Financial Intermediaries Act 1996
sec.86Joint members
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sec.86 Joint members
Membership in a society may be joint if the society’s rules provide for it. If membership is joint, the following provisions apply— the register of members must indicate that a person is a joint member; the joint members may choose the order in which they are named in the register of members but, if they do not choose, the society may enter the names in the order it considers appropriate; the joint member who is named first in the society’s register of members is the primary joint member; subject to the society’s rules, but without affecting the right of a member to obtain a copy of the balance sheet from the society on demand, a notice or other document may be given or sent to the primary joint member; membership is taken to be solely that of the primary joint member to determine— who is qualified to vote on a resolution at a meeting of the society; and the number or proportion of members required to give effect to a provision of this Act or the society’s rules. (sec.86-ssec.1) Membership in a society may be joint if the society’s rules provide for it. (sec.86-ssec.2) If membership is joint, the following provisions apply— the register of members must indicate that a person is a joint member; the joint members may choose the order in which they are named in the register of members but, if they do not choose, the society may enter the names in the order it considers appropriate; the joint member who is named first in the society’s register of members is the primary joint member; subject to the society’s rules, but without affecting the right of a member to obtain a copy of the balance sheet from the society on demand, a notice or other document may be given or sent to the primary joint member; membership is taken to be solely that of the primary joint member to determine— who is qualified to vote on a resolution at a meeting of the society; and the number or proportion of members required to give effect to a provision of this Act or the society’s rules.
- (a) the register of members must indicate that a person is a joint member;
- (b) the joint members may choose the order in which they are named in the register of members but, if they do not choose, the society may enter the names in the order it considers appropriate;
- (c) the joint member who is named first in the society’s register of members is the primary joint member;
- (d) subject to the society’s rules, but without affecting the right of a member to obtain a copy of the balance sheet from the society on demand, a notice or other document may be given or sent to the primary joint member;
- (e) membership is taken to be solely that of the primary joint member to determine— (i) who is qualified to vote on a resolution at a meeting of the society; and (ii) the number or proportion of members required to give effect to a provision of this Act or the society’s rules.