25Capital and shares

25 Capital and shares

(1) The capital of a society shall vary in amount according to the nominal value of shares from time to time subscribed.

S. 25(2) substituted by No. 8786 s. 4.

(2) The capital shall be divided into shares of a fixed amount which shall be specified in the rules and the shares may be shares of one or more classes as are specified in the rules; and no preferential shares may be issued or allotted.

(3) In every society the rules shall provide that an advance is to be made to a member only on condition that the member subscribes for shares of a nominal value equivalent to the amount of the advance.

(4) Any balance unpaid in respect of shares at the time of allotment shall be paid by periodic subscriptions or in such manner as is specified in the rules.

(5) No member shall hold more than such proportion of the shares in a society as is prescribed by the rules.

(6) A member shall subscribe for such minimum number of shares as is prescribed by the rules.

(7) A share may be held by two or more persons jointly and, in such case, notices for the purposes of the society may be given to the joint holder whose name appears first on the register of shares in respect of the share.

(8) A share may not be sold or transferred without the consent of the board.

No. 6138 s. 26.