Source document: https://docs-lawep.s3.us-east-2.amazonaws.com/1694874958894.pdf (Guyana)
2944 Cap.

201.]

The Neu; Building Society.

CHAPTER 201.

THE NEW BUILDING SOCIETY.

ARRANGEMENT OF SECTIONS.

SECTION.

1.

Short title.

2.

Interpretation.

3.

(1) Incorporation of the Society.

PART I.

(2)Power to sue and hold land.

(3)Common seal.

4.

Change of name.

CHANGE OF NAME.

OBJECT AND PowERS OF THE SocmTY.

5.

Object of the Society.

6.

Society 7.

Powers of the Society.

deemed to be a Housing Association.

S. (1) Definition of member.

(2)Infants.

9.

Limited liability.

MEMBERS.


10.Management of the Society.

MANAGEMENT.

GENERAL MEETINGS.

11.Annual and other General 12.

(1) Special general Meetings.

meetings.

to state object (2)Requisition (3)Power of requisitionists (4)Restriction of meeting.

to call meeting.

to be transacted.

on business 13.Right to attend and vote at meetings.

14.

(1) Rules.

(2)Power to alter, (3)Publication of rules in Gazette.

rescind or make rules.

FINANCIAL PROVISIONS.

of accounts.


15.Keeping 16.Auditors.

17.

(1) Annual account (2)Audit of account (3)Auditor's (4)Right of member to receive certificate.

and statement and statement.

and audit.

copy of account.

18.Officers to give security.

19.

(1) Inspection and examination of the Society.

of affairs (2)Evidence (3)Security (4)Expenses (5)Powers of accountant, in support for inspection thereof.

of application.

or examination.

actuary or inspector.

The New Building Society.

[Cap.

201.


2945 SECTION.

20.

(1) Determination of disputes.

LEGAL PROVISIONS.

$250 on intestacy of members (2)Decision (3)Preservation to be final.

legal rights.

21.

(1) Payment of sums not exceeding or depositors.

of ordinary (2)Validity of payment.

22.

(1) Execution of documents.

(2)Authentication of documents.

of documents of documents 23.

(1) Service (2)Service 24.Presumption 25.Extracts 26.

(1) Gifts, etc., not to be accepted as to signatories.
to be prima facie evidence.

on the Society.

by the Society.

by officers.

(2)Penalty (3)Repayment of gifts.

for accepting gifts.

DISSOLUTION.

27.

(1) Dissolution.

(2)Contents (3)Notice 28.Obligation 29.Winding 30.Liability up by the Court.

of members of instrument of dissolution.

of liquidators.

holding advance shares.

of dissolution.

31.Cap.

328 not to apply to Society.

32.Exemption from stamp duty.

MISCELLANEOUS.

of the assets of the old Society.

PART IL 33.Interpretation.

34.


(1) Transfer to the Society (2)Determination (3)Rights of the Society 35.

(1) Consideration of any question.

on transfer.

for the transfer.

to be paid in cash.

(2)Overdue interest (3)Distribution of shares.

creditors (4)Outside to be paid in cash.

of value of assets.

36.

(1) Determination (2)Application to the Court.

(3)Method of determining (4)Costs.

final.

(5)Decision 37.

(1) Power of Society (2)Exercise of borrowing powers.

value.

38.Bond certificates.


39.Fully paid investing 40.

(1) Deferred shares.

shares.

(2)Fund for the redemption (3)Proportion of (4)Final division (5)Interim (6)Surplus profits.

of fund.

divisions.

in fund.

of deferred shares.

to borrow for capital purposes.

2946 Cap.

�m1.J The New Bitilding Society.

SECTION.

41.Advance 42.Dissolution shares.

of old Society.

PART III.

43.Exemption 44.Costs of Ordinanc 45.Saving the rights e. of the Crown.

from stamp duty.

I SCHEDULE.


RULES OF THE NEW BUILDING SOCIETY, LIMITED.

CHAPTER 201.

THE NEW BUILDING SOCIETY.

12 of 1940.

3 of 1948.

An Ordinance to incorporate the New Building Limited, Society, the assets· of the British and to transfer Guiana Building to that Society Society, Limited.

Short title.

1.This Ordinance may be cited as The New Building Society Ordinance.

PART I.

[ 6TH APRIL, 1940.]

Interpreta­ tion.
2.In this Ordinance or context in the subject unless it is otherwise expressions " advance and in the rules unless repugnant there be something to such construction explained the following or words and have the meanings hereby assigned to them- share" means a share which is issued to a in of to a member of his giving security for the repayment member when the amount thereof consideration the same; is advanced "the Board" means the Board of Directors "financial 31st December, " investing year" means inclusive, in any year; share " means a share which is fully paid up or payment and or by a single the twelve months ending on the is to be paid for by instalments includes a preferent share; of the Society; The New Building Society.
[Cap.

201.

2947 means a contract contract" "purchase-tenancy the Society and a member whereby to sell such mymber immovable into between agrees the condition Society with such other terms as the Board may have imposed; that he shall be deemed to be a tenant of the until he has paid the purchase property entered the· Society subject to price and complied " rules " means the rules set out in the schedule hereto Schedule.
or the rules for the time being of the Society; " the Secretary to carry out the duties an acting or assistant " means the person appointed of the Society of secretary secretary; means the bnilding society hereby in­ "the Society" by the Board and includes corporated; " special resolution " means a resolution of not less than three-fourths as, being entitled majority Society their duly authorised of which notice the Society the resolution so to do, vote in person or by meeting of at a general to propose the intention has been duly given.
representative specifying resolution as a special passed by a of such members of the to the Incorporation become members of this Ordinance who have signed the petition praymg or t e mcorporat10n 3.

