53Officers

53 Officers

(1) A director or other officer shall not borrow from the society, and the society shall not make any advance to a director or other officer, except by special resolution of the society, and if any advance is made in contravention of this subsection the members of the board who authorized the advance shall be jointly and severally liable for any loss on the advance occasioned to the society.

(2) A director or other officer may be paid such fees as are fixed by a general meeting of the society but not exceeding in any case such maximum amounts as are prescribed by the regulations.

(3) Every officer having the receipt or charge of any money of the society shall give security as prescribed by the regulations for rendering a just and true account of all money received and paid by him for the society, and for payment of all money due from him to the society.

No. 6138 s. 54.