AND LIABILITIES OF MEMBERS
21. Qualification for membership.
22. Members not to exercise rights till due payment made.
23. Restriction of membership in society.
24. Votes of members.
25. Representation by proxy.
26. Contracts with society of members who are minors.
27. No individual to hold more than one-fifth of share capital of any
society.
28. Restrictions on transfer of share or interest.
29. Liability of past member and estate of deceased member for debts of
society.
PART V
PROPERTY AND FUNDS OF REGISTERED SOCIETIES
30. Loans made by a registered society.
31. Deposits and loans received by a registered society.
32. Restrictions on other transactions with non-members.
33. Investment of funds.
34. Disposal of profits.
PART VI
AUDIT, INSPECTION AND INQUIRY
35. Audit.
36. Power of Commissioner to inspect societies’ books, etc.
37. Inquiry and inspection.

PART VII
DISSOLUTION SECTION
38. Dissolution.
39. Cancellation of registration of a society due to lack of membership.
40. Effect of cancellation of registration.
41. Liquidation after cancellation of registration of society.
42. Liquidator’s powers.

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SECTION
43. Power of Commissioner to control liquidation.
44. Enforcement of order.
45. Limitation of the jurisdiction of the civil court.
46. Closure of liquidation.
PART VIII
SURCHARGE AND ATTACHMENT
47. Power of Commissioner to surcharge officers, etc., of a registered
society.
48. Appeal to the Minister.
PART IX
DISPUTES
49. Settlement of disputes.
50. Case stated on question of law.
PART X
REGULATIONS
51. Regulations.

PART XI
MISCELLANEOUS SECTION
52. Conversion of industrial and provident society into registered
society.
53. Recovery of sums due to State.
54. Powers to exempt any society from requirements as to registration.
55. Power to exempt societies from provisions of Act.
56. Power to exempt from stamp duty and registration fees.
57. Power to exempt from payment of income tax.
58. Prohibition of the use of the word “co-operative”.
59. Chapters 89:01, 98:03 and 327 (1953 Ed.) not applicable to registered
societies.
60. Penalty for non-compliance with Act.
__________________________
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1953 Ed.
c. 326 _______________________________________________________
12 of 1948 An Act to provide for the formation and to regulate the
operations of Co-operative Societies.
[1ST SEPTEMBER, 1948]
Short title.

Interpretation.
PART I
PRELIMINARY
1. This Act may be cited as the Co-operative Societies
Act.
2. In this Act—
“bonus” means a share of the profits of a registered society
divided among its members in proportion to the volume
of business done with the society by them from which
the profits of the society were derived;
“Commissioner” means the Commissioner for Co-operative
Development appointed under section 3 and includes
any person when exercising such powers of the
Commissioner as may have been conferred upon him
under that section;
“committee” means the governing body of a registered
society to whom the management of its affairs is
entrusted;
“dividend” means a share of the profits of a registered society
divided among its members in proportion to the share
capital held by them;
“member” includes a person or registered society joining in
the application for the registration of a society, and a
CHAPTER 88:01
ACT
CO-OPERATIVE SOCIETIES ACT
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Appointment
of
Commissioner
and Assistant
Commission-
ers.
Societies which
may be
registered.
person or registered society admitted to membership
after registration in accordance with the rules;
“officer” includes a chairman, secretary, treasurer, member of
committee, or other person empowered under the
regulations or rules to give directions in regard to the
business of a registered society;
“registered society” means a co-operative society registered
under this Act;
“regulations” means regulations made under this Act;
“rules” means the registered rules made by a society in the
exercise of any power conferred by this Act, and includes
a registered amendment of the rules.
PART II
REGISTRATION
3. There shall be a Commissioner for Co-operative
Development and such other officers as may be required to
assist the Commissioner in the performance of his functions
under this Act.
4. Subject to the provisions hereinafter contained, a
society which has as its object the promotion of the economic
interests of its members in accordance with co-operative
principles, or a society established with the object of
facilitating the operations of such a society, may be registered
under this Act with or without limited liability as the
Commissioner may decide:
Provided that the liability of a society which includes at
least one registered society among its members shall be
limited.

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Conditions of
registration.
[27 of 1954]

Application for
registration.
[27 of 1954]
5. (1) No society, other than a society of which a
member is a registered society, shall be registered under this
Act, which does not consist of at least seven persons each of
whom is qualified under section 21 for membership under
this Act.
(2) The word “co-operative” shall form part of the
name of every society registered under this Act.
(3) The word “limited” shall be the last word in the
name of every society with limited liability registered under
this Act.
(4) When for the purposes of this section any
question arises as to age, residence, or occupation of land
constituting the qualification of any person, that question
shall be decided by the Commissioner whose decision shall be
final.
6. (1) For the purposes of registration an application
shall be made to the Commissioner.
(2) The application shall be signed—
(a) in the case of a society of which no
member is a registered society, by at
least seven persons qualified in
accordance with the requirements of
section 5(1); and
(b) in the case of a society of which a
member is a registered society, by a
duly authorised person on behalf of
every such registered society, and,
where all the members of the society
are not registered societies, by seven
other members, or, when there are
less than seven other members, by all
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Registration.

Societies to be
bodies
corporate.

Evidence of
registration.

Amendment of
the rules of a
registered
society.
of them.
(3) The application shall be accompanied by two
copies of the proposed rules of the society, and the persons by
whom or on whose behalf such application is made shall
furnish such information in regard to the society as the
Commissioner may require.
7. (1) If the Commissioner is satisfied that a society
has complied with this Act, and that its proposed rules are
not contrary to this Act, he may, if he thinks fit, register the
society and its rules. An appeal shall lie to the Minister
against the refusal of the Commissioner to register any
society, or to register any society with limited liability or
unlimited liability, and such appeal shall be brought within
one month from the date of such refusal.
(2) On registration the society shall pay such fee as
may be required by the Regulations.
8. The registration of a society shall render it a body
corporate by the name under which it is registered, with
power to hold property and to do all things necessary for the
purpose of its constitution.
9. A certificate of registration signed by the
Commissioner shall be conclusive evidence that the society
therein mentioned is duly registered, unless it is proved that
the registration of the society has been cancelled.
PART III
DUTIES AND PRIVILEGES OF SOCIETIES
10. (1) Any registered society may, subject to this Act,
amend its rules, including the rule which declares the name of
the society.
(2) No amendment of the rules of a registered
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Address of
society.

Copy of Act,
regulations,
rules, etc., to be
open to
inspection.
Disposal of
produce to or
through a
registered
society.
society shall be valid until that amendment has been
registered under this Act, for which purpose copies of the
amendment shall be forwarded to the Commissioner.
(3) If the Commissioner is satisfied that any
amendment of the rules is not contrary to this Act, he may, if
he thinks fit, register the amendment. An appeal shall lie to
the Minister against the refusal of the Commissioner to
register any amendment of any rule.
(4) An amendment which changes the name of a
society shall not affect any right or obligation of the society or
of any of its members or past members, and any legal
proceedings pending may be continued by or against the
society under its new name.
(5) When the Commissioner registers an
amendment of the rules of a registered society, he shall issue
to the society a copy of the amendment certified by him,
which shall be conclusive evidence of the fact that the
amendment has been duly registered.
11. Every registered society shall have an address,
registered in accordance with the regulations, to which all
notices and communications may be sent, and shall send to
the Commissioner notice of every change of that address.
12. Every registered society shall keep a copy of this
Act and of the regulations and of its rules and a list of its
members open to inspection, free of charge, at all reasonable
times at the registered address of the society.
13. (1) A registered society which has as one of its
objects the disposal of any article produced or obtained by the
work or industry of its members whether the produce of
agriculture, animal husbandry, forestry, fisheries, handicrafts
or otherwise may provide in its rules or may otherwise
contract with its members—
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Creation of
charges in
favour of
registered
societies.
(a) that every such member who
produces any such article shall
dispose of the whole or any specified
amount, proportion or description
thereof to or through the society; and
(b) that any member who is proved or
adjudged, in such manner as may be
prescribed by the regulations to be
guilty of a breach of the rules or
contract shall pay to the society as
liquidated damages a sum ascertained
or assessed in such manner as may be
prescribed by the aforesaid
regulations.
(2) No contract entered into under this section shall
be contested in any court on the ground only that it
constitutes a contract in restraint of trade.
14. Subject to any prior claim of the State on the
property of the debtor and to the lien or claim of a landlord in
respect of rent or any money recoverable as rent and in the
case of immovable property to any prior mortgage or prior
registered charge thereon—
(a) any debt or outstanding demand
payable to a registered society by any
member or past member shall be a
first charge on all crops or other
agricultural produce, felled timber or
other forest produce, marine produce,
fish (freshwater and salt-water),
livestock, fodder, agricultural,
industrial and fishing implements,
plant, machinery, boats, tackle and
nets, raw materials, stock in trade and
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Charge and set-
off in respect of
shares or
interest of
members.