(1) The persons .

f h .

overnor who shall hereafter G persons accordance with the provisions shall be and are hereby incorporated.

the name of "The New Building that name shall be a body corporate and with such constitution, in this Ordinance (2)The Society hold, lease and dispose of the world.

.

f h S .
.

f h S .

d 11 ofthe o t e omety an a Society.

of the Society and the rules society by as a building and by Limited" with perpetual and the rules.

may sue or may be sued and may acquire, of land and other property and powers as are contained in any part f:n��0 Society, objects in succession Power t3 •ue (3)The Society shall have a common seal which it may Common seal.

change or renew from time to time.

CHANGE OF NAME.

4.
CHANGE OF NAME.

4.

(1) The Society provided other company may change its name by special that the new name is not identical on business of name shall not affect any right or obligation Change of name.

with that of any in the Colony.

resolution or society carrying or of any member thereof or other person (2)Any change of the Society concerned.

2948 Cap.

201.]

The New Building Society.

OBJECT AND POWERS OF THE SOCIETY.

Object of the Society.


5.The object for which the Society by the subscriptions stock or fund for making advances security purchas�-tenancy contract.

is to raise is incorporated of its members or in any other manner a to its members upon the by way of mortgage or of immovable property Society deemed to be a Housing Association.

3 of 1948, s. 2.

Cap.

182.


6.The Society shall be a Hom;ing Association for the purposes of the Housing powers and functions Association to the same extent by the Governor purposes Ordinance, and may exercise and perform and discharge under the said Ordinance all the duties in the same manner and all the of a Housing as if the Society were deemed and certified in Council of the said Ordinance.

to be a Hou�ing Association for the Powers of the Society.
7.The Society ( I)To raise funds by the issue from time to time of shares shall have power- of one or more denominations, paid by periodical accumulating required either or other subscriptions and with or without and to repay such funds when no longer for the purposes paid up in full or to be of the Society.

interest 3 of 1948, s. 3.

Cap.

182. loans to its members upon the (2)To make temporary security of their investing shares.

on its members.
(3)To impose fines and forfeitures from its or loans at interest (4)(a) to receive or from the Government of the members or other persons Authority Colony or The Central Housing under the Housing Ordinance, any Local Authority from any bank, joint stock company or other corporate body; and Planning deposits or or (6)for the purpose of receiving from any bank, joint body, any loan by way for a merely temporary twelve months, to for a period not exceeding or any loan raised stock company or other corporatp.
of overdra� purpose pledge or hypothecate or other corporate of paragraph 38 of this Ordinance, purchase-tenancy security for any such loan: (a) of the proviso contracts with such bank, joint stock company body, notwithstanding the provisions to subsection (1) of section any of the Society's mortgage by way of or other securities deeds, Provided that the total amount so received or loan and not repaid by the Society deposit The Central or loan made by the Government Housing and Planning Authority or any Local on deposit ( exclusive of any of the Colony or The New Building Society.
[Cap.

201.
2949 scheme or other scheme under the said under the Housing Ordinance, for the purpose shall not at any time exceed two-thirds Authority of any housing Ordinance) amount for the time being secured mortgages contracts, under any mortgage ments were upwards of the Society's disregarded; (5)To carry out any housing last preceding from its members or under purchase-tenancy this amount the amount due and in calculating or contract of which pay­ of twelve months in arrear in respect balance sheet, at the date shall be to the Society of the by or other scheme under the 3 of 1948, as may be approved Housing Ordinance of the Colony or The Central or any Local Authority all other things or other scheme as aforesaid.
s. by the Government Authority and to do under the said Ordinance, out of any housing to the carrying incidental and Planning Housing 3· any portion of the value of such property not 3 of 1948, of the funds of the Society of s. 3 for its purposes · to an amount not exceeding three- of the value of or in any bonds upon mortgages exclusive by the rules, security issued or guaranteed authorised corporation within the British Empire, by any government or or in or required property (6)To invest immediately immovable fourths any collateral or securities municipal upon any security authorised account by law to invest, or in any savings bank or deposit in which trustees are for the time being at any bank in the Colony: Provided that any restriction imposed or by the rules on the amount to be advanced shall not apply to any mortgages the request Housing under the Housing to any housing of the Government and Planning Ordinance, for the purpose Authority granted of the Colony or The Central or any Local Authority of or in pursuance by this Ordinance upon mortgages by the Society at or other scheme under the said Ordinance.
(7)To do all other things incidental attainment of the object of the Society.

or conducive 3· to the 3 of 1948, s. MEMBERS.

8.

(1) Every person long as that share remains in force, and be bound by the rules.

who holds a share in the Society shall so Definition of member.

be a member of the Society (2)Any person under the age of twenty-one years may be Infants.

as a member of the Society admitted acquittances to vote or hold any office in the Society.
his minority but during and may give all necessary he shall not be competent 2950 Cap.

201.]

The New Building Society.

Limited liability.

9.The liability of each member of the Society in share to the amount actually on such share and in respect respect of an investing arrear amount repayable other security in respect or under the rules.

is limited paid or in share to the of an advance thereof under any mortgage or Management of the Society.

10.The management MANAGEMENT.


and affairs of the business in the Board who may exercise shall be vested all acts and things which may be exercised Socie-�y and are not by this Ordinance directed or required general meeting, necessary provided Ordinance to be exercised and who may make such by-laws or the rules.

or the rules express or done by the Society ly in as may be with this the same are not inconsistent all powers and do or done by the of the Society GENERAL MEETINGS.
Annual and other General Meetings.

