South African Mutual Life Assurance Society (Private) Act
EXTRAORDINARY BUITENGEWONE
THE REPUBLIC OF ·SOUTH AFRICA
~o"ernment
Staatshoerant VAN DIE REPUBLIEK VAN SUID-AFRIKA
[Registered at the General Post Office as a Newspaper.] [ Geregistreer by die Hoofposkantoor as 'n Nuusblad.]
VOL. 22.)
Price I Oc Prys Overseas ISc Oorsee POST FREE-POSVRY
CAPE TOWN, 26TH OCTOBER, 1966. KAAPSTAD, 26 OKTOBER 1966.
[No. 1576.
DEPARTMENT OF THE PRIME MINISTER. DEPARTEMENT VAN DIE EERSTE MINISTER.
No. 1688.] [26th October, 1966. No. 1688.]
It is hereby notified that the State President has assented to the following Acts which are hereby published for general
[26 Oktober 1966.
J information:- PAGE
3
Hierby word bekend gemaak dat die Staatspresident sy goedkeuring geheg het aan die onderstaande Wette wat hierby ter algemene inligting gepubliseer word:-
BLADSY
No. 36 of 1966: Group Areas Act, 1966 No. 44 of1966: Bethelsdorp Settlement Amendment
Act, 1966 . . 69 No. 45 of 1966: Industrial Development Amendment
Act, 1966 . . 73 No. 46 of 1966: Motor Vehicle Insurance Further
Amendment Act, 1966 75 No. 47 of 1966: South African Road Safety Council
Amendment Act, 1966 81 No. 49 of 1966: Potchefstroomse Universiteit vir
Christelike Hoer Onderwys Amend-
No. 50 ofl966:
No. 51 of 1966: No. 52 of 1966:
ment Act, 1966 . . 83 Wine, Spirits and Vinegar Amend-
ment Act, 1966 89 Rand Afrikaans University Act, 1966 105 South African Mutual Life Assurance
,,No. 53 ofl966:
'
Society (Private) Act, 1966 . . 115 Roodepoort and Weltevreden Agri-
cultural Settlements Adjustment Act, 1966 . . 143
No. 59 of 1966: Appropriation Act, 1966 . . 149
No. 36 van 1966: Wet op Groepsgebiede, 1966 2 No. 44 van 1966: Bethelsdorp-skikkingswysigingswet,
1966 68 No. 45 van 1966: Wysigingswet op Nywerheid-ont-
wikkeling, 1966 . . 72 No. 46 van 1966: Verdere Wysigingswet op Motor-
voertuigassuransie, 1966 74 No. 47 van 1966: Wysigingswet op die Suid-
Afrikaanse Padveiligheidsraad, 1966 80
No. 49 van 1966: Wysigingswet op die Potchef- stroomse Universiteit vir Christe- like Hoer Onderwys, 1966 82
No. SO van 1966: Wysigingswet op Wyn, Spiritualiee en Asyn, 1966 . . 88
No. 51 van 1966: Wet op die Randse Afrikaanse Universiteit, 1966 .. 104
No. 52 van 1966: Private Wet op die Suid-Afrikaanse Onderlinge Lewensversekerings- genootskap, 1966 .114
No. 53 van 1966: Reelingswet op die Landbouneder- settings Roodepoort en Welte- vreden, 1966 142
No. 59 van 1966: Begrotingswet, 1966 .. 148
Please note that most Acts are published in English and another South African official language. Currently we only have capacity to publish the English versions. This means that this document will only contain even
numbered pages as the other language is printed on uneven numbered pages.
GOVERNMENT GAZETTE EXTRAORDINARY, 26TH OCTOBER, 1966 No. 1576 115
No. 52, 1966.]
PRIVATE ACT To consolidate the laws relating to the Society incorporated
under the name of the South Mricau Mutual Life Assurance Society.
(Afrikaans text signed by the State President.) (Assented to 18th October, 1966.)
