46Rules of a society

46 Rules of a society

(1) The rules of a society shall be divided into paragraphs numbered consecutively, and shall set forth—

(a) the name of the society;

(b) where the office of the society is to be situated;

(c) the objects of the society;

(d) the nominal value of each share in the society;

(e) the maximum proportion of the shares which may be held by a member;

(f) the fixed date on which or the object or event on the attainment or occurrence of which the society is to terminate;

(g) the periodic subscriptions by which or the manner in which shares are to be paid for and the penalties for late payment;

(h) the minimum number of shares to be subscribed for by a member;

(i) the manner in which shares may be transferred;

(j) the manner in which the funds of the society are to be managed, and, in particular, the mode of drawing and signing cheques drafts bills of exchange promissory notes and other documents for and on behalf of the society;

(k) the manner in which an application for an advance is to be made, the conditions with which an applicant is to comply, the manner in which an advance is to be made and repaid, the conditions upon which a member may pay the amount due by him before the expiration of the period for which the advance is made, and the terms upon which a mortgage may be redeemed;

(l) the mode and conditions of admission to membership, and the payment to be made or the share or interest to be acquired before the exercise of the rights of membership;

(m) the rights and liabilities of members, and of the estates of deceased members and of members whose estates have been sequestrated or assigned;

(n) whether or not shares may be withdrawn, and if so, upon what terms;

(o) the manner in which the value of shares is to be ascertained for repayment;

(p) the circumstances in which members may be expelled, the rights and liabilities of expelled members, and provision for the forfeiture of shares and for the cancellation of forfeited shares;

(q) the number of directors, the qualification of directors, and the manner of electing remunerating and removing directors and filling a vacancy, whether directors are to be elected annually or half-yearly, the period for which directors are to hold office, and whether directors are to retire by rotation or otherwise;

(r) the powers and duties of the board and the quorum for meetings of the board;

(s) the intervals between general meetings of the society, the manner of calling general and special meetings, the requisite notices of meetings, and the quorum for meetings, of the society;