11.A general meeting of the Society shall be held once at least in every calendar of the Society the rules.

and at such year after the close of the financial year other times as may be prescribed by Special General Meetings.

Requisition to state object of meeting.

12.


(1) The Board shall on the requisition of at least one­ of the Society or of to convene proceed tenth of the whole number of the members fifty members, whichever general a special meeting forthwith is less, of the Society.

shall state the object by the requisitionists and may consist of several (2) The requisition shall be signed of the Society form, each signed documents by one or more requisitionists and deposited .
of the meeting and at the office in like Power of requisi­ tionists to call meeting.

(3)If the Board neglects date of the requisition a meeting, the requisitionists themselves convene the meeting shall not be held after three months from being so deposited within twenty-one or refuses but any meeting or any four or more of them may days from the the date of the deposit.

so convened to convene Restriction on business to be transacted.
(4)No business convening the meeting other than that specified in the notice at the meeting.

shall be considered Right to attend and vote at meetings.

13.Subject to the provisions of this Ordinance and the rules every member shall be entitled of the Society in accordance with the rules.

to attend and vote at any meeting Rulea.

14.

(1) The Society shall be governed and managed m accordance with this Ordinance and the rules.

The New Building Society.

[Cap.

201.


2951 (2)The Society may by special rule or make any additional so made shall be inconsistent or any alteration or revocation approved by the Governor in Council.

resolution or new rule provided alter or rescind Power to alter, or make rules.

that no rule and no rule with this Ordinance shall come into force until any rescind (3)All rules so made and notice of a rule shall be published after approval by the Governor in Council.
in the Gazette or revocation of any alteration cat_ion P three months aa:et�!.m within r� FINANCIAL PROVISIONS.

!

15.

(1) The Society 1 account showing shall cause to be kept proper books of Keepinf of the financial position of the Society.accoun "· (2)The books of account shall at all times be open to inspec- tion by any director.

16.

(1) The Society .

.


h S t e ocie y appornt the next annual general shall at every annual general an au or or au tors to o o ce unt s. 4. meeting dit di h Id ffi il a of 1948. meeting.

t of Auditors.

(2)No person other than a retiring auditor under subsection .

( 1) of this section an auditor than fourteen the intention auditor days before to nominate is given to the Society by a member.

shall be appointed a of 1948, 4 not less s unless, · .
meeting, of notice as such person for appointment the annual general to the members either by advertisement by the rules not less than seven (3)Where any such notice is given to the Society, the 3 of 1948, 4 s. auditor, to the retiring · shall send a copy of the notice Society and give notice or in any other mode allowed days before thereof the annual general (4)The Board may appoint office until the expiration (a)where no auditor meeting.
an auditor year- of any current is appointed this section; or auditors s. to hold 3 ofl948, 4• under subsection (1) of (b)where the Board considers auditor the Society; in addition to the auditor it advisable or auditors to appoint appointed an by (c)where the office of auditor has become vacant under subsection (5) The office of an auditor (5) of this section.

or (4) of this section (1) a of 1948, 4· shall become vacant where the auditor-s. under subsection appointed (a)dies; or (b)resigns IV-31 B.G.-VoL.
his office; or 2952 Cap.

201.]

The New Building Society.

(o)leaves (d)becomes the Colony; or in the opinion of the Board, to discharge the duties (6)Where two or more auditors from any cause unable, of his office efficiently.

have been appointed under has and the office of one or more of such auditors the remain­ this section, become vacant under subsection ing auditor or auditors auditor until the vacancy and to the same extent as if there were no vacancy.
the (7)An auditor appointed (if any) shall continue (5) of this section, in the same manner by the Society has been filled, shall receive and act as the remuneration by the Board shall receive and an auditor the remuneration fixed by the Society, fixed by the Board.

appointed 3 of 1948, a.

4.

3 of 1948, A, 4, Annnal account and statement and audit.

3 of 1948, a.

5. an account general showing- 17.
(1) The Secretary shall at least once in every year prepare of the income and expenditure statement of its funds and effects, of the Society liabilities and a and assets (a)the amounts due to each class of members in respect of shares; rs and creditors for loans; (b)the amounts due to deposito (c)the balance due or outstanding on the Society's or purchase-tenancy contracts (not interest) and in respect of such mort­ the number thereof and the aggregate under the heads of mortgages dollars securities prospective mortgage including gages and contracts amount owing thereon, classified or contracts (i) not exceeding ing five hundred dollars dollars (ii two thousand dollars, on mortgages are upwards i) exceeding dollars and showing one thousand or contracts of twelve months in arrear; and five hundred but not exceeding (ii) exceed­ one thousand but not exceeding two thousand under each head the aggregate on whi.ch repayments amount or payments and (iv) exceeding dollars (d)the amount invested in the funds or other securities.
Audit of account and statement.

3 of 1948, a.5.

Auditor's certificate.

3 of 1948, s.5.

(2)Every such account and statement shall be audited and by the auditor to whom the mortgage deeds, transports, and other securities and title deeds attested purchase-tenancy belonging to the Society contracts shall be produced.

certify shall.
certify shall.

either (3)The auditor that such account and in accordance with law in what respect he finds it is correct, duly vouched report to the Society statement or specially incorrect, also certify that he has at the audit mortgage other securities deeds, transports, and title deeds.

unvouched or not in accordance actually such purchase-tenancy and with law and shall inspected contracts and The New Building Society.

[Cap.

201.
[Cap.

201.