WHEREAS the South African Mutual Life Assurance Society was incorporated in the first instance by the South African
Mutual Life Assurance Society Incorporation Act, 1888 (Act No. 6 of 1888 (Cape)), and is at present incorporated by the South African Mutual Life Assurance Society Private Act, 1915 (Act No. 16 of 1915) (hereinafter referred to as the principal Act);
AND WHEREAS the principal Act was amended by the South African Mutual Life Assurance Society Amendment (Private) Act, 1937 (Act No. 23 of 1937), and by the South African Mutual Life Assurance Society Amendment (Private) Act, 1950 (Act No.7 of 1950);
AND WHEREAS the principal Act has since been further amended by virtue of section 76bis thereof which was inserted in the principal Act by section 2 of the South African Mutual Life Assurance Society Amendment (Private) Act, 1950, which amendments were confirmed by the Cape Provincial Division of the Supreme Court by orders granted on 1st December, 1950, 4th December, 1952, 1st March, 1962, and 5th March, 1965;
AND WHEREAS it is desirable to consolidate the laws relating to the said Society;
BE IT THEREFORE ENACTED by the State President, the Senate and the House of Assembly of the Republic of
South Africa as follows:-
1. (1) In this Act, unless the context otherwise indicates- Interpretation (i) "accident assurance business" means the issue of, or of terms.
the undertaking of liability under policies of insurance upon the happening of personal accidents, whether fatal or not, disease, or sickness, or any class of per- sonal accidents, disease or sickness; (iv)
(ii) "auditor" means a person who is registered as an accountant and auditor in terms of the Public Ac- countants' and Auditors' Act, 1951 (Act No. 51 of 1951), and is a member of one of the four societies referred to in section 1 of that Act and who has been duly elected or appointed for the time being as an auditor of the Society; (v)
(iii) "director" means a director of the Society but does not include a regional director; (i)
(iv) "general manager" means the general manager of the Society or the person for the time being performing his duties; (iii)
(v) "mortgage" in relation to a transaction entered into in a territory the law whereof recognizes an "equitable mortgage" shall be deemed to include such mortgage; (viii)
(vi) "regional director" means a member of a regional board constituted in terms of section 23; (vii)
(vii) "secretary" means the secretary of the Society or the person for the time being performing his duties; (vi)
(viii) "Society" means the South African Mutual Life Assurance Society. (ii)
GOVERNMENT GAZETTE EXTRAORDINARY, 26TH OCTOBER, 1966 No. 1576 117
(2) For the purposes of sections 9 and 27, amounts expressed in South African currency shall be deemed to include amounts of equivalent value expressed in any other currency in which the Society issues policies.
I. INCORPORATION OF THE SOCIETY.
2. The Society originally established and incorporated by C~~tinued f the South African Mutual Life Assurance Society Incorporation S~i:~~e 0 Act, 1888 (Act No.6 of 1888), of the Cape of Good Hope and presently incorporated by the South African Mutual Life Assurance Society Private Act, 1915 (Act No. 16 of 1915), shall, notwithstanding the repeal of the latter Act by this Act, continue to exist as a body corporate known by the name of the South African Mutual Life Assurance Society until dis- solved by its members or by legal process, and shall by such name institute and be subject to legal proceedings, acquire and alienate property, enter into agreements and generally transact all its business.
3. The head office of the Society shall be at such place in the Head office. Cape Division as the directors shall determine.
4. All assets held by trustees or the directors on behalf of Asse~ to the Society or to which the Society had any right or claim im- contmue vested. mediately before the commencement of this Act shall continue to be so held or be subject to such right or claim as heretofore.