Shares or
interest not
liable to
attachment or
sale.
generally all produce of labour and
things used in connection with
production raised, purchased or
produced in whole or in part from
any loan whether in money or in
goods given him by the society:
Provided that nothing herein
contained shall affect the claim of any
bona fide purchaser or transferee
without notice;
(b) any outstanding demands or dues
payable to a registered housing
society by any member or past
member in respect of rent, shares,
loans or purchase money or any other
rights or amounts payable to such
society shall be a first charge upon his
interest in the immovable property of
the society.
15. A registered society shall have a charge upon the
shares or interest in the capital and on the deposits of a
member or past member or deceased member and upon any
dividend, bonus, or profits payable to a member or past
member or to the estate of a deceased member in respect of
any debt due to the society from such member or past
member or estate, and may set off any sum credited or
payable to a member or past member or estate of a deceased
member in or towards payment of any such debt.
16. Subject to section 15, the share or interest of a
member in the capital of a registered society shall not be liable
to attachment or sale under any decree or order of a court in
respect of any debt or liability incurred by such member, and
neither his assignee in insolvency nor a receiver duly
appointed shall be entitled to, or have any claim on, such
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Transfer of
interest on
death of
member.

share or interest.
17. (1) On the death of a member, a registered society
may transfer the share or interest of the deceased member to
the person nominated in accordance with the regulations
made in this behalf, or, if there is no person so nominated, to
such persons as may appear to the committee to be the heir or
legal representative of the deceased member, or may pay to
such nominee, heir or legal representative, as the case may be,
a sum representing the value of such member’s share or
interest, as ascertained in accordance with the regulations or
rules:
Provided that—
(a) in the case of a society with unlimited
liability such nominee, heir or legal
representative, as the case may be,
may require payment by the society of
the value of the share or interest of the
deceased member ascertained as
aforesaid;
(b) in the case of a society with limited
liability, the society may transfer the
share or interest of the deceased
member to such nominee, heir or legal
representative, as the case may be,
being qualified in accordance with the
regulations and rules for membership
of the society, or on his application
within six months of the death of the
deceased member to any person
specified in the application who is so
qualified.
(2) A registered society shall pay all other moneys
due to the deceased member from the society to such
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Deposits by or
on behalf of
minors.

Register of
members.

Proof of entries
in books of
society.
nominee, heir or legal representative, as the case may be.
(3) All transfers and payments made by a
registered society in accordance with this section shall be
valid and effectual against any demand made upon the
society by any other person.
18. (1) A registered society may receive deposits from
or for the benefit of minors and it shall be lawful for a
registered society to pay such minors the interest which may
become due on such deposits. Any deposits made by a minor
may, together with the interest accrued thereon, be paid to
that minor; and any deposit made on behalf of a minor may,
together with the interest accrued thereon, be paid to the
guardian of that minor for the use of the minor.
(2) The receipt of any minor or guardian for money
paid to him under this section shall be a sufficient discharge
of the liability of the society in respect of that money.
19. Any register or list of members kept by any
registered society shall be prima facie evidence of any of the
following particulars entered therein—
(a) the date at which the name of any
person was entered in such register or
list as a member;
(b) the date at which any such person
ceased to be a member.
20. (1) A copy of any entry in a book of a registered
society regularly kept in the course of business shall, if
certified in such manner as may be prescribed by the
regulations, be received in any legal proceeding, civil or
criminal, as prima facie evidence of the existence of such entry
and shall be admitted as evidence of the matters, transactions
and accounts therein recorded in every case where, and to the
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Qualification
for member-
ship.
[6 of 1950]

Members not
to exercise
rights till due
payment made.

Restriction of
membership in
society.

same extent as, the original entry itself is admissible.
(2) No officer of any such society shall, in any legal
proceedings to which the society is not a party, be compelled
to produce any of the society’s books, the contents of which
can be proved under subsection (1), or to appear as a witness
to prove any matters, transactions or accounts therein
recorded, unless the court for special reasons so directs.
PART IV
RIGHTS AND LIABILITIES OF MEMBERS
21. In order to be qualified for membership of a co-
operative society a person, other than a registered society,
must, at the time of application—
(a) have attained the age of sixteen years;
and
(b) be resident within or in occupation of
land within the society’s area of
operations as described by the rules:
Provided that a pupil attending any school may,
notwithstanding paragraphs (a) and (b), with the consent in
writing of the Chief Education Officer, be registered as a
member of a society.
22. No member of a registered society shall exercise
the rights of a member unless or until he has made such
payment to the society in respect of membership or acquired
such interest in the society, as may be prescribed by the
regulations or rules.
23. Except with the sanction of the Commissioner, no
person shall be a member of more than one registered society
whose primary object is to grant loans to its members.

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Votes of
members.
[6 of 1950]

Representation
by proxy.
Contracts with
society of
members who
are minors.

No individual
to hold more
than one-fifth
of share capital
of any society.
Restrictions on
transfer of
share or
interest.
24. No member of any registered society shall have
more than one vote in the conduct of the affairs of the society:
Provided that—
(a) in the case of an equality of votes the
Chairman shall have a casting vote;
(b) in the case of societies of which a
registered society is a member, that
society may have such voting powers
as are provided in the rules.
25. A registered society which is a member of any
other registered society may appoint any one of its members
as its proxy for the purpose of voting in the conduct of the
affairs of such other registered society.
26. The minority or non-age of any person duly
admitted as a member of any registered society shall not
debar that person from executing any instrument or giving
any acquaintance necessary to be executed or given under
this Act or the regulations made thereunder, and shall not be
a ground for invalidating or avoiding any contract entered
into by any such person with the society; and any such
contract entered into by any such person with the society,
whether as principal or as surety, shall be enforceable at law
or against such person notwithstanding his minority or non-
age.
27. No member, other than a registered society, shall
hold more than one-fifth of the share capital of any co-
operative society.

28. (1) The transfer or charge of the share or interest of
a member or past member or deceased member in the capital
of a registered society shall be subject to such conditions as to
maximum holding as may be prescribed by this Act.
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Liability of past
member and
estate of
deceased
member for
debts of
society.

Loans made by
a registered
society.
(2) In the case of a society registered with
unlimited liability, a member shall not transfer any share held
by him or his interest in the capital of the society or any part
thereof, unless—
(a) he has held such share or interest for
not less than one year; and
(b) the transfer or charge is made to the
society, or to a member of the society,
or to a person whose application for
membership has been accepted by the
committee.
29. (1) The liability of a past member for the debts of a
registered society as they existed on the date on which he
ceased to be a member shall not continue for a period of more
than two years reckoned from that date.
(2) The estate of a deceased member shall not be
liable for the debts of the society as they existed on the date of
his decease for a period of more than two years reckoned
from the date of his decease.
PART V
PROPERTY AND FUNDS OF REGISTERED SOCIETIES
30. (1) A registered society shall not, except as
provided in section 33, make any loan to any person other
than a member:
Provided that, with the consent of the Commissioner, a
registered society may make loans to another registered
society.
(2) Except with the permission of the
Commissioner, a registered society shall not lend money on
the security of any movable property other than produce or
goods in which the society is authorised to deal.
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Deposits and
loans received
by a registered
society.

Restrictions on
other
transactions
with non-
members.
Investment of
funds.
Disposal of
profits.
(3) The Minister may, by general or special order,
prohibit or restrict the lending of money on mortgage of any
description of immovable property by any registered society.
31. A registered society shall receive deposits and
loans from persons who are not members only to such extent
and under such conditions as may be prescribed by the
regulations or rules.
32. Save as provided in sections 30 and 31, the
transactions of a registered society with persons other than
members shall be subject to such prohibitions and restrictions
as may be prescribed by the regulations.
33. A registered society may invest or deposit its
funds—
(a) in the Post Office Savings Bank, or
with any bank or person carrying on
the business of banking approved for
this purpose by the Commissioner; or
(b) in any securities issued or guaranteed
by the Government of a
Commonwealth territory; or
(c) with any other registered society
approved for this purpose by the
Commissioner; or
(d) in any other mode approved by the
Commissioner.
34. (1) At least one-fourth of the net profits of every
registered society, as ascertained by the audit prescribed by
section 35, shall be carried to a fund to be called the reserve
fund, which shall be employed as prescribed by the
regulations. The remainder of such profits and any profits of
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Audit.
past years available for distribution may be divided among
the members by way of dividend or bonus, or allocated to
any funds constituted by the society, to such extent or under
such conditions as may be prescribed by the regulations or
rules:
Provided that in the case of a society with unlimited
liability, no distribution of profits shall be made without the
general or special order of the Minister.
(2) Any registered society may, with the sanction
of the Commissioner, after one-fourth of the net profits in
any year has been carried to a reserve fund, contribute an
amount not exceeding ten per cent of the remaining net
profits to any charitable purpose or to a common-good fund.
PART VI
AUDIT, INSPECTION AND INQUIRY
35. (1) The Commissioner shall audit or cause to be
audited by some person authorised by him by general or
special order in writing the accounts of every registered
society once at least in every year.
(2) The audit under subsection (1) shall include an
examination of overdue debts, if any, and a valuation of the
assets and liabilities of the registered society.
(3) The Commissioner and every other person
appointed to audit the accounts of a society shall have power
when necessary—
(a) to summon at the time of his audit
any officer, agent, servant or member
of the society who he has reason to
believe can give material information
in regard to any transactions of the
society or the management of its
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Power of
Commissioner
to inspect
societies’
books, etc.

Inquiry and
inspection.
affairs;
(b) to require the production of any book
or document relating to the affairs of,
or any cash or securities belonging to,
the society by the officer, agent,
servant or member in possession of
such book, document, cash or
securities.
36. The Commissioner, or any person authorised by
general or special order in writing by the Commissioner shall
at all times have access to all the books, accounts, papers and
securities of a registered society, and shall be entitled to
inspect the cash in hand; and every officer of the society shall
furnish such information in regard to the transactions and
working of the society as the person making such inspection
may require.
37. (1) The Commissioner may of his own motion, and
shall on the application of a majority of the committee, or of
not less than one-third of the members of a registered society,
hold an inquiry or direct some person authorised by him by
order in writing in this behalf to hold an inquiry into the
constitution, working, and financial condition of a registered
society; and all officers and members of the society shall
furnish such information in regard to the affairs of the society
and produce the cash in hand and such books, accounts,
papers and securities of the society as the Commissioner or
the person authorised by him may require.
(2) The Commissioner shall, on the application of a
creditor of the registered society, inspect or direct some
person authorised by him in writing in this behalf to inspect
the books of the society, if the applicant—
(a) proves that an ascertained sum of
money is then due to him and that he
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Dissolution.
has demanded payment thereof and
has not received satisfaction within a
reasonable time; and
(b) deposits with the Commissioner such
sum as security for the costs of the
proposed inspection as the
Commissioner may require.
(3) The Commissioner shall communicate the
results of any such inspection to the creditor and to the
society into whose affairs inquiry has been made.
(4) Where an inquiry is held under subsection (1),
or an inspection is made under subsection (2), the
Commissioner may apportion the costs or such part of the
costs, as he may think right, between the registered society,
the members demanding an inquiry, the officers or former
officers of the society, and the creditor, if any, on whose
application the inquiry was made.
(5) Any sum awarded by way of costs against any
society or person under this section may be recovered, on
application to a magistrate’s court having jurisdiction in the
place where the registered office of the society is situated or
the person resides or carries on business for the time being, in
like manner as a fine imposed by the court.
PART VII
DISSOLUTION
38. (1) If the Commissioner, after holding an inquiry
or making an inspection under section 37 or on receipt of an
application made by three-fourths of the members of a
registered society, is of opinion that the society ought to be
dissolved, he may make an order for the cancellation of the
registration of the society.