2953 (4) Every member, depositor from the Society h for loans shall be Rig 0\ t r a copy of such account and creditor to receive entitled statement and a copy thereof place in every office of the Society.

shall be exhibited and :�:v: ;y co in a conspicuous of account.
18.The Secretary and every officer of the Society having the receipt or charge shall give security rendering of a just and true account of the Board for the due to the satisfaction and the due pay- thereof of any money or other property of the Society r s to Office give security. '

ment and delivery of such money and property.

19.


(1) The Governor in Council may, if he thinks application members · I •t'h 1s ess, e1 er- of not less than one-tenth or of one hundred of the Society fit, on the Injection of the whole number of :�amination whichever au:s of ohf aff t e omety.

8 the books to inspect members, ( a) appoint of the Society (b) appoint an accountant or actuary or and to report thereon; on the into and report to examine an inspector of the Society.
affairs (2) Any such application that the applicants or examination motives of the application showing inspection actuated notice Governor by malicious in Council shall be supported have good reason to be made and that they are not Evident f by such evidence the !�it�:ti�n.

for requiring in their application, and such as the shall be given to the Society (3)The applicants security for the costs of the proposed may direct.

may also be required to give or lodge inspection of and incidental or examination.
or by the applicants or by the members or officers or former in such proportions to the inspection or out of the as the Security for inspection or examination.

Expenses thereof.

( 4)All expenses shall be defrayed examination funds of the Society members or officers of the Society Governor in Council may direct.
actuary the production or inspector (5)Any accountant, securities and documents have power to require accounts, copies to examine officer, member, agent and servant and to administer Society on oath in relation and, if so authorised of the Society by the Governor Powers of accountant, of all or any of the books, actuary or r .

inspecto in Council, any of the Society or past, of the to the business present the oath accordingly.

and to make thereof so appointed shall LEGAL PROVISIONS.

20.
20.

(1) Every dispute between or under him and the Society through under the rules shall be determined with the provisions B.G.-VoL.

of the Arbitration a member or a person Determina­ tion of or an officer thereof disputes.

claiming or by arbitration in accordance Ordinance.

IV-31• Cap.

38.

2954 Cap.

201.]

The New Biiilding Society.

Decision to be final.

Preservation of ordinary legal rights.


(2)Any decision so obtained shall be binding and conclusive on all parties and shall be final to all intents shall not be subject to appeal.

(3)Nothing in this section shall prevent the Society or any and purposes and member thereof from obtaining respect of any debt due under any mortgage or other contract to which he or the Society through or under him course of law any remedy in or any person claiming in the ordinary would otherwise be by law entitled.
Payment of sums not exceeding S250 on intestacy of members or depositor s.

21.
21.

(I) If any member of or depositor with the Society having two hundred shall die intestate, a sum of money not exceeding in the funds thereof and fifty dollars be paid to the person who shall appear to the Board to be entitled under the Laws of Intestacy takmg out letters of administration, satisfacto the member or depositor claiming of death and a statutory died intestate declaration and that the person to receive the same, without then the amount due may upon the Board receiving is so entitled.
ry evidence that Validity of payment.. (2)Any payment as aforesaid by the Society shall be valid with respect to any demand from any other person and effectual or next of kin or as the lawful representative member or depositor against or representative the amount so paid against the person who has received the same.

the Society but such next of kin have his lawful remedy for shall nevertheless of such deceased Execution documents.

of 22.
of 22.

(I) Any document requiring or on behalf of tJhe Society shall be sufficiently seal of the Society ance with the rules.

is affixed thereto to be formally executed executed by if the by the secretary in accord­ Authentica­ tion of documents.

(2)Any power ad litem or document or proceeding authentication by the Society the Secretary and need not be under its seal.

may be signed by a director requiring and Service o:f documents on the Society.

Service of documents by the Society.

23.


(I) A document may be served on the Society it with the secretary by registered at the office of the Society to the secretary post addressed thereat.

by leaving or by sending it (2)A document may be served on any member or depositor or other person by leaving it at his address according books of the Society with any person residing there or by sending it through the post to him thereat.

as a prepaid letter addressed to the Presumption as to signator ies.
24.Every person signing as chairman, or secretary shall be taken so to be until the contrary director is proved.

The New Building Society.

[Cap.

201.

2955 25.Every copy or extract proceedings from the minutes, the secretary or purporting be held and taken to be prima facie evidence things therein �xtr3:cts to to be a copy or extract rima by 1:cfe evidence.

by the secretary shall of the matters and noticed.


and shall be judicially or rules of the Society purporting contained to be signed signed secretary, shall in addition 26.

(l) No director, Society authorised bonus, made by the Society commission solicitor Gifts, etc., or other officer of the not to be to any remuneration prescribed or accepted by officers.

any gift, receive from any person or benefit for or in connection or the purchase of any shares with any loan of the Society.
by law or the rules, (2)Any person paying or accepting or benefit shall be liable Penalty for any such gift, bonus, accepting on summary conviction gifts.

to a commission fine not exceeding two hundred (3)Any person accepting Repayment any such gift, bonus, commission of gifts.

by the court by which he is the amount or value thereof, shall as and when directed pay over to the Society of such payment -� oenefit convicted and in default with or without months.
shall be liable hard labour for any time not exceeding to be imprisoned six and �y dollars.

DISSOLUTION.

27.

(1) The Society of dissolution signed instrument hold not less than two-thirds Society.

may be terminated or dissolved by such number of members by an as of the number of shares of the Dissolution.

(2)The instrument shall set forth and contain-�:�;��!
of dissolution and assets (i)the liabilities (ii)the number of members and the amount standing of the Society in the books of the Society of depositors and other creditors, in detail;�� 1 .

respectively; if any, and to isso utwn.


their credit (iii)the claims the provision to be made for their payment; n�r (iv)the intended appropriation or division of the funds and property provisions of this Ordinance of the Society which (v)the name and consent who are to conduct ( 3)Notice of the dissolution the dissolution shall be in accordance with the and the rules; and of the liquidators or other persons and their remuneration.