II. BUSINESS OF THE SOCIETY.
5. The Society is empowered to do the following things, ~bi!lCts of that is to say- ociety.
(a) to carry on generally the business of mutual life as- surance including the grant of endowments, and with- out derogating from the generality of this object to grant assurance with or without the right to par- ticipate in the surplus or profits of the Society for the payment of money on the happening of any contingency or event depending on death, survivance, marriage, issue or any other contingency of human life;
(b) to carry on accident assurance business in all its branches;
(c) to grant, sell and purchase annuities of all kinds, whether dependent upon human life or otherwise, perpetual or terminable, immediate or deferred, contingent or otherwise;
(d) to realise any assets belonging to the Society when it may be necessary or advisable so to do;
(e) to re-assure any risk accepted by the Society and to undertake the re-assurance of risks accepted by any other person or body of persons: Provided that the risk so re-assured be one of those which the Society itself could have undertaken under the powers con- ferred by this Act;
(f) to lay out and invest the funds of the Society in any of the modes following-'
(i) in the purchase of or advance on the public stocks, funds or debentures of the Government of the United Kingdom of Great Britain and Northern Ireland, of Northern Ireland, of the Republic of South Africa or of any British Dominion, Colony or Dependency or any man- dated territory of which Her Britannic Majesty or the Government of the Republic of South Africa holds mandate;
(ii) upon stocks, funds, debentures or mortgages of any body incorporated by special Statute, of any divisional council, municipality or other local authority incorporated by law within the United Kingdom of Great Britain and Northern Ireland, the Republic of South Africa or any British Dominion, Colony or Dependency or any mandated territory of which Her Britannic Majesty or the Government of the Republic of South Africa holds mandate or upon de- bentures of or mortgages of or in the purchase of or advance upon the shares of any company
GOVERNMENT GAZETTE EXTRAORDINARY, 26TH OCTOBER, 1966 No. 1576 119
or other body corporate, duly incorporated as such either therein or in any place where the Society carries on assurance business;
(iii) upon mortgage of immovable property situated in the Republic of South Africa, the United Kingdom of Great Britain and Northern Ireland or any British Dominion, Colony or Dependency or any mandated territory of which Her Britannic Majesty or the Government of the Republic of South Africa holds mandate, or in any country, state or place where the Society carries on business;
(iv) on deposit or current account with or without interest with any bank, joint stock company, building society or trust company;
(v) in the purchase of or advance on shares of the South African Reserve Bank;
(vi) in the subscription for, purchase of or advance on the stock of the National Finance Corporation;
(vii) in life, reversionary or other interests whether absolute, contingent or expectant in movable or immovable property in which or on the security of which the Society is authorized to invest its funds;
(viii) in the purchase of or advance on the shares of · any company having power to carry on any kind
of insurance business, whether such shares be fully paid up or not, or in the promotion or formation of any such company: Provided that in the event of the purchase of any partly paid up shares of any such company a reserve fund shall be created by the Society equal to and as provision for the amount remaining unpaid on such partly paid up shares;
(ix) in loans secured by the cession of policies of life assurance or of first mortgage bonds on im- movable property with or without other security;
(x) in the purchase or lease of immovable property situated in the Republic of South Africa, the United Kingdom of Great Britain and Northern Ireland or in any British Dominion, Colony or Dependency or any mandated territory of which Her Britannic Majesty or the Government of the Republic of South Africa holds mandate, or in any country, state or place where the Society is carrying on business and the erection of buildings thereon: Provided that such purchase or lease or erection of buildings be sanctioned by not less than two-thirds in number of the directors present at the meeting at which the matter is considered;
(xi) in the purchase of policies granted by the Society at a sum not exceeding the surrender value thereof;
(g) to purchase or otherwise acquire all or any part of · the business and to undertake the liabilities attendant thereon of any company incorporated or unin- corporated carrying on any business which the Society is authorized to carry on, and to sell or otherwise dispose of any part thereof which cannot be conveniently carried on by the Society: Provided that the directors may, if they deem it advisable-
(i) carry on any of the business that had been carried on by the business acquired; and
(ii) retain and hold any stocks, securities or pro- perties in which the business acquired has its funds invested at the time it is so acquired:
Provided further that such purchase or acquisition be sanctioned by not less than two-thirds in number of the directors present at the meeting at which the matter is considered;