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Cancellation of
registration of a
society due to
lack of
membership.
[27 of 1954]
Effect of
cancellation of
registration.
[6 of 1950]
(2) Any member of a registered society may,
within two months from the date of an order under
subsection (1), appeal from such order to the Minister.
(3) Where no appeal is presented within two
months from the making of an order cancelling the
registration of a society, the order shall take effect on the
expiry of that period. Where an appeal is presented within
two months, the order shall not take effect until it is
confirmed.
(4) Where the Commissioner makes an order for
the cancellation of the registration of a society under
subsection (1), he may make such further order as he may
think fit for the custody of the books and documents and the
protection of the assets of the society until the order
cancelling registration takes effect.
(5) No registered society shall be wound up save
by an order of the Commissioner.
39. The Commissioner may, by order in writing,
cancel the registration of any registered society other than a
society which includes among its members one or more
registered societies, if at any time it is proved to his
satisfaction that the number of the members has been reduced
to less than seven. Every such order shall take effect from the
date thereof.
40. Where the registration of a society is cancelled by
an order under section 38 or under section 39 the society shall,
except for the purposes of winding-up, as hereinafter
provided, cease to exist as a corporate body from the date on
which the order takes effect, hereinafter referred to as the date
of dissolution:
Provided that any privileges conferred on the society by
or under sections 14, 15, 16, 17 and 49 shall be deemed to be
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Liquidation
after
cancellation of
registration of
society.
Liquidator’s
powers.
vested in any liquidator appointed for that society by the
Commissioner.
41. Where the registration of a society is cancelled
under section 38 or 39, the Commissioner may appoint one or
more persons to be, subject to his direction and control, the
liquidator or liquidators of the society.
42. (1) A liquidator appointed under section 41 shall
subject to the guidance and control of the Commissioner and
to any limitations imposed by the Commissioner by order
under section 43 have power to—
(a) determine from time to time the
contribution to be made by members
and past members or by the estates of
deceased members of the society to its
assets;
(b) appoint a day by notice published in
the Gazette before which creditors
whose claims are not already
recorded in the books of the society
shall state their claims for admission
or be excluded from any distribution
made before they have proved them;
(c) decide any question of priority which
arises between creditors;
(d) refer disputes to arbitration and
institute and defend suits and other
legal proceedings on behalf of the
society by his name or office;
(e) decide by what persons and in what
proportions the costs of liquidation
are to be borne;
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(f) give such directions in regard to the
collection and distribution of assets as
may be necessary in the course of
winding-up the society;
(g) compromise any claim by or against
the society provided the sanction of
the Commissioner has first been
obtained:
(h) call such general meetings of
members as may be necessary for the
proper conduct of the liquidation;
(i) take possession of the books,
documents and assets of the society;
(j) sell the property of the society;
(k) carry on the business of the society so
far as may be necessary for winding it
up beneficially:
Provided that nothing herein
contained shall entitle the liquidator
of a credit society to issue any loan;
and
(l) arrange for the distribution of the
assets of the society in a convenient
manner when a scheme of
distribution has been approved by the
Commissioner.
(2) Subject to such regulations as may be made in
this behalf, any liquidator appointed under this Act shall in so
far as such powers are necessary for carrying out the
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Power of
Commissioner
to control
liquidation.

purposes of this section, have power to summon and enforce
the attendance of parties and witnesses and to compel the
production of documents by the same means and (so far as
may be) in the manner as is provided in the case of a civil
court.
43. A liquidator shall exercise his powers subject to
the control and revision of the Commissioner, who may—
(a) rescind or vary any order made by a
liquidator and make whatever new
order is required;
(b) remove a liquidator from office;
(c) call for all books, documents and
assets of the society;
(d) by order in writing limit the powers
of a liquidator under section 42;
(e) require accounts to be rendered to
him by the liquidator;
(f) procure the auditing of the
liquidator’s accounts and authorise
the distribution of the assets of the
society;
(g) make an order for the remuneration
of the liquidator; or
(h) refer any subject of dispute between a
liquidator and any third party to
arbitration if that party shall have
consented in writing to be bound by
the decision of the arbitrator.

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Enforcement of
order.

Limitation of
the jurisdiction
of the civil
court.
Closure of
liquidation.
44. (1) The decision of an arbitrator on any matter
referred to him under section 43 shall be binding upon the
parties, and shall be enforceable in like manner as an order
made by the Commissioner under that section.
(2) An order made by a liquidator or by the
Commissioner under section 42 or 43 shall be enforced by any
civil court having jurisdiction over the place where the
registered office of the society is situated in like manner as a
decree of that court.
45. Save in so far as is hereinbefore expressly
provided; no civil court shall have any jurisdiction in respect
of any matter concerned with the dissolution of a registered
society under this Act.
46. (1) In the liquidation of a society whose
registration has been cancelled, the funds, including the
reserve fund, shall be applied first to the costs of liquidation,
then to the discharge of the liabilities of the society, then to
the payment of the share capital and then, provided the rules
of the society permit, to the payment of a dividend at a rate
not exceeding ten per cent per annum for any period for which
no disposal of profits was made.
(2) When the liquidation of a society has been
closed and any creditor of that society has not claimed or
received what is due to him under the scheme of distribution,
notice of the closing of the liquidation shall be published in
the Gazette; and all claims against the funds of the society
liquidated shall be prescribed when two years have elapsed
from the date of the publication of the Gazette notice.
(3) Any surplus remaining after the application of
the funds to the purposes specified in subsection (1) and the
payment of any claims for which an action is instituted under
subsection (2) shall be available for use by the Commissioner
for any co-operative purpose at his discretion.
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Power of
Commissioner
to surcharge
officers, etc.,
of a registered
society.

Appeal to the
Minister.

Settlement of
disputes.
[20 of 1967]
PART VIII
SURCHARGE AND ATTACHMENT
47. (1) Where, in the course of the winding up of a
registered society it appears that any person who has taken
part in the organisation or management of such society or any
past or present officer of the society has misapplied or
retained or become liable or accountable for any money or
property of such society or has been guilty of misfeasance or
breach of trust in relation to such society, the Commissioner
may, on the application of the liquidator or of any creditor or
contributory, examine into the conduct of such person and
make an order requiring him to repay or restore the money or
property or any part thereof with interest at such rate as the
Commissioner thinks just or to contribute such sum to the
assets of such society by way of compensation in regard to
the misapplication, retainer, dishonesty or breach of trust
as the Commissioner thinks just.
(2) This section shall apply notwithstanding that
the act is one for which the offender may be criminally
responsible.
48. Any person aggrieved by any order of the
Commissioner made under section 47 may appeal to the
Minister within twenty-one days from the date of such order
and the decision of the Minister shall be final and conclusive.
PART IX
DISPUTES
49. (l) If any dispute touching the business of a
registered society arises—
(a) among members, past members and
persons claiming through members,
past members and deceased
members; or
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(b) between a member, past member, or
person claiming through a member,
past member or deceased member,
and the society, its committee, or any
officer of the society; or
(c) between the society or its committee
and any officer of the society; or
(d) between the society and any other
registered society,
such dispute shall be referred to the Commissioner for
decision. A claim by a registered society for any debt or
demand due to it from a member, past member or the
nominee, heir or legal representative of a deceased member,
shall be deemed to be a dispute touching the business of the
society within the meaning of this subsection.
(2) The Commissioner may on receipt of a
reference under subsection (1)—
(a) decide the dispute himself; or
(b) refer it for disposal to an arbitrator or
arbitrators.
(3) Any party aggrieved by the award of the
arbitrator or arbitrators may appeal therefrom to the
Commissioner within such period and in such manner as may
be prescribed.
(4) A decision of the Commissioner under
subsection (2), or in appeal under subsection (3), shall be final
and shall not be called in question in any civil court and shall
be enforced in the same manner as if the decision had been a
judgment of a civil court.
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c. 7:01

Case stated on
question of law.