: ott t in the Gazette shall be published in the Colony.

sso u wn.
sso u wn.

and in a newspaper circulating 28.In the dissolution of the Society and the rules where applicable Ordinance apply as if the liquidators dissolution were the Board.

the provisions shall continue Obligation of this of to liquidators.

or other persons conducting the 2956 Cap.

201.J The New Building Society.

Winding up by the court.

Cap.

328.


29.The Society may be wound up by the court under the Ordinance of the Companies or re-enacting or any Ordinance the same and all the provisions of with respect to winding up by the court shall provisions amending such ordinance apply to the Society.

Liabili ty of members holding advance shares.


30.In the dissolution or winding up of the Society or under the has been made under any mortgage rules shall not be liable, to pay the amount payable under the mortgage a member or he so unless or to whom an advance other security consents, other security to the conditions or rules except at the time therein expressed.

or times and subject MISCELLANEOUS.

Cap.

328 not to apply to Society.


31.The provisions of the Companies Ordinance or any amendments Ordinance or re-enactments thereof shall not save as in this provided apply or affect the Society.

Exemption from stamp duty.
nor for by any member, or attorneys, from the funds of the Society, given by the Society, for money deposited 82.No rules of the Society of attorney nor any nor any copy thereof granted nor any by the Society, nor any entry in any book of in the funds of the Society his executors, e or share certificate nor any bond or other security of the Society power, or warrant receipts receipt any money received tors, assigns any bond certificat or share, account on any officer for payment of money to any member, appointment for the revocation instrument, authorised to be given, pursuance liable provided that this exemption shall nor any or other instrument nor any other whenever required made or produced or of the rules shall be subject or in or whatsoever, administra­ nor or document issued, of an agent nor any certificate of any such appointment, not extend to any mortgage.
with any stamp duty or duties or by any officer thereof, of this Ordinance to be given to or on to or charged or transfer of any bond agreement · nor any order signed, PART II.

Interpre­ tation.
Interpre­ tation.

33.In this Pa:i:t of the Ordinance, unless have the meanings the following expressions otherwise hereby the context requires, assigned to them respectively- " the assets" means the movable and immovable property of every description of the old Society; day " *means such date as the Governor in " the appointed by order fix; Council may *Thi, lst May, 1940, fixed by Order in Council No.

12 of 1940, dated the 9th April, 1940, The New Building Society.

[Cap.

201.
[Cap.

201.

2957 " the Court " means the Supreme Court of British Guiana " the old Society or any judge thereof; S .

L" .

d .

1.. ociety, Building 1nnte , mcorporate Limited, Society, Ordinance. "

means the British Guiana Building Cap.

223 of d d h B .

.

h G .

the 1929 Ed.

un er t e ntis mana 34.

(1) Subject shall on the appointed transferred to and vest in the Society.

to the provisions day by virtue (2)If any question effected the transfer referred member of the old Society.
to the Court by the Society, as to the extent arises by this section the assets of this Ordinance be Transfer to the Society of this Ordinance, of the assets of the old Society.

Determina­ tion of any question.

may be that question or any the old Society or as the result of to the provisions (3)Subject on the transfer rights, transfer powers, vested of the assets, privileges in the old Society and benefits may exercise of this Ordinance, Rights of the Society, the Society all the on transfer.
which were prior to the and enforce in respect of the assets.

to as consideration Consideration for the transfer for the transfer.

the Society of the assets, 35.
(1) The Society shall, issue- persons in or subscribers ( a)to the several who are depositors Investment the amount owing to them in respect Scheme of the old Society, of capital: Bonds or who hold Investment to the Endowment bond certificates for that- Provided (i)any amount owing by any such bondholder or or subscriber depositor respect thereof and deducted to the old Society shall be brought so owing; may pay any part of the amount owing from any amount (ii)the Society or otherwise whether in into account in cash; to the Society (iii)any such bondholder or depositor within three months after the appointed in writing and after the expiration appointed Board, the amount secured paid to him; of twelve months from the period is :fixed by the shall be day unless a shorter by such certificate of his desire or subscriber day give notice to be paid off in cash may certificates (iv) such bond of ten years from the in whole or in part on six months notice expiration redeemed time after the expiration day; shall be redeemed at the day and may be appointed at any the appointed of five years from 2958 Cap.
201.]

The New Building Society.
(b)to the members of the old Society present) who would have been entitled on the final winding shares appointed day; up of the old Society, to the value of such surplus equivalent (whether past or to the surplus assets on the assets fully paid investing (c)to the members of the old Society, (whether past or to the the amount owing to them by the old shares in the Society deferred between present) deficiency up in respect Society and the amount of fully paid investing aforesaid; at the date of the winding shares issued as equivalent of their shares (d)to the mortgagors and to the holders advance s of the old Society contract owing by them on their respective purchase amounts appointed paid by them on any shares taken out pursuant contracts.
(2)The Society day, after bringing into account pay in cash to each shall out of the assets bondholder, depositor and subscriber interest to the appointed day.

all overdue of instalment­ for the shares contracts on the all sums already and current to their Overdue interest to be paid in cash.

Distribution of shares.


{3) All shares issued under the provisions of this section shall be distributed to their interest in the old Society: among the persons entitled thereto in proportion Provided that the interest of any such person who is indebted to the old Society if he is to receive shares, such shares such debt, and that the Society interest shall be reduced investing shares, shall be issued in cash.
(4)The Society by the amount of his debt and if he is to receive deferred subject to the payment of may pay off any part of such outside creditors of the old Society shall also out of the assets pay in cash all on the appointed day.

Outside creditors to be paid in cash.

Determina­ tion of value of assets.

Application to the Court.

and the distribution 36.
{l) The Society and the old Society may enter into an of but agreement as to the value of the assets among the members of the old Society, the consideration and until it has been shall have effect unless no such agreement confirmed by the Court and the Court may confirm any such agreement either (2)Subject with or without to the provisions of this Ordinance and the method of distributing by the Court in accordance the assets shall be determined sions of this Ordinance- modification.
with the provi- the value of the consideration (a)on the application of the Society for the confirmation of 1:tny agreement, if the Court does not confirm it; The New Building Society.

[Cap.

201.

2959 (b)on the application of the Society or the Official Receiver Guiana if both the Society and the old Society are or if within of British three months ·after unable to agree, is entered into.
day no agreement the value of the assets, (3)In determining are to be issued to the fact that deferred deficiency not exceeding centum may be made on the market or appraised as will be sufficient and such allowance the financial to ensure shares regard shall be had Metho� o_f of any !

:�:�= g in respect twenty-five per value of any asset position of the Society.
the appointed (4)The Court may allow or fix such sum as it thinks the and unless in any the costs of all parties cover the costs of and incidental Court otherwise proceedings under the Ordinance to this Ordinance determines shall be borne by the Society.

fit to C0sts.

(5)The decision under the Ordinance.

of the Court shall be final in all proceedings sion ec f na · f 37.

(1) For the capital purposes mentioned in the next [0v.

:er of following the Society subsection issue of bond certificates.
may borrow money by the b�;;�� :r (2)Such powers of borrowing as aforesaid for any of the followmg - purposes (a)the payment of the consideration .
in so far as the consideration for the transfer of the to be paid is required may be exercised assets in cash; (b)the redemption of the consideration of which notices received in accordance for the transfer requiring of the assets payment thereof with the provisions issued of any bond certificates as part have been of this Ordinance; in respect (c)any other purpose under this Ordinance.

within the power of the Society capital purposes.

e of xerci� E orrowmg b powers.

issued 38.


(1) Bond certificates with the interest under the provisions Bond Certificat shall all rank pari thereon of this es.

by way of :floating security on the assets Ordinance together passu as a first charge 0f the Society: Drovided that except with the consent of the Governor in (,, 1ci1- \ no mortgage or other charge ranking pa. 'issu with the said bond certificates issut.

.,,.

the Society; and in priority may be created to or or (b) certifica.

dollars.
dollars.

'mount for the time being secured by the said bond ·b.all not at any time exceed one hundred thousand 2960 Cap.

201.]

The New Building Soc•:ety.

(2)The rate of interest as issued on bond certificates payable part of the consideration from the of the assets for the transfer old Society shall not be less than four per centum per annum and such interest to accrue as from the appointed shall start date.
(3)Subject to the provisions of the last preceding subsection bond certificates five per centum per annum as the Board may determine at the da.te of issue of the said certifica shall bear interest at such rate not exceeding tes.

issued as ( 4)Bond certificates other than bond certificates may be on six months' for the transfer or in part, by the Society part of the consideration redeemed in whole notice.
of the assets (5)Bond certificates of one dollar, in multiples transfer as the Board may fix but not exceeding on payment of such fee for such sixty cents.

may be transferred in whole or in part Fully paid investing shares.

89.Fully paid investing shares issued under this Part of the shall for all purposes Ordinance paid investing issued share may be withdrawn the consent of the Board.
shares be treated under the rules, as if they were fully save that no such for a period of five years except with Deferred shares.

40.

(1) Deferred shares issued under this Part of the Ordi­ and the nance shall rank after all other shares of the Society holders shall have no rights as aet out in this Ordinance.

in respect thereof thereof except Fund for the redemption of deferred shares.
if any, the proceeds thereof fall in or are (2)The Society shall as and when the assets to what extent, ascertain realised exceed or are below the value at which the same were taken over and shall after bringing assets working expenses excess or deficiency Shares Fund ".

of Deferred any sums spent on the day and a proportionate part of the carry the amount of such to be called of the Society to an account since the appointed into account " Redemption Proportion of profits.
(3)The Society shall also carry before creating which the capital if any, of the Society profits, represents the proportion shares for the time being bears to the capital of the Society.

any reserves, of the deferred as of the other shares to such fund such part of the Final division fund.
of (4)When all the assets as they existed of fixed assets, d shares have fallen shall be extinguished on the appointed day in or have been and cancelled with the exception realised the deferre and the amount, if any, standing at the credit of the fund shall, The New Building Society.

[Cap.

201.

2961 subject among the holders to his share thereof as in this Ordinance provided, be divided pari passu of the shares, and each holder shall be entitled on surrender of his certificates.
(5)The Board may make such interim it thinks fit and upon such divisions cancelled and written off pro rata.

divisions of the fund as �t?z:im v1S1ons.

the def erred shares shall be (6)The holders of deferred receive thereof, purposes more than the capital any surplus of the Society.

shares shall not be entitled of their shares and after payment Surplus in fund.
to in the fund shall be applied to the general 41.Advance shares issued under this Part of the Ordinance and the holders to every obligation shall be held on such terms and conditions determine, subject respective had originally modify any of the terms of the said contracts.

with the old Society been made with the Society, as the Board may of such advance shares shall be and liability but the Board may imposed by their as if the said contracts contracts Advance shares.
42.The old Society as consideration buted in accordance Official Receiver the Supreme Court dissolution.

of British shall, for the transfer as soon as the shares to be issued Dissolution of old have been issued and distri­ Society.

with this Ordinance, Guiana shall file in the Registry and the be dissolved of a certificate stating the date of such PART III.

43.
43.

(1) Stamp Duty shall not be chargeable ment as to the consideration transfer assignment, have to be executed of the undertaking agreement, certificate to be given by the Society on any agree-Exemption for the !i:.

stamp transfer, or on any transport, that may or other document or issued by reason of this Ordinance.

(2)The Official Receiver of any fees full satisfaction otherwise day.
by him to the appointed have been entitled Guiana shall accept in of British or commission the fees and commission to which he would charged 44.All costs, charges and expenses incidental Ordinance relation thereto shall to the preparing for obtaining of this and carrying the same into effect or otherwise be paid by the Society.

in preliminary to and of and and passing Costs of Ordinance.

2962 Cap.

201.]
2962 Cap.

201.]

The New Building y. Soc·iet Saving the rights of the Crown, 45.Nothing in this Ordinance shall affect or be deemed to affect the rights of Her Majesty or of any bodies except the persons and those claiming ;mentioned or referred by, from, through politic or corporate and under them.

or other person or persons to in this Ordinance the Queen, Her heirs or successors S.2.

SCHEDULE.
SCHEDULE.

(As amended RULES OF THE NEW BUILDING SOCIETY, on the 20th February, 1942, 15th March, 1948, 14th March, 1949, LIMITED.

and 27th March, 1950.)

PLACE OF OFFICE.

Chief office.

1.

(1) The Chief Office of the Society shall be situated in the City of Georgetown , in the county of Demerara.

Branch offices.

(2)The Board may from time to time establish branch offices in such place or places as it may think :fit.

Publication of situation of office.

(3)Notice of the situation in the Gazette.


shall be published of the chief office and any change thereof Admission.

MEMBERSHIP.

be admitted to the Board for an investing at any as a member of the Society share in form A fee on such share to these rules and qn paying the entrance 2.

(1) Any person may time on making application in the appendix as hereinafter provided or on obtaining (2)Any company authorised a transfer by its memorandum for any such share.
to hold shares in or its money in other corporate bodies may be a member of the society, to invest and the secretary behalf shall be entitled of such company or the person duly appointed and vote on behalf in that of the company.

Ito represent Right of company to be a member.

Joint holders.

(3)Two or more persons may jointly hold a share or shares in the In such case the person whose name stands :first on the register Society.

shall alone be entitled such shares.


The receipt discharge for any dividend, interest, shares.

to receive communications and to vote in respect of of any one or more of the holders.

shall be a good of such profit or bonus paid in respect Power of Board to refuse registration.

(4)The Board may decline to register any share in more than four names and may decline to issue any shares to any person or company.

REGISTER OF MEMBERS.

Register.

shall be kept, in which shall be entered 3.


(1) A register and place of abode of every member; and as often and surname, occupation as any member shall change his place of abode, he shall within fourteen days give notice thereof Upon such notice being given, the to the secretary.
alteration shall be entered in the register by the secretary; by circular in a post office at Georgetown addressed last en-try and all notices the same to the to the member according shall be deemed duly given by the secretary on the register.

by putting the christian Female member to give notice on marriage.

(2)Any female member who may marry shall give notice in writing place of abode, to the secretary, and surname, thereof and profession or business and of the christian of her husband.
The New Building Society.

[Cap.

20:1.

2963 (3)Upon the death of any member, his legal personal representative, or other person entitled, thereof, in writing, of abode, person entitled shall, to the secretary, or business stating of such personal member.

and profession of such deceased to the shares the christian and surname, representative, place or other within one month afterwards, give notice Notice to be given oo death of member.

4.On admission ENTRANCE FEE.


shares or taking additional every member shall pay Entrance fee.

such entrance may appoint.

fee if any not exceeding twelve cents per share as the Board 5.On admission every member shall be furnished with a copy of the Copy of rules.

COPY OF RULES.

cents.

rules for which he shall pay twenty-four 6.

(1) Every member of the Society other than a member holding Pass book.

PASS BOOK fully paid shares with the Society shall be furnished shall from time to time be made up.
with a pass book in which his account (2)Any member losing to the secretary, containing his pass book shall immediately and such member shall, be on payment of a a copy of his account, give notice on request, Loss of pass book.

in writing thereof with another, supplied cents.


fine of twenty-four (3)If any person other than the member to whom it belongs shall any pass book, and represent produce named, and shall thereupon the account contained officers shall be held responsible loss of the pass book shall have previously himself or receive book, neither in the pass withdraw for the same, unless to be the member therein any money in respect of the Society notice nor any of its of the in writing been given to the secretary.
Exemption from liability.

(4)Every member shall leave his pass book at the chief office of the or with one of its duly appointed agents, Society, by the Board, for the purpose thereof for his book, which he shall return of examination by the auditors, as often as shall be required or in default to him a receipt shall be :fined sixty cents.

There shall be delivered on applying for the book.

Examination of pass book.

SHARES.

Issue of shares.

at a rate not 7.
(1) The stock or funds of the Society (a)fully paid up investing shall be raised of $50 each or of such other by the issue of- shares as the Board may fix, upon which interest four per centum per annum shall be receivable denomination exceeding half-yearly and year or such other period be withdrawable to the secretary, the amount of which shares not exceeding notice at three months' subject nevertheless shall after a period of one five years as the Board may fix, by the member in writing from the member and to the provisions of the rules; shares with accumulative of interest, or other sub­ payment to such scale or scales as or by monthly (b)subscription investing $100 each realisable scriptions, and in periods the Board may from time to time prescribe; by a single of years according and and on such terms as the shares (c)any other forms of investing Board may from time to time fix.
(2)The Society part of an investing shall have the right at time to pay off the whole or any notice.

share on six months' Right to pay off shares.

2964 Cap.

201.]

The New Buikling Society.

(3)All investing shares of the Society (whether or otherwise) and interest to which the holders shall rank pari passu in proportion of such shares are entitled.

fully-paid or matured to the amount of principal Certificate of shares, 8.
(1) Each member, to whom fully paid investing shares are issued, shall be entitled to a certificate specifying which certificate shall be evidence of his title thereto: the number, denomination and amount thereof respectively, of such shares, under the seal of the Society Provided that the Society shall be under no obligation to issue certificates in respect provisions of rule 7 (1) (c).

of advance shares or of any investing shares issued under the Defaced certificates.
(2)If any certificate shall be worn out or defaced, order it to be cancelled, the Board may, and may issue a new Lost certifi­ cates.

upon production certificate in lieu thereof (3)If any certificate thereof, to the member entitled.
shall be lost or destroyed, the Board may issue a in lieu thereof to the member entitled, new certificate him of a fine of sixty cents and upon satisfactory or, in default thereof, destruction, sufficient upon payment by of the loss or upon such indemnity as they deem evidence being given.

TRANSFER AND TRANSMISSION OF SHARES.

Transfer of shares.

9.

(1) Any member may transfer approved by the Board, or to any existing fines and other payments Society fees, if any, as the Board may determine.
of all arrears, his investing shares to any person, member, on payment to the then due, and such transfer (2) No transfer shaJll be valid unless made in form B in the appendix to these rules, be kept for that purpose by the secretary.

and a proper record of all transfers shall be made in a book to Insolvency, etc., of member.

10.
10.

(1) Upon any member holding of insolvent for the relief or entering into any composition any proceedings his estate and effects, against or execution shall be charged in favour of any person, otherwise, such charge, but shall be at liberty member, or to sell or transfer member of the Society.
shall not by reason thereof the trustee, to withdraw assignee, execution investing with his creditors, shares becoming or availing insolvent, himself of or having any judgment debtors, or if his shares, by or through a judge's creditor, or order or person obtaining become a member of the Society, or any of them, the share or shares, the same to any other person of such duly admitted as or interest (2)Such shares shall, nevertheless, be subject to all the rules and regulations of the Society, of the member originally holding the same.
to which they would have been liable in the hands Cap.

43.

(3)If the trustee of any insolvent such member, under the provisions amendment thereof, such shares shall immediately be absolutely extinguished.

the shares of or any be taken and deemed to Ordinance, member shall disclaim of the Insolvency Incapacity of member.
11.If it shall appear to the Board that any member has become and that the contrary of managing his affairs, has been appointed (although or of unsound mind, or incapable lunatic, or guardian no committee, may in either case be the fact), the Board may, subject as they think fit, allow the withdrawal amount in the books of the Society standing by the person who appears to the Board to have the care of such member or of the whole or any portion to the credit of such member receiver of the to such conditions The New Building Society.
[Cap.

201.

2965 the management a valid act of such member and be binding or under him.

claiming through of his affairs and such withdrawal shall be considered upon him and upon all persons 12.At any time within one m0nth after the payment and notice fee by any person, as a member; and the entrance shall be returned being given and payment be a member of the Society.
the Board may decline thereof fee, and any other payment or tendered or tender to admit or continue shall be given in writing of the entrance Determin­ ation of such person membership to such person, by Board.

made to the Society by him, to him by the secretary.

Upon such notice made to such person he shall cease to WITHDRAW AL OF SHARES.
13.Any member may withdraw in respect of subscription the whole or any part of the moneys investing form and leaving on giving therewith in the prescribed shares in writing standing one month's his pass book.

to his credit notice Withdrawal.


and interest two years of its issue or during fees shall, of any shares, 14.The following upon the withdrawal amount of the principal within shall have been originally two years of its issue or during the remaining their discretion, fees, or may suspend they think proper.

waive, of payment or absolutely the requiring reduce, issued, if the Board deem it expedient, viz.

: eight cents in the dollar withdrawable, Fees payable on with­ drawal.
if the share be withdrawn be paid on the total the first half of the term for which it and four cents in the dollar if withdrawn after half; but the Board may, at the payment thereof for any period that of the withdrawal of withdrawal under notice 15.Investing shares shall be paid out in on the list kept by the of the of the funds in or if the Board should, and the insufficiency to the order of the applicants according for that purpose; for withdrawal, then in such manner that each member may receive rotation, secretary number of applications hand, think it desirable, in equal proportion of the money which he has paid in, so that all such members may be simultaneously accommodated with case the expenses amount of the Society's withdrawal this rule shall equally to taking an advance of their shares.
by it, exceed the of and apply to members from the Society.

under notice of such excess; with their due proportion shall be chargeable in consequence for the same, shares fund available of the Society, cancelling their shares, or any losses sustained a portion In previously Payment of withdrawn shares.
16.Subject to the foregoing provisions, on the the amounts payable due and all upon which all subscriptions of investing withdrawal shares, fines, fees, and other sums, on the withdrawal of investing advance as hereinbefore sums due, shall be according time decide.
shall have been shares, commutation with payment shall have been made in to such tables provided, together paid, and the amounts payable in upon which a single payment of the periodical subscriptions, fees and other of all fines, Amount payable on withdrawal.

as the Board shall from time to 17.When the funds of the Society amount withdrawable notice to withdraw rate, not exceeding to time, determine.
being made immediately investing two