(h) to underwrite or guarantee the subscription of any of the stocks, funds, shares, debentures, debenture stocks, mortgages, bonds or securities the purchase of which is authorized by any of the paragraphs of this section and, either under a contract of under- writing or guarantee, or quite independently thereof, to subscribe for the same conditionally or uncon- ditionally;
GOVERNMENT GAZETTE EXTRAORDINARY, 26TH OCTOBER, 1966 No. 1576 121
(i) to undertake the business of accepting money on deposit, and to raise money by the issue of any instru- ment of debt, with or without security, and generally, to borrow money;
(j) to transact generally all kinds of guarantee and fidelity guarantee business;
(k) to accept either its~lf or through any authorized director or official, either alone or jointly with any other person or persons, and to administer any settlement inter vivos outside the Republic of South Africa, or the office of a trustee under a debenture deed in any territory in which the Society may be carrying on business;
(l) to promote, form, establish, finance, manage and con- trol companies, syndicates and associations of all kinds: Provided that no such company, syndicate or association shall be endowed with power, either itself or through any nominated person, to accept any office of trust and confidence or to transact any kind of trust and agency business other than such as is within the terms of some other empowering provision in this Act;
(m) to exercise any one or more of the powers vested in the Society by forming and establishing in any territory, in which the Society may be carrying on business, any company or companies or other legal association or associations, and endowing any such company or association with any such power or powers and there- after financing, managing or controlling the same;
(n) to procure the Society to be registered or recognized in any other country, state or place, and to make any investments or deposits and to comply with any con- ditions which may be necessary or expedient to enable the Society to carry on business in any country, state or place;
(o) to make such donations in the furtherance of education or research as the directors may, in their discretion, consider beneficial to the Society or conducive to the attainment by the Society of any of its objects;
(p) to do all such other things as the Society may think incidental or conducive to the attainment of any of the above objects.
III. OF MEMBERS.
6. (1) Every person who is at the commencement of this Act a What persons to member of the Society and every person who shall thereafter be members. effect an assurance with the Society, other than a temporary or short term assurance without participation in profits, shall be a member.
(2) Subject to any bye-laws made or deemed to have been made under this Act, every person registered in the books of the Society as the owner of a policy or contract of assurance, as aforesaid, acquired by purchase, cession, or otherwise (not being a person by whom any such policy or contract is held in trust for the purposes of family or other settlement) shall also be a member so long as he shall have an interest in the assurance.
7. Every such member shall be entitled to the rights and Duration ?f privileges of membership until his death, unless all claims against membership. the Society in respect of the policy constituting membership are previously satisfied, or such policy shall lapse, be forfeited, or assigned, or unless the right to such policy passes by operation of law, and the person entitled thereto procures himself to be registered as the owner thereof, in the books of the Society.
8. The liability of the members is limited to the amount of Liability of contribution actually made by them to the funds of the Society. members limited.
RIGHTS AND PRlVILEGFS OF MEMBERS.
9. (1) In case of a poll being taken, every member shall be Title to vote entitled to vote according to the following scale- at poll.
(i) if the holder of an annuity policyforwhich has been paid not less than two hundred rand but under one thousand rand, one vote; for which has been paid one thousand rand or more but under two thousand rand, two votes; or for which has been paid two thousand rand or more, three votes;
GOVERNMENT GAZETTE EXTRAORDINARY, 26TH OCTOBER, 1966 No. 1576 123
(ii) if the holder of any other policy for a sum assured, exclusive of bonus additions, of not less than two hundred rand but under one thousand rand, one vote; of one thousand rand or more but under three thou- sand rand, two votes; of three thousand rand or more, three votes.
(2) No member shall be entitled to more than three votes in all.
(3) Where two or more persons are jointly members by virtue of any policy, only one of them shall be entitled to vote in respect of such policy; such one to be authorized by the other in writing, and failing such authority the member whose name stands first in the register of members shall be so entitled.
10. (1) An insane member may not vote except by his curator. yotes of (2) Such curator may not vote on behalf of the member on msane members.
any question other than the election of directors unless he has been duly registered as such in the Society's records at least seven days before the commencement of any meeting at which it is sought to vote.
(3) Any other member may vote without legal assistance.
11. (1) Members shall be entitled to vote by proxy upon all Votes by proxy. questions other than the election of directors.
(2) No such proxy will be of any validity unless it has been dated at the time of execution and has been so dated within sixty days of any meeting at which it is sought to be used and in addition has been lodged with the general manager not less than seven days before the commencement of any meeting at which it is sought to be used.
(3) No person other than a member of the Society shall be .appointed a proxy.
12. (1) The holder of a general power of attorney for Votes by holden transacting the business of any member absent from the of general power. Republic of South Africa may, if a member, vote for his principal, and if not a member, he may grant a proxy to a member to vote on his principal's behalf upon all questions other than the election of directors.
(2) The right to vote at a meeting or grant a proxy under any such general power of attorney shall be dependent upon its having been produced to and noted by the general manager not less than seven days before the commencement of any meeting at which such voting right is sought to be exercised.
13. Every proxy shall be as nearly as is material in the Form of proxy. following form-
1, A. B., of.. .......................................................... , a member of the South African Mutual Life Assurance Society, hereby appoint C. D., also a member thereof, my proxy, to appear and vote for me upon all matters in my absence, at the next meeting of the Society to be held on the .............................. day of ........ : .......................... .19 ............ , and at any adjournment thereof. Dated at... ........................... this ........................ day of.. ........................... , 19 .......... ..
IV. OF THE DIRECTORS.
14. (1) The business of the Society shall be conducted and ~d of managed by a board of nine directors: Provided that it shall be ors. competent for such board by a resolution agreed to by at least two-thirds in number of the directors to increase the number of the directors to such number not exceeding fifteen as the board shall determine, in which event the board may appoint the requisite additional director or directors.
(2) In the event of the death, resignation or disqualification of any director, the remaining directors may instead of causing the vacancy in the board to be filled by a resolution agreed to by at least two-thirds in numbeF of such directors, determine that the vacancy be not filled and decrease the number of directors accordingly: Provided that the number of directors shall not at any time be less than nine.
15. The continuing directors may act notwithstanding a Directors ma1 act vacancy in their body. notwithstanding vacancy.
GOVERNMENT GAZETTE EXTRAORDINARY, 26TH OCTOBER, 1966 No, 1576 · 125
16. Any four of the directors shall constitute a quorum for Quorum. the transaction of business.
17. Save as otherwise in this Act expressly provided, questions Voting. arising at any meeting of the board of directors or regional board, or any committee, shall be decided by a majority of votes, and in case of an equality of votes the chairman of the meeting shall have a second or casting vote.
18. No director shall be entitled to vote on any question in IJ?-teres~ to . which he has an interest, other than his interest as a member, at dJSqua!!fy director
· f h d' for votmg. any meetmg o t e !rectors. ·
19. No proceedings of the board of directors or of any ~;r~:: nt etc regional board shall be invalid by reason of any defect in the nof to inv~lidate ·• appointment of any director or regional director, or because proceedings. any director or regional director was disqualified.
POWER AND DUTIES OF THE BOARD.
20. Subject to the provisions of this Act, and any bye. Jaws M~gement of made or deemed to have been made under its authority, the ~::~~S: · board of directors shall have power generally to manage and · transact all the business of the Society.
21. (1). The directors shall at their first meeting after each Jh~a~ ~nd annual general meeting, and thereafter whenever necessity epu y-c a!fiDan. requires, elect from their number a chairman and a deputy- chairman and determine the period for which they are to hold office.
(2) Such chairman, and in his absence the deputy-chairman, shall preside at every meeting of directors or members if present. If neither the chairman nor the deputy-chairman be present the directors present shall elect one of their number to preside at any such meeting.
22. The directors may delegate any of their powers to com- Committees. mittees consisting of such member or members of their body as they think fit.
23. The board of directors may from time to time appoint Regional boards. any number of persons to be a regional board in any place where the Society is carrying on business, and may delegate so much of their powers as they deem expedient to be exercised witl!in the district for which such regional board is appointed, and may at any time remove any member of a regional board and fill up any vacancy therein, and may dissolve any regional board, and may pay to the members of a regional board such remuneration as they think fit.
24. Every committee and every regional board shall be Co~~ ~d subject to this Act, to the bye-laws of the Society, and to any :tJ:t to A:t regulations framed by the board of directors for the guidance bye-laws, etc. ' of committees and regional boards.
25. (1) A committee, or regional board, may elect a chair- C~anteesor d f h . . comrmt an man o t e1r meetmgs. . regional boards
(2) If no such chairman be elected, or if he be not present at · a meeting, the members present may elect one of their number to be chairman of such meeting.
26. All documents of whatsoever kind or nature required to Signing of be executed in writing by the Society either within or without documents. the Republic of South Africa, shall be signed or otherwise executed in such manner and by such person or persons con- formable with law, as the directors shall by resolution direct.
QUALIFICATION OF DIRECTORS.
27. (1) Subject to subsection (2) no person shall be eligible ~alification of for nomination or election as a director or for appointment as tors. a regional director unless he shall be both a member of the Society and also, if the election be for a director at the date of first publication of the notice in the Gazette calling for nominations, and if for a regional director at the date of his appointment, the owner of one or more participating full pre- mium whole life or endowment assurance policies in the Society on his own life for a total sum of not less than one thousand rand, exclusive of bonus; and no member so elected or appointed shall continue to be a director or regional director unless he shall continue to be so qualified.
GOVERNMENT GAZETTE EXTRAORDINARY, 26TH OCTOBER, 1966 No. 1576 127
(2) Notwithstanding anything in this Act contained, any person who was on the 30th April, 1937, a director or local director as defined in the South Mrican Mutual Life Assurance Society Private Act, 1915 (Act No. 16 of 1915), shall remain qualified and be eligible for future election or appointment as a director or regional director as the case may be so long as he shall retain the qualification set forth in the said South Mrican Mutual Life Assurance Society Private Act, 1915, prior to the amendment thereof by the South African Mutual Life Assurance Society Amendment (Private) Act, 1937 (Act No. 23 of 1937).
DISQUALIFICATION.
28. No person who is related within the second degree of pisqualitlcaffi • tion . . ffin" h b h" b .or o ce o consangmruty or a Ity, or w o y IS own act ecomes so director
related within the second degree of affinity, to any director of · the Society, or who is a co-partner or in the employ of any director of the Society shall be eligible either to be elected or to continue to be a director; nor shall any person who is, or who becomes a director, manager, agent or auditor of any other society or association incorporated or unincorporated, carrying on life assurance business anywhere, be eligible to be elected or to continue to be a director, unless the Society itself holds an interest in such other society or association.
29. If any director or regional director shall resign, die, Causes creating become insolvent, assign his estate for the benefit of, or com- ~~=:::office promise with, his creditors, be declared insane, or shall be · otherwise disqualified, or shall be absent from the meetings of the board of directors or regional board for three consecutive months without leave from the board of directors (which leave of absence shall not exceed six months in all), then in every such case his office shall become vacant, and no more than three directors shall have leave of absence at any one time.
30. (I) Save as otherwise provided in this section, no person ~ge fcit for shall hold office as a director or be eligible for election as rrec ors. such after the thirty-first day of December of the year im- mediately preceding the year in which he will attain the age of seventy-five years.
(2) A director who would otherwise have ceased to hold office in terms of subsection (1) may continue to be a director after the date therein referred to if not more than three months before such date the remaining directors determine that he shall hold office for a further period, and in such event he shall continue in office for such further period.
(3) A director who continues in office by virtue of subsection (2) up to the date on which he is due to retire in terms of section 31 shall retire in terms of that section, but shall be eligible for re-election if the remaining directors so decide and determine the period for which he is to hold office if re-elected, and in such event he shall if re-elected continue in office for such period.
(4) Subsection (3) shall mutatis mutandis apply to any direc- tor who continues in office by virtue of that subsection.
(5) The remaining directors may at any time prolong or reduce any period determined by them in relation to any director in terms of subsections (2) or (3), but no such period shall extend beyond the date on which such director is due to retire in terms of section 31.
(6) Decisions by the remaining directors under this section shall be by unanimous vote at a meeting at which not less than seven of the remaining directors or three-fourths of such directors (whichever be the larger number) are present.
(7) Any director elected to fill a vacancy arising under this section shall, provided he remains qualified, hold office until the date on which his predecessor would have retired in terms of section 31.
(8) Nothing in this section contained shall apply to the persons who were directors on the first day of January, 1962.
ELEcriON AND RETIREMENT OF DIRECTORS.
31. (1) At the conclusion of each annual general meeting Retirement of three of the directors who have been longest in office shall directors. retire: Provided that, if at the date of any annual general meet- ing the board of directors shall consist of more than eleven
GOVERNMENT GAZETTE EXTRAORDINARY, 26TH OCTOBER, 1966 No. 1576 129
but fewer than fifteen directors, four of the directors who have been longest in office shall retire, and if at the date of any annual general meeting the board of directors shall consist of fifteen directors, five of the directors who have been longest in office shall retire.
(2) Each retiring director shall be eligible for re-election. (3) As between two or more directors who have been in
office an equal length of time the director or directors to retire shall in default of agreement between them be determined by lot.
32. In the event of the office of any director becoming from Vacancies filled any cause vacant prior to the due date of retirement of such by board. director, the board of directors may within three months from the date on which such vacancy arose elect any person qualified at the date of such election to be a director to hold office as a director for the remainder of the period during which his predecessor would have continued in office provided he remains so qualified.
33. Any such vacancy which shall not be filled by the board Vacanc}es filled of directors shall, failing any resolution of such board in terms otherwiSe. of section 14 reducing the number of directors, be filled in the manner hereinafter provided and the person elected to fill such vacancy shall hold office as a director for the remainder of the period during which his predecessor would have continued in office.
34. It shall be competent for the members by a majority of R,emoval of votes of those present or represented at a duly convened special director. general meeting, to remove a director from his office and to declare his place vacant: Provided that it shall be competent for members present or represented constituting not less than one-fourth of the votes represented at such meeting immediately after declaration by the chairman of a decision in favour of removing a director to claim as of right that the question be submitted for final decision by way of a poll of all members entitled to vote. In such event the poll shall be taken in such manner as the chairman may direct and the result thereof, when declared in writing by the chairman, shall be deemed to be the resolution of the meeting at which the poll was demanded and shall be entered as such in the minute book of the Society.
35. (1) Every candidate for election as a director shall Deposit to be within the time appointed for receiving nominations deposit mad!' byt d di
"thhS · "h f h d d . nommaecan-Wl t e octety e1t er a sum o one t ousan ran or secunty date for approved of by the directors for the due payment to the Society directorship. of a sum of one thousand rand, failing which he shall be deemed not to have been duly nominated.
(2) If any such candidate does not secure at least one-half of the total number of votes polled by the successful candidate, or of the total number of votes polled by the successful candi- date obtaining the least number of votes in cases where more than one director is required to be elected, he shall forfeit the sum of one thousand rand if previously deposited by him or shall forthwith on demand pay to the Society the sum of one thousand rand, and any sum or sums forfeited or paid as aforesaid shall be used by the Society towards the expenses of the election.
{3) Save where any sum deposited has become forfeited it shall be returned to the candidate after the result of the election has been declared.
36. No person shall be deemed to be a candidate for election Norn!nation of as a director unless he has been nominated in writing by not ~~n~da~ for less than fifty members within the time appointed for receiving Jrec ors p. nominations.
37. Not less than forty-two days before the date of every Not~ iJ?.viting annual general meeting, and whenever members are to elect n?mmaho!l for directors to fill casual vacancies, notice shall be given in the directorship. Gazette, and in such newspapers as the directors think fit, inviting nominations of candidates to fill the vacancies existing or to arise.
38. The notice referred to in section 37 shall specify a day, :r: