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Rules.
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10.—(1) The rules of every society shall specify—
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(a) the name of the society;
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(b) the manner in which the funds of the society are to be raised;
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(c) the terms on which shares are to be issued and repaid;
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(d) whether preferential shares are to be issued and, if so, within what limits;
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(e) in the case of a society incorporated on or after the commencement of this section, provision for the issue of shares in compliance with section 18;
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(f) whether the society intends to borrow money and, if so, within what limits;
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(g) whether deposits are to be accepted and, if so, on what terms;
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(h) the purposes to which the funds of the society are to be applied and the manner in which they are to be invested;
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(i) the manner in which loans are to be made and repaid, any deductions for premiums, and the conditions on which a borrower can redeem the amount due from him before the expiration of the period for which the loan was made;
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(j) provision for the custody of the mortgage deeds and other securities belonging to the society;
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(k) the manner in which losses are to be ascertained and provided for;
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(l) the powers and duties of the board of directors and other officers;
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(m) the manner of appointing, remunerating, and removing the board of directors and other officers (including the filling of casual vacancies), and the manner of remunerating auditors;
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(n) provision for the use of the seal of the society;
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(o) the right of members to requisition meetings, the form of notice for the convening of meetings and the manner of service of the notice;
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(p) the manner in which notice of any resolution (including a special resolution) to be moved at meetings is to be given to members;
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(q) the procedure to be observed at meetings;
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(r) the voting rights of members, the right of a member to appoint a proxy and demand a poll and the manner in which a poll is to be taken;
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(s) whether disputes between the society and any of its members, or any person claiming by or through any member or under the rules, shall be settled by reference to a court, the Registrar or arbitration;
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(t) any fines and forfeitures to be imposed on members of the society;
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(u) the manner in which membership of the society is to cease;
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(v) the manner in which the society may be wound up.
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(2) (a) The rules of a society shall be binding on each of the members and officers of the society and on all persons claiming on account of a member or under the rules, and all members, officers and such persons shall be taken to have full notice of the rules.
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(b) A society shall supply to any person requiring it a copy of its rules and may charge for the copy a fee of such amount as may from time to time be fixed by the Registrar.
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(3) The Minister may prescribe rules in respect of a matter referred to in subsection (1), either generally or by reference to a specified class or classes of rules or societies, denoted by reference to such matters as the Minister may consider appropriate.
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(4) (a) Where rules of a specified class or classes have been prescribed under subsection (3) and the rules of a society established before the commencement of regulations under that subsection are not in the opinion of the Registrar substantially in accordance with the rules as so prescribed, the Registrar shall notify the society of his opinion within six months after the commencement of the regulations, and in such a case the prescribed rules shall (with effect from a date, specified by the Registrar, not earlier than one year from the commencement of the regulations) be deemed to be the rules of the society in substitution for those in force on the date of the making of the regulations.
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(b) A society may within a period of three months beginning on the date of receipt of the Registrar's opinion under this subsection appeal to the Court against the opinion.
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(c) Where an appeal under this subsection is upheld the rules of the society may remain in operation.
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(d) Where an appeal under this subsection fails the rules prescribed shall (with effect from a date not earlier than one year from the commencement of the regulations or six months after the date of the Court's decision on the appeal, whichever is the later) be deemed to be the rules of the society in substitution for those in force on the date of the making of the regulations.
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