Regulations

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The Cabinet may make such regulations as may be necessary for the purpose of carrying out or giving effect to this Law and in particular and without prejudice to the generality of such power such regulations may —

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 application;

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;

subject to section 28, prescribe the maximum number of shares or portions of the capital of a registered society which may be held by a member;

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;

provide for general meetings of the members and for the procedure at such meetings, and for the powers to be exercised by such meetings;

provide for the appointment, suspension and removal of the members of the committee and other officers, 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;

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;

regulate the manner in which funds may be raised by means of shares, debentures or otherwise;

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, the maximum amount which may be lent and the maximum credits which may be allowed to individual members;

provide for the mode in which the value of the interest of a deceased member shall be ascertained;

provide for the mode in which the value of the interest of a member who has become of unsound mind incapable of managing themselves or that person’s affairs shall be ascertained and for the nomination of any person to whom such interests may be paid or transferred;

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;

prescribe the conditions under which profits may be distributed to the members of a society and the maximum rate of dividend which may be paid by societies;

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;

provide for the audit of the accounts of registered societies and for the charges, if any, to be made for such audit and 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 prescribe for the administration of such a fund;

prescribe the returns to be submitted by registered societies to the Registrar, and the persons by whom and the form in which the same are to be made;

provide for the persons by whom, and the form in which, copies of entries in books of registered societies may be certified;

provide for the formation and maintenance of a register of members and, where the liability of members is limited by shares, of a register of shares;

provide for the inspection of documents and registers at the Registrar’s office and the fees to be paid therefor and for the issue of copies of such documents or registers;

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 such breach may be ascertained or assessed;

prescribe the mode of appointing an arbitrator or arbitrators and the procedure to be followed in proceedings before such arbitrator or arbitrators;

provide for the formation of a Joint Cooperative Council and for the objects and functions of such a Council; and

provide for the appointment of a tribunal to hear appeals and to prescribe the fees to be paid, the procedure to be observed and all other matters connected with appeals.

Cross References

Section 28 of Cooperative Societies Actexternal
Subject to section 28 as referenced in paragraph (c)

Cooperative Societies Act

10 Parts