Regulations.
[4 of 1972]
(5) The award of the arbitrator or arbitrators under
subsection (2) shall, if no appeal is preferred to the
Commissioner under subs section (3), or if any such appeal is
abandoned or withdrawn, be final and shall not be called in
question in any civil court and shall be enforced in the same
manner as if the award had been a judgment of a civil court.
(6) Notwithstanding anything contained in
subsections (4) and (5), any decision of the Commissioner
under subsection (2) or in appeal under subsection (3) and
any award of the arbitrator or arbitrators under subsection
(2), where any such decision or award requires the payment
of any sum of money, may be enforced before a magistrate
under the Summary Jurisdiction (Petty Debt) Act irrespective
of the amount.
50. (1) Notwithstanding anything contained in the last
foregoing section, the Commissioner at any time when
proceeding to a decision under this Act, or the Minister at any
time when an appeal has been preferred to him against any
decision of the Commissioner under this Act, may refer any
question of law arising out of such decision for the opinion of
the High Court.
(2) Any judge, or judges, of the High Court, as the
Chief Justice may direct, may consider and determine any
question of law so referred and the opinion given on such
question shall be final and conclusive.
PART X
REGULATIONS
51. (1) Subject to negative resolution of the National
Assembly, the Minister may make all such regulations as may
be necessary for the purpose of carrying out or giving effect to
the principles and provisions of this Act.
(2) In particular and without prejudice to the
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generality of the power conferred by subsection (1), such
regulations may—
(a) prescribe the forms to be used and the
conditions to be complied with in
applying for the registration of a
society and the procedure in the
matter of such applications;
(b) prescribe the conditions to be
complied with by persons applying
for admission or admitted as
members, and provide for the election
and admission of members from time
to time, and the payment to be made
and interest to be acquired before
exercising rights of membership;
(c) subject to section 27, prescribe the
maximum number of shares or
portion of the capital of a registered
society which may be held by a
member;
(d) prescribe the extent to which a
registered society may limit the
number of its members;
(e) provide for the withdrawal and
expulsion of members and for the
payments to be made to members
who withdraw or are expelled, and
for the liabilities of past members;

(f) provide for general meetings of the
members and for the procedure at
such meetings and the powers to be
exercised by such meetings;
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(g) provide for the appointment,
suspension and removal of the
members of the committee and other
officers, and for the procedure at
meetings of the committee, and for
the powers to be exercised and the
duties to be performed by the
committee and other officers;
(h) prescribe the matters in respect of
which a society may or shall make
rules and for the procedure to be
followed in making, altering and
rescinding rules, and the conditions to
be satisfied prior to such making,
alteration or rescission;
(i) regulate the manner in which funds
may be raised by means of shares or
debentures or otherwise;
(j) prescribe the conditions to be
observed by a registered society
applying for financial assistance from
Government;
(k) prescribe the payments to be made,
the conditions to be complied with,
and the forms of the bonds,
instruments or other documents to be
executed, by members applying for
loans or cash credits, the period for
which loans may be made or credits
granted, and the maximum amount
which may be lent and the maximum
credit which may be allowed to
individual members with or without
the consent of the Commissioner;
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(1) provide for the mode in which the
value of a deceased member’s interest
shall be ascertained, and for the
nomination of a person to whom such
interest may be paid or transferred;
(m) provide for the mode in which the
value of the interest of a member who
has become of unsound mind and
incapable of managing himself or his
affairs shall be ascertained and for the
nomination of any person to whom
such interest may be paid or
transferred;
(n) provide for the formation and the
maintenance of reserve funds, and the
objects to which such funds may be
applied, and for the investment of any
funds under the control of any
registered society;

(o) prescribe the conditions under which
profits may be distributed to the
members of a society with unlimited
liability and the maximum rate of
dividend which will be paid by
societies;
(p) prescribe the accounts and books to
be kept by a registered society, and
for the periodical publication of a
balance sheet showing the assets and
liabilities of a registered society;
(q) provide for the audit of the accounts
of registered societies and for the
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charges, if any, to be made for such
audit and provide for the levy of
contributions from all or any
registered societies to a fund to be
used for the audit and supervision of
existing societies and co-operative
propaganda and prescribe for the
administration of such a fund;
(r) prescribe the returns to be submitted
by registered societies to the
Commissioner, and the persons by
whom and the form in which the
same are to be made;
(s) provide for the persons by whom, and
the form in which, copies of entries in
books of registered societies may be
certified;
(t) provide for the formation and the
maintenance of a register of members,
and, where the liability of members is
limited by shares, of a register of
shares;
(u) provide for the inspection of
documents and registers at the
Commissioner’s office and the fees to
be paid therefor and for the issue of
copies of such documents or registers;
(v) prescribe the manner in which any
question as to the breach of any rule
or contract relating to the disposal of
produce to or through a society may
be determined, and the manner in
which the liquidated damages for any
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Conversion of
industrial and
provident
society into
registered
society.
c. 88:02
such breach may be ascertained or
assessed;
(w) prescribe the mode of appointing an
arbitrator or arbitrators and the
procedure to be followed in
proceedings before the Commissioner
or such arbitrator or arbitrators;
(x) prescribe the procedure to be
followed by a liquidator appointed
under section 41 and the cases in
which appeals shall lie from the
orders of such liquidator;

(y) prescribe the forms to be used, the
fees to be paid, the procedure to be
observed and all other matters
connected with or incidental to the
presentation, hearing and disposal of
appeals under this Act or the
regulations.
PART XI
MISCELLANEOUS
52. (1) A society registered under the Industrial and
Provident Societies Act (hereinafter referred to as an
“industrial society”) may, by a special resolution, determine
to convert itself into a registered society.
(2) A resolution for the conversion of an industrial
society into a registered society shall be accompanied by a
copy of the rules of the registered society therein referred to,
and shall appoint ten persons, members of the industrial
society who, together with the secretary, shall sign the rules,
and who may either be authorised to accept any alterations
made by the Commissioner therein, without further
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Recovery of
sums due to
State.
consulting the industrial society, or may be required to lay
out all such alterations before the industrial society in general
meeting for acceptance as the resolution may direct.
(3) With the rules a copy of the special resolution
for the conversion of the industrial society into a registered
society shall be sent to the Commissioner, who, upon the
registration of the society, shall give it, in addition to the
certificate of registration, a certificate signed by him that the
rules of the registered society referred to in the resolution
have been registered.
(4) A copy of the resolution for the conversion of
an industrial society into a registered society, together with
the certificate of registration of the rules of the registered
society shall be sent for registration to the office of the
Registrar of Industrial and Provident Societies, and upon the
registration of such resolution and certificate, the conversion
shall take effect.

(5) Upon the conversion of an industrial society
into a registered society, the registration of the industrial
society under the Industrial and Provident Societies Act shall
become void and shall be cancelled by the proper officer, but
the registration of an industrial society as a registered society
shall not affect any right or claim for the time being subsisting
against the industrial society, or any penalty for the time
being incurred by such society, and for the purpose of
enforcing any such right, claim, or penalty, the industrial
society may be sued and proceeded against in the same
manner as if it had not become a registered society. Every
such right or claim, and the liability to such penalty, shall
have priority as against the property of the registered society
over all other rights or claims against or liabilities of the
society.
53. (1) All sums due from a registered society or from
an officer or member or past member of a registered society
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Powers to
exempt any
society from
requirements as
to registration.
Power to
exempt
societies from
provisions of
Act.

Power to
exempt from
stamp duty
and registration
fees.
as such to the State may be recovered in the manner provided
for the recovery of debts due to the State under the law for the
time being in force.
(2) Sums due from a registered society to the State
and recoverable under subsection (1), may be recovered first,
from the property of the society; secondly, in the case of a
society of which the liability of members is limited, from the
members subject to the limit of their liability; and thirdly, in
the case of other societies, from the members.
54. Notwithstanding anything contained in this Act
the Minister may by special order in each case and subject to
such conditions as he may impose, exempt any society from
any of the requirements of this Act as to registration.
55. The Minister may by general or special order
exempt any registered society or class of societies from any of
the provisions of this Act, or may direct that such provisions
shall apply to any society or class of societies with effect from
such date or with such modifications as may be specified in
the order.
56. (1) The Minister by notification in the Gazette may,
in the case of any registered society or class of registered
societies, remit—
(a) the stamp duty with which, under
any law for the time being in force,
instruments executed by or in behalf
of a registered society, or by an officer
or member, and relating to the
business of such society, or any class
of such instruments are respectively
chargeable; or
(b) any fee payable under the law of
registration for the time being in
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Power to
exempt from
payment of
income tax.
c. 81:01
Prohibition of
the use of the
word “co-
operative”.

Cap. 327
1953 Ed.

Cs. 89:01, 98:03
and 327 1953
Ed. not
applicable to
force.
(2) A notification exempting any registered society
from the fees referred to in subsection (1) (b) may provide for
the withdrawal of such exemption.
57. The Minister responsible for finance may, from
time to time and for such period as he thinks fit, by order,
exempt any registered society or class of societies from
payment of income tax under any Income Tax Act for the time
being in force.
58. (1) No person other than a registered society shall
trade or carry on business under any name or title of which
the word “co-operative” is part without the sanction of the
Minister:
Provided that—
(a) this section shall not apply to a bank
registered under the provisions of the
Co-operative Credit Banks Act; and
(b) nothing in this section shall apply to
the use by any person or his successor
in interest of any name or title under
which he traded or carried on
business at the commencement of this
Act.
(2) Any person who contravenes this section shall
be liable on summary conviction to a fine of fifty dollars, and
in the case of a continuing offence to a further fine of ten
dollars for each day during which the offence continues.
59. The Companies Act, the Trade Unions Act, and
the Co-operative Credit Banks Act shall not apply to a
registered society.
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registered
societies.
[29 of 1991]
Penalty for
non-
compliance
with Act.

60. Any registered society or an officer or a member
thereof, wilfully neglecting or refusing to do any act or to
furnish any information required for the purposes of this Act
by the Commissioner or other persons duly authorised by
him in this behalf, or any person wilfully or without any
reasonable excuse disobeying any summons, requisition or
lawful written order issued under this Act, or failing to
furnish any information lawfully required from him by a
person authorised to do so under this Act, shall be liable on
summary conviction to a fine of two hundred dollars.
_______________________

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SUBSIDIARY LEGISLATION
_________________
O. 32/1969 CO-OPERATIVE SOCIETIES (CONFERMENT
OF POWERS) ORDER
made under section 3
Citation.

Exercise by
assistant of all
powers of
Commissioner.
1. This Order may be cited as the Co-operative
Societies (Conferment of Powers) Order.
2. An assistant to the Commissioner for Co-operative
Development shall exercise all the powers of a Commissioner
for Co-operative Development under the Co-operative
Societies Act.
___________________
Reg. 16/1948
14/1949
2/1963
5/1998
CO-OPERATIVE SOCIETIES REGULATIONS
made under section 51
CO-OPERATIVE SOCIETIES REGULATIONS
ARRANGEMENT OF REGULATIONS
REGULATION
1. Citation.
2. Interpretation.
3. Register of Societies.
4. Application for registration of a society.
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REGULATION
5. Registration.
6. Register of members.
7. Books and accounts.
8. Membership.
9. Nominees.
10. Division of profits.
11. Maximum liability.
12. Power of society in general meeting.
13. First meeting.
14. Convening annual general meeting.
15. Functions of annual general meeting.
16. Special general meeting.
17. Quorum at general meetings.
18. Chairman of general meetings.
19. Voting at general meetings.
20. Minutes of general meetings.
21. Election of committee
22. Chairman of the committee.
23. Duties of committee.
24. Meetings of committee.
25. Procedure at meetings of committee.
26. Minutes of meetings of the committee.
27. Failure to attend meetings of committee.
28. Vacancies on committee.
29. Borrowing powers.
30. Banking account.
31. Employees.
REGULATIONS APPLICABLE TO CREDIT SOCIETIES
32. Application for a loan.
33. Sanction of loan.
34. Security for loans.
35. Purposes of loans.
Co-operative Societies Regulations
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REGULATION
36. Documents relating to loans.
37. Restrictions on loans to defaulters.
38. Extensions of loans.
39. Misapplication of loans.
40. Recovery of loans.
REGULATION APPLICABLE TO MARKETING
SOCIETIES
41. Marketing.
REGULATIONS APPLICABLE TO ALL SOCIETIES
42. Bad debts.
43. Preparation of annual accounts and report.
44. Transfer of shares.
45. Special provisions as to transfer of shares of a
member who is of unsound mind.
46. Sales of shares of members in default.
47. Secretary.
48. Payment of Secretary.
49. Security by Secretary.
50. Suspension of Secretary.
51. Temporary absence of Secretary.
52. Duties of Secretary.
53. Treasurer.
54. Security by Treasurer.
55. Duties of Treasurer.
56. Unfit officers.
57. Reserve Fund.
58. Audit of accounts.
59. Audit and Supervision Fund.
60. Rules.
61. Amendment of rules.
62. Copies of entries.
63. Reference of a dispute to the Commissioner for
decision.
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Citation.
Interpretation.

Register of
Societies.
REGULATION
64. Reference to arbitration by the Commissioner.
65. Proceedings before the arbitrator or arbitrators.
66. Proceedings before the Commissioner.
67. Fees.
SCHEDULE-Fees.
______________________
COOPERATIVE SOCIETIES REGULATIONS
made under section 51
1. These regulations may be cited as the Co-operative
Societies Regulations.
2. In these Regulations—
“section” means a section of the Act;
“Secretary” means the Secretary of a registered society.
3. (1) The Commissioner shall keep or cause to be kept
at his office a Register (to be called “the Register of Societies”)
in which there shall be entered particulars relating to the
registration of co-operative societies and to registration of the
rules of registered societies.
(2) All original entries in the Register of Societies
shall be made by, or under the direction of, the Commissioner
and shall be signed by him.
(3) Every alteration, interlineation or erasure in the
Register of Societies shall be initialled by the Commissioner.
(4) The Register of Societies shall be open to
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Application for
registration of a
society.
Registration.

Register of
members.
inspection by the public at all reasonable times and free of
charge.
4. (1) Every application for the registration of a society
shall be submitted to the Commissioner in the form
prescribed by him.
(2) The Commissioner may require that there shall
be submitted, together with the application, 3 copies of the
proposed rules of the society.
5. (1) Where the Commissioner decides to register a
proposed society, the society and its rules shall be registered
in the Register of Societies.
(2) Upon registration of a society, the
Commissioner shall forward to the society free of charge—
(a) a certificate of registration;
(b) a copy of the rules of the society as
approved by him and certified under
his hand as having been approved by
him;
(c) a copy of the Act, and of the
regulations in force there under.
(3) Where the Commissioner refuses to register a
society or its rules, he shall record in writing his reasons for
so doing.
6. Every registered society shall keep a register (to be
called “the Register of Members”) in which there shall be
entered—
(a) the name, address and occupation of
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Books and
accounts.

Membership.
each member and a statement of the
shares, if any, held by him;
(b) the date on which each member's
name was entered in the register;
(c) the date on which any member ceased
to be a member; and
(d) the nominee, if any, appointed under
regulation 9.
7. Every registered society shall keep such accounts
and use such books as may from time to time be prescribed
by the Commissioner.
8. (1) The election and admission of members to a
registered society, other than original members, shall be in
such manner and on such conditions as are prescribed by the
rules.
(2) A member may withdraw from a registered
society by giving written notice thereof to the Secretary, but
such withdrawal shall be without prejudice to section 29(1).
(3) If a member acts in contravention of the
regulations or rules, or acts in any way detrimental to the
interests of a registered society, such member may be
expelled by a vote of two-thirds of the members present at a
general meeting upon a charge communicated to him in
writing by the committee not less than one week before the
meeting, but such expulsion shall be without prejudice to
section 29(1).
(4) Any member who loses any of the
qualifications for membership prescribed by the Act or the
regulations or the rules shall cease to be a member of the
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Nominees.

registered society, and the committee shall cause his name to
be struck off the Register of Members without prejudice to
any liabilities of such person under section 29(1).
(5) In the case of any registered society of limited
liability holding deposits or loans from non-members, no
member withdrawing, removed or expelled therefrom shall
be entitled to a repayment of any money paid by him towards
the purchase of shares.
9. (1) Every appointment of a nominee by any
member of a registered society for the purposes of section 17
shall be made in writing signed by the member in the
presence of two attesting witnesses.
(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 rules 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.

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Division of
profits.

Maximum
liability.


Power of society
in general
10. (1) Unless otherwise authorised by the Minister
under the proviso to section 34(1), 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
twelve per cent per annum.
(3) No registered society shall pay a dividend on
share capital, exceeding six per cent per annum on 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.
11. (1) Every registered society shall, from time to
time, fix at a general meeting the maximum liability 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 Commissioner, who may at any time reduce it.
No registered society shall receive loans or deposits which
will make its liability exceed the limit sanctioned by the
Commissioner.
12. The supreme authority in a registered society shall
be vested in the general meeting of members at which every
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meeting.
First meeting.

Convening
annual general
meeting.
Functions of
annual general
meeting.
member has a right to attend and vote on all questions.
Subject to sections 24 and 25, each member shall have one
vote only which shall be exercised in person and not by
proxy.
13. The first meeting of members shall have the same
powers as are given to the annual general meeting, and shall
be held immediately or not later than one month after the
receipt of the Certificate of Registration of the Society.
14. The annual general meeting of members shall be
convened by the committee as soon as the report on the audit
of the accounts of the registered society by the Commissioner
or person authorised by him is received by the committee. At
least eight days' notice shall be given before any such general
meeting is held:
Provided that the Commissioner may at any time after
the audit of the accounts has been completed, convene the
annual general meeting which shall proceed as if it had been
convened by the committee.
15. The functions of the annual general meeting shall
be—
(a) to confirm the minutes of the previous
annual meeting and of any
intervening special general meeting
(b) to consider the reports of the
committee and the balance sheet
together with the report on the audit
of the accounts of the registered
society for the previous year as
prepared by the Commissioner or the
person authorised by him;

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Special general
meeting.
(c) to approve the accounts or, if the
accounts are not approved, to cause
the Secretary to notify the
Commissioner, who shall consider the
matter and make his decision thereon,
and such decision as to the
correctness of the accounts shall be
final and conclusive;
(d) to hear and decide upon any
complaints brought by members
aggrieved by a decision of the
committee:
Provided that notice of such
complaints to be brought before the
meeting has been given to the
Secretary at least two days prior to the
meeting; and
(e) to transact any other general business
of the registered society.
16. A special general meeting of members may be
convened at any time by the committee; and on receipt of a
demand stating the object of the proposed meeting signed by
not less than one-fifth of the members of the registered
society, if such society is composed of not more than one
hundred members, or by twenty-five members if such society
consists of more than one hundred members, it shall be the
duty of the chairman of the committee to convene such a
meeting giving eight days' notice. If the chairman of the
committee fails to convene a meeting within fourteen days
from the receipt of a demand as aforesaid, the members
applying for such a meeting will have the right to convene the
meeting by notice which must contain the object of the
proposed meeting and a statement to the effect that the
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Quorum at
general
meetings.
[Reg. 14/1949]
meeting is convened on the failure of the chairman of the
committee to convene the meeting demanded:
Provided that the Commissioner or a person authorised
by him may at any time summon a special general meeting of
the registered society in such manner and at such time and
place as he may direct. He may also direct what matters shall
be discussed at the meeting. Such meeting shall have all the
powers of a meeting called according to the regulations.
17. (1) Where a registered society consists of not more
than forty members, one-half of the number of the members
or 10 members, whichever is the less, shall form a quorum for
the purposes of the annual or a special general meeting, and
where a registered society consists of more than forty
members one-fourth of the total number of the members of
such society shall form a quorum for the purposes of the
annual or a special general meeting:
Provided that—
(a) in the case of any registered society of
which other registered societies are
members, the number of members
required to form a quorum shall be
decided by the rules; and
(b) when any meeting is summoned by
the Commissioner, any members
present at such meeting shall be
deemed to form a quorum.
(2) If within one hour after the time fixed for any
meeting other than a meeting convened by the Commissioner
the members present are not sufficient to form a quorum,
such meeting shall be considered as dissolved if convened on
the demand of members; in all other cases it shall stand
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Chairman of
general
meetings.
[Reg. 14/1949]

Voting at
general
meetings.
adjourned to the same day in the next week at the same time
and place and a notice to that effect shall be posted by the
Secretary within twenty-four hours, and if at the adjourned
meeting a quorum is not present within one hour from the
time appointed for the meeting the members present shall
form a quorum.
18. (1) The chairman of the committee or in his
absence any other person elected by a majority of those
present shall preside at the annual or special general meeting:
Provided that the Commissioner or a person appointed
by him may preside at any meeting convened by himself or
on his demand.
(2) The Secretary or in his absence any other
person nominated in writing by the chairman shall act as
secretary at the meeting. The chairman, if necessary, may
nominate other officers to assist at the meeting.
(3) The chairman may, by the decision of the
meeting, adjourn the meeting from time to time and from
place to place but no business shall be transacted at any
meeting so adjourned other than the business left unfinished
at the meeting from which the adjournment took place.
(4) The chairman shall have the right to order the
closure of the discussion and put the matter to the vote.
19. (1) Any question submitted to the decision of the
members present at a meeting, unless otherwise dealt with in
the regulations, shall be decided by a majority of votes.
(2) At any meeting a resolution put to the vote
shall be decided on a show of hands unless voting by call of
names or a ballot is demanded by at least five of the members
present before the declaration of the result of the show of
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Minutes of
general
meetings.
[Reg. 14/1949]

hands, and in such case voting by call of names or a ballot
shall be taken, as the case may be.
(3) The chairman shall have an ordinary vote and
in case of an equality of votes shall be entitled to a casting
vote. In the case of a meeting convened by the Commissioner
and presided over by him or his representative, he or his
representative shall not be entitled to vote except on an
equality of votes, in which case they shall have a casting vote.
(4) In respect of every resolution put to the vote the
chairman shall declare whether it has been carried or lost, and
whether on a show of hands or unanimously or by a
particular majority, and an entry to that effect in the minute
book shall be conclusive evidence of anything therein
contained.
20. Minutes of the meetings shall be entered in the
minute and signed by the chairman and Secretary and shall
contain—
(a) the number of the members present at
the meeting and the name of the
chairman or of the person who
presided at the meeting;
(b) the time fixed for the meeting and the
time the meeting commenced;
(c) the total number of members on the
date on which the meeting was held;
and
(d) all resolutions passed or decisions
made at the meeting.

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Election of
committee.
[Reg. 14/1949]

Chairman of
the committee.

Duties of
committee.

Meetings of
committee.
21. The committee shall be elected at the annual
general meeting of the registered society in accordance with
the rules. The members shall hold office until the next election
and shall be eligible for re-election:
Provided that a special general meeting convened for the
purpose may remove the committee or any members thereof
before the expiration of their period of office by a majority of
three-fourths of the members present, who shall proceed at
the same meeting to the election of others in their stead who
shall hold office until the election of a new committee by the
next annual general meeting.
22. The committee shall elect its own chairman, who
shall have an ordinary vote and on an equality of votes shall
be entitled to a casting vote. In the temporary absence of the
chairman, the committee shall elect one of its members to
perform his duties.
23. (1) The committee shall represent the registered
society before all competent public authorities and in all
dealings and transactions with third persons, with power to
institute or defend suits brought in the name of or against the
society, and in general it shall carry out such duties in the
management of the affairs of the registered society as have
not been specially assigned by the regulations or the rules to
general meetings or to any other officer of the society.
(2) The committee shall always keep a copy of the
latest annual balance sheet of the registered society together
with the report referred to in regulation 14, hung in a
conspicuous place at the registered office of the society.
24. The committee shall meet as often as the business
of the registered society may require and in any case not less
frequently than once a month. Meetings of the committee
shall be summoned by the Secretary in writing.
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Procedures at
meetings of
committee.

Minutes of
meeting of the
committee.
25. At each committee meeting the Secretary shall—
(a) read the minutes of the preceding
meeting;
(b) produce the cash book, detail the
entries of receipts and payments
made therein since the last meeting
and with the Treasurer produce the
cash in their possession for
verification by the committee with the
cash book;
(c) produce a statement showing the
loans due and unpaid, for
determination by the committee as to
the action to be taken in each case;
(d) produce applications for loans, if any,
for determination by the committee in
accordance with the priority of
receipt; and
(e) submit any other business for
consideration by the committee.
26. Minutes of committee meetings shall be recorded
forthwith by the Secretary in the minute book and shall be
signed by the chairman or other presiding member and by the
Secretary and shall contain the following particulars:
(a) the names of the members present
and the date of the meeting;
(b) he name of the chairman or other
presiding member; and
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Failure to
attend
meeting of
committee.

Vacancies on
committee.

Borrowing
powers.

Banking
account.
(c) a short statement of all matters
discussed and decisions made and a
record as to whether each decision
was made unanimously or by a
majority.
27. Any member of the committee who, without due
excuse approved by the committee, fails to attend at three
consecutive meetings of the committee shall be deemed to
have vacated his office which shall thereupon be filled as
provided by regulation 28.
28.(1) Vacancies occurring on the committee shall be
filled within eight days by the election of substitutes elected
by the remaining members of the committee:
Provided that when such election does not take place the
Commissioner may appoint the required substitutes.
(2) Any substitutes elected or appointed under
paragraph (1) shall hold office until the expiration of office of
the committee.
29. The committee may borrow money on behalf of
the registered society to an amount not exceeding such total
amount as may have been fixed in accordance with regulation
11.
30. The committee may open a banking account. All
cheques shall be signed by two members of the committee
and the Secretary:
Provided that with the authority in writing of the
Commissioner previously obtained, cheques may be signed
by one member of the committee and the Secretary

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Employees.

Application for
a loan.

Sanction of
loan.
31. (1) The committee may—
(a) appoint such clerks or employees as it
considers necessary; and
(b) fix the salary, wages or remuneration
of every such clerk or employee.
(2) Every clerk or employee appointed under this
regulation shall hold office during the pleasure of the
committee.
REGULATIONS APPLICABLE TO CREDIT SOCIETIES
32. Members who desire to obtain a loan shall submit
an application to the committee stating the amount and the
purpose for which the loan is required, the term for which it
is asked, whether it is desired to repay it by instalments, and
the names of any proposed sureties or any other security
which is offered.
33. (1) The committee shall consider at a meeting
every application for a loan and if the committee is satisfied
with the trustworthiness of the applicant, the sufficiency of
the security offered and the prospects of advantage to the
borrower, in the way of increased production or economy or
otherwise, it may sanction the loan.
(2) No persons other than members of the
committee and the Secretary and the Commissioner and his
staff shall be present at any meeting of the committee when
an application for a loan is under consideration, except in
cases where the application has been received from any
member of the committee or from any other officer of the
registered society, and the rules specify certain other officers
of the registered society who shall be present in such cases. A
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Security for
loans.
Purposes of
loans.

Documents
relating to
loans.

Restrictions on
loans to
defaulters.

member of the committee or other officer who applies for a
loan or who is proposed as surety for a loan must withdraw
while the relevant application is being discussed. If there is a
difference of opinion concerning the granting of a loan, the
voting shall be taken by ballot. The proceedings with regard
to loans at committee meetings shall be kept secret, and any
member of the committee or officer of the registered society
infringing this regulation shall be liable to immediate
expulsion or dismissal.
34. Loans, when approved by the committee, shall be
granted to members who are able to obtain two sureties
approved by the committee, or who can give other security to
the satisfaction of the committee.
35. (1) No loan shall be made except for a purpose to
be approved of in each case by the committee.
(2) All loans made shall be applied by the
borrowing members to such purpose as the committee has
approved.
36. When a loan is sanctioned by the committee a
notice shall be sent to the borrower to that effect, and, before
the amount is advanced, the borrower and his sureties shall
execute an instrument in writing setting out the terms of
repayment of the loan and containing such other terms and
conditions as the committee may consider necessary.
37. Where a member—
(a) is in default in the payment of a loan
or of an instalment of a loan; and
(b) does not satisfy the committee that
such default is due to a good cause,
such member shall not be entitled to
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Extensions on
loans to
defaulters.

Misapplication
of loans.
Recovery of
loans.
Marketing.
receive another loan from the
registered society.
38. If by reason of sickness or some other cause, a
member finds that he will be unable to discharge his
obligations to the registered society and notifies the Secretary
in writing before a loan is due the committee may extend the
time fixed for payment on such conditions as it thinks fit.
39. Where the committee is satisfied that a member of
a registered society who has obtained a loan has applied the
proceeds thereof to a purpose other than the purpose which is
stated in the application therefor under regulation 32, the
committee may, by notice in writing to the debtor, demand
payment of the loan before the agreed date of payment.
40. Where—
(a) a loan or an instalment of a loan has
not been paid on the date on which it
became due; and
(b) no extension for the payment thereof
has been given to the debtor by the
committee under regulation 38,
the committee shall take steps for the recovery of the same by
referring the matter to the Commissioner as prescribed in
section 49.
REGULATION APPLICABLE TO MARKETING
SOCIETIES
41. (1) Every member of a society shall deliver to the
society at such place as the committee shall direct such
amount of articles produced or obtained by him as may be
prescribed in the rules or in the relevant contract to be
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Bad debts.

Preparation of
annual accounts
and report.
Transfer of
shares.
[Reg. 14/1949]
disposed of by the society.
(2) Any member who is proved or adjudged in
accordance with section 49 to be guilty of a breach of the rules
or the relevant contract as the case may be shall pay to the
society as liquidated damages such sum as may be
specifically assessed or ascertained in manner prescribed by
the rules or by the relevant contract and such sum shall be
deemed to be a debt due to the society.
REGULATIONS APPLICABLE TO ALL SOCIETIES
42. The committee may, with the approval of the
Commissioner, cause bad debts to be written off the books of
the registered society in such manner and at such times as the
Commissioner may deem fit.
43. The committee shall in every year and as soon as
conveniently possible within such time as the Commissioner
may direct—
(a) cause the Secretary to prepare and
send to the Commissioner the yearly
balance sheet closed on the 31st
December of the preceding year
together with a detailed statement of
the profit and loss account; and
(b) prepare a report on the year's
working of the registered society to be
presented to the annual general
meeting.
44. (1) Any share may be transferred with the
approval of the committee to any other member at the option
of the transferor, but if the transferee is not a member, he
must be approved of as a member by the committee, or the
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Special
provisions as to
transfer to
shares of a
member who is
of unsound
mind.
general meeting according to the rules relating to the
admission of members before the transfer can be registered;
and if the rules require a member to hold more than one
share, the transferee must acquire by the transfer, or by the
transfer and allotment, the number so required to be held
before the transfer can be registered.
(2) Special transfer forms shall be prescribed by the
Commissioner.
(3) No transfer of a share shall be valid and
effective unless and until such transfer has been registered by
the Secretary on the direction of the committee.
(4) No transfer of a share shall be registered if
made by a member indebted to the registered society without
special order of the committee, and until the transfer of a
share is registered no right shall be acquired against the
registered society by the transferee, nor shall any claim of the
registered society upon the transferor be affected thereby.
45. (1) Where a member or person claiming
through a member of a registered society has become of
unsound mind or incapable of managing his affairs and no
committee, receiver, or guardian has been appointed, the
Society may, subject to regulation 44 and section 27, transfer
the share or interest of such member to any person mind,
nominated by such member for the purposes of section 17, or
may pay to the person nominated a sum representing the
value of the share or interest of such member ascertained in
accordance with regulation 9(5)
(2) If no nominee has been appointed, the society
may pay a sum representing the value of the member's share
or interest to the Public Trustee:
Provided that, if the value of such share or interest does
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Sales of shares
of members in
default.

Secretary.
not exceed twenty dollars ($20), the committee of the society
may, subject to any conditions they think fit, pay the whole or
any portion of such sum to the person who appears to them to
have the care of such member or the management of his
affairs.
(3) All transfers and payments made by a
registered society in accordance with this regulation shall be
valid and effective against any demand made upon the
society by any person.
46. The committee may in default of payment by any
member indebted to a registered society to an amount not less
than three fourths of the sum paid up for the time being on
any transferable default, share held by him, sell, transfer and
register in the books of the registered society such share to
any person entitled to hold the same under the regulations or
rules for the best price obtainable therefor, and apply the
proceeds in or towards the discharge of the debt so due and
of any expense incurred in or about the same, paying over the
balance (if any) to the member without being responsible for
any loss occasioned thereby, and the defaulting member shall
cease to have any further claim in respect of such share.
47. (1) The committee shall appoint a secretary
and, unless the person so appointed is a member of the
committee, shall have power to fix the remuneration for his
services.
(2) The Secretary, if a member of the committee,
shall be unpaid.
(3) No remuneration fixed under paragraph (1)
shall be payable or recoverable, unless approved by the
Commissioner. Every such approval shall be communicated
in writing by the Commissioner to the committee.

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Payment of
Secretary.
Security by
Secretary.
Suspension of
Secretary.
(4) In the event of failure on the part of the
committee to appoint a Secretary, the Commissioner shall
appoint a Secretary and, unless the person so appointed is a
member of the committee, the Commissioner shall fix his
remuneration. Every appointment made by the
Commissioner under this sub-regulation shall be valid and
effective, and every remuneration fixed by the Commissioner
shall be payable and recoverable, as if made or fixed by the
committee.
(5) The Secretary shall occupy his office until his
services are determined by one month's notice in writing
given by the committee.
(6) The Secretary may resign his office by giving
one month's notice to the committee in writing.
(7) On the occurrence of a vacancy in the office of
the Secretary, the provisions of this regulation shall apply,
mutatis mutandis, to the filling of such vacancy.
48. The remuneration (if any) of the Secretary shall be
paid from the funds of the registered society monthly in
arrear.
49. The Secretary may be required to give security in
such amount as the committee may determine.
50. (1) The committee may at any time suspend the
Secretary for any irregularity in the performance of his duties.
(2) Such suspension shall be reported forthwith to
the Commissioner who shall approve or disallow the same
and shall communicate his decision to the Secretary and the
committee in writing, and on notification of his approval of
the suspension the services of the Secretary shall be
determined without further notice.
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Temporary
absence of
Secretary.

Duties of
Secretary.
(3) In the event of the suspension of the Secretary
the committee shall forthwith appoint a substitute to hold
office during the period of such suspension and shall report
the name of such substitute to the Commissioner.
51. (1) The Secretary shall not absent himself from
duty save with the permission of the committee previously
obtained.
(2) During the absence of the Secretary, the
committee shall appoint a temporary secretary and shall
report the appointment to the Commissioner.
52. The duties of the Secretary shall be—
(a) to attend all meetings of the registered
society and of the committee and to
carry out all the instructions of the
committee ;
(b) to be present at the office during the
hours of business as fixed from time
to time by the committee;
(c) to record the whole of the transactions
of the registered society in the books
provided for that purpose; to conduct
correspondence on behalf of the
registered society; to prepare the
annual statement of accounts and
balance sheet; and to have charge of
the documents, books and vouchers
for payments and receipts on behalf of
the registered society;
(d) to receive all applications for loans
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and bring the same before the
committee; to prepare receipts and
other documents in the form
prescribed for signature by borrowers
prior to their taking the loans
sanctioned; and with the authority of
the committee to supply information
about the registered society which
may be applied for by members;
(e) to receive all moneys due or payable
to the registered society and issue
receipts to the payer for same from a
counterfoil receipt book supplied to
the registered society for the purpose
by the Commissioner, obtaining at the
same time the signature of the person
making the payment on the
counterfoil;
(f) to deposit with the Treasurer from
moneys collected by him on behalf of
the registered society all sums in
excess of an amount to be fixed from
time to time by the committee and to
obtain from him a receipt on a form to
be taken from the prescribed
counterfoil book;
(g) to keep separate all moneys belonging
to the registered society and on no
account to mix them with any other
moneys; and to produce at all times
when called upon to the committee,
or the Commissioner or any person
authorised by him, all moneys in his
hands belonging to the registered
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Treasurer.

Security by
Treasurer.
Duties of
Treasurer.
society;
(h) to make payments as authorised by
the committee, obtaining the payee's
signature on the payment book
prescribed by the Commissioner:
Provided that if the payment is made outside the
registered society's office the Secretary shall, in every
instance, obtain from the payee a manuscript receipt and
attach it to a separate page of the payment book;
(i) to issue a receipt on a form to be taken
from the prescribed counterfoil book
when receiving money from the
Treasurer; and
(j) to summon meetings as provided in
the regulations.
53. The committee shall appoint one of the members
of the committee, not being the chairman, to be the Treasurer.
54. The Treasurer may be required to give security for
such amount as may be determined by, and to the satisfaction
of, the committee.
55. The duties of the Treasurer shall be—
(a) to receive from the Secretary as
provided in regulation 52 (f) moneys
collected by the latter on behalf of the
registered society, furnishing him
with a receipt on a form taken from
the counterfoil book supplied for the
purpose by the Commissioner and
obtaining at the same time the
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Unfit officers.
[Reg. 2/1963
5/1998]
signature of the Secretary on the
counterfoil;
(b) to advance money to the Secretary for
payments and obtain from him a
receipt from the prescribed
counterfoil book;
(c) to place to the account of the
registered society in such bank as may
be approved by the Commissioner
any amount in his hands in excess of
the amount fixed from time to time by
the committee;
(d) to keep separate all moneys belonging
to the registered society and on no
account to mix them with any other
moneys; and to produce at all times
when called upon to the committee,
the Commissioner or any person
authorised by him, all moneys in his
hands belonging to the registered
society; and
(e) to keep a record on the prescribed
form of all moneys received by him
from the Secretary and of all moneys
paid to the Secretary.
56. (1) If in any society any member of the committee
or other officer is in the opinion of the Commissioner unfit for
the discharge of his duties, the society shall on the
requirement of the Commissioner dismiss him.

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Reserve Funds.

(2) If in the opinion of the Commissioner the
committee of any registered society is or becomes incapable of
managing or wilfully neglects to conduct the affairs of such
society in a proper manner the Commissioner may assume
control of the affairs of the society and may appoint a person
or persons to manage the affairs of the society for such time as
the Commissioner thinks fit:
Provided that the Commissioner may, at any time,
if he thinks fit, cause a committee to be elected in accordance
with the rules of the society and shall forthwith hand over the
management of the society to the committee so elected.
(3) Where the Commissioner has assumed control of a
society under paragraph (2), one-third of the members of the
society or, and notwithstanding the exercise of the right by
the aforesaid one third of the members, the majority of
members of the committee in office immediately before the
Commissioner assumed control of the society may within 21
days appeal in writing to the Minister and the decision of the
Minister shall be final.
57. (1) The reserve fund of a registered society created
in pursuance of section 34(1), may, with the sanction of the
Commissioner—
(a) be utilised in the business of the
registered society; or
(b) be applied to meet occasional
deficiencies incurred by the registered
society.
(2) In sanctioning the utilisation or application of
the reserve fund under paragraph (1), the Commissioner may
impose such terms and conditions as he may deem fit.

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Audit of
accounts.
Audit and
Supervision
Fund.
58. In pursuance of section 35, the accounts of every
registered society shall be audited once at least in every year
by some person authorised by the Commissioner. Such
person shall have access to all the books and accounts of the
registered society and shall examine every balance sheet and
annual return of the receipts and expenditure, funds and
effects of the registered society, and shall verify the same with
the accounts and vouchers relating thereto, and shall either
sign the same as found by him to be correct, duly vouched
and in accordance with the Act, and shall report to the
Commissioner accordingly, or shall specially report to the
Commissioner in what respects he finds the same incorrect,
unvouched or not in accordance with the Act. The
Commissioner shall thereupon forward the report of such
person to the committee.
59. (1) There shall be constituted a fund to be known
as the Audit and Supervision Fund and every registered
society shall, when called upon to do so by the Commissioner,
make annually a contribution to such fund.
(2) Until such time as a society has been
established and registered for the purposes of supervision
and audit, such contributions shall be held by the
Commissioner and administered by him on behalf of the
contributing registered societies.
(3) So long as the Commissioner administers the
fund on behalf of the contributing registered societies, he
shall report in every year to the Government in respect of the
income derived from contributions, the expenditure he has
sanctioned from the fund and the balance in his hands.
(4) As soon as a society for supervision and audit
has been established and registered, the fund shall be credited
to such society and shall be utilised by such society in
accordance with its objects and rules.
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Rules.
(5) Until a society for supervision and audit has
been established and registered, the Commissioner shall fix
the amount of the annual contribution to the fund of every
registered society called upon to contribute to the fund. The
amount of every such annual contribution shall be subject to a
maximum of either ten per cent (10%) on the net annual
profits of the registered society or of one per cent (1%) of the
working capital of the registered society.
60. (1) The rules of a proposed society shall contain
provision 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
rules shall, in addition, contain provision in respect of the
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Amendment
of rules.

Copies of
entries.
following matters—
(a) the occupation or 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.
61. (1) Where in pursuance of the provisions of section
10(1) a of registered society amends its rules, such
amendment shall be made by a resolution of the members of
the registered society at a general meeting.
(2) No resolution under paragraph (1) shall be
valid or effective unless it was taken by a majority of not less
than three-fourths of the members present at the general
meeting at which the resolution was proposed.
(3) A copy of a resolution under paragraph (1)
shall be forwarded to the registrar together with three copies
of the amendment.
62. For the purposes of section 20 a copy of an entry in
a book of a society may be certified by a certificate written at
the foot of such copy, declaring that it is a true copy of such
entry and that the book containing the entry is still in the
custody of the society, such certificate being dated and signed
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Reference of a
dispute to the
Commissioner
for decision.

Reference to
arbitration by
the
Commissioner.
by the Secretary and one member of the committee.
63. (1) Reference of a dispute to the Commissioner for
decision under the provisions of section 49(1) may be made –
(a) by the committee; or
(b) by the registered society in pursuance
of a resolution in that behalf taken in
general meeting; or
(c) by any party to the dispute; or
(d) where the dispute concerns a member
of the committee and the registered
society, by any member of the
registered society.
(2) Every reference under this regulation shall be
made by a statement in writing addressed to the
Commissioner. Such statement shall—
(a) be dated;
(b) specify the dispute;
(c) set out full particulars of the dispute;
and
(d) be signed by the party making it.
64. (1) Where in pursuance of the provisions of section
49(2) (b), the Commissioner decides to refer a dispute to
arbitration, such decision shall be embodied in an order of
reference under his hand.

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(2) Every order of reference under this regulation
shall—
(a) specify the name, surname, place of
abode and occupation of the arbitrator
or arbitrators;
(b) set out the dispute and full particulars
thereof; and
(c) limit the time within which the award
shall be forwarded by the arbitrator or
arbitrators to the Commissioner:
Provided that, on good cause shown to his
satisfaction, the Commissioner may by a further order enlarge
the time whether before or after the time limited by the order
of reference has expired.
(3) Where the Commissioner decides to refer a
dispute to more than one arbitrator, such reference shall be to
three arbitrators, of whom one shall be nominated by each of
the parties to the dispute and the third shall be nominated by
the Commissioner and shall act as chairman.
(4) Where under paragraph (3) reference is made
to three arbitrators, the following provisions shall have effect:
(a) if any party to the dispute fails to
nominate an arbitrator within such
time as the Commissioner may
specify, the Commissioner may make
the nomination himself;
(b) if an arbitrator nominated by one of
the parties to the dispute dies, or
refuses or neglects to act, or by
absence or otherwise becomes
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Proceedings
before the
arbitrator or
arbitrators.
incapable of acting, the Commissioner
shall call upon the party concerned to
nominate a new arbitrator within
such time as the Commissioner may
specify, and if no new arbitrator is
nominated accordingly, the
Commissioner may nominate one
himself;
(c) if the arbitrator who dies, or refuses
or neglects to act, or becomes
incapable of acting, was nominated by
the Commissioner, a new arbitrator
shall be nominated in his place by the
Commissioner; and
(d) the opinion of the majority of the
arbitrators shall prevail.
65. (1) The proceedings before the arbitrator or
arbitrators shall, as nearly as possible, be conducted in the
same way as proceedings before a court of law, and in
particular the following provisions shall have effect in respect
thereof:
(a) notice of the time and place at which
the proceedings are to be held shall be
given to the parties to the dispute,
and such notice shall be a ten days'
notice;
(b) a record of the evidence adduced
before the arbitrator or arbitrators
shall be made, dated and signed by
the arbitrator or arbitrators;
(c) documents produced as exhibits
before the arbitrator or arbitrators
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Proceedings
before the
Commissioner.

shall be marked, dated and initialled
by the arbitrator or arbitrators and
shall be attached to the file of the
proceedings; and
(d) in the absence of any party duly
notified to attend, the dispute may be
decided by the arbitrator or
arbitrators ex parte.
(2) The award of the arbitrator or arbitrators
shall—
(a) be in writing;
(b) be dated and signed by the arbitrator
or arbitrators; and
(c) state the amount of the costs and
expenses of the arbitration, if any, and
by which party or parties to the
dispute the same are to be paid.
(3) Upon the completion of the proceedings, the
arbitrator or arbitrators shall forward to the Commissioner—
(a) the file of the proceedings; and
(b) the award.
66. Where, in pursuance of the provisions of section
49(2) (a), the Commissioner exercises the power of deciding a
dispute himself, the proceedings before him in relation
thereto shall, as nearly as possible, be conducted in the same
way as proceedings before a court of law and the provisions
of regulation 65 shall apply, mutatis mutandis, to such
proceedings.

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Fees.
reg. 67
67. The fees specified in the Schedule shall be payable
for the matters to which they relate.
SCHEDULE
1. For registration of a society and its rules
$2.00
2. For registration of an amendment of the rules of a
society
$0.50
3. For every inspection on the same day of documents
whether one or more in the custody of the
Commissioner and relating to one and the same
society
$0.25
Provided that the Commissioner may, in his
discretion, waive this fee.
4. For every copy or extract of any document in the
custody of the Commissioner, for every 120 words or
part thereof.
$0.15
_____________
Application of Section 34(1) Order
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Citation.

Application of
section 34(1).
APPLICATION OF SECTION 34(1) ORDER
made under section 55
1. This Order may be cited as the Application of
Section 34(1) Order.
2. From and including the year 1950, section 34(1) of
the Cooperative Societies Act shall apply to the classes of
societies shown in the first column of the Schedule, with the
modification shown in the second column of the said
Schedule.
SCHEDULE
Class of Society Modifications
(a) Co-operative thrift societies
and Co-operative savings
societies.
(b) Co-operative credit societies
and Co-operative credit
unions.
At least 15% of the net
profits to be carried to the
reserve fund.
At least 20% of the net
profits to be carried to the
reserve fund.
____________________
O. 70/1974
GEORGETOWN (NORTH “B” YOUTH COUNCIL) CO-
OPERATIVE CREDIT UNION LIMITED
(MODIFICATION) ORDER
made under section 55
Citation.
1. This Order may be cited as the Georgetown (North
“B” Youth Council) Co-operative Credit Union Limited
(Modification) Order.
Application of Section 34(1) Order
Georgetown (North “B” Youth Council) Co-operative Credit Union Limited (Modification)
Order
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Modification to
s. 21 of Act.
2. Section 21(a) of the Act in its application to the
Georgetown (North “B” Youth Council) Co-operative Credit
Union Limited shall be subject to the following modification,
that is to say, the reference therein to the age of sixteen years
shall be construed and read as if there had been substituted
therefor a reference to the age of twelve years.
________________
O. 66/1977
LINDEN TRANSPORT CO-OPERATIVE
SOCIETY LIMITED (EXEMPTION ORDER)
made under section 54
Citation.
Exemption
from provisions
of section 21 of
the Act.
1. This Order may be cited as the Linden Transport
Co-operative Society Limited (Exemption) Order.
2. The Linden Transport Co-operative Society Limited
shall for the purpose of registration be exempt from the
provisions of Section 21 of the Act.
_____________________
O. 48/1980 GUYANA CO-OPERATIVE WHOLESALE
SOCIETY LIMITED (EXEMPTION) ORDER
made under section 55
Citation.
Exemption.
1. This Order may be cited as the Guyana Co-operative
Wholesale Society Limited (Exemption) Order.
2. The Guyana Co-operative Wholesale Society Limited is
hereby exempted from the provisions of sections 21 and 27 of the
Act.
_____________________
Linden Transport Co-Operative Society Limited (Exemption) Order
Guyana Co-Operative Wholesale Society Limited (Exemption) Order

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O. 13/1982
GUYANA CO-OPERATIVE CREDIT SOCIETY
LIMITED (MODIFICATION OF PROVISION)
ORDER
made under section 55
Citation.
Modification of
application of
section 21 of
the Act.
1. This Order may be cited as the Guyana Co-
operative Credit Society Limited (Modification of Provision)
Order.
2. Section 21 of the Act, in its application to the
Guyana Co-operative Credit Society Limited, shall be read
and construed as if for the words “registered society” there
were substituted the words “registered society or a friendly
society within the meaning of section 3 of the Friendly
Societies Act.”
__________________
O. 53/1971
CO-OPERATIVE SOCIETIES (EXEMPTION
FROM INCOME TAX) ORDER
made under section 57
Citation.
Tax
Exemption.
1. This order may be cited as the Co-operative Societies
(Exemption from Income Tax) Order.
2. The Co-operative Societies registered under the Co-
operative Societies Act, are hereby exempted from payment
of income tax.
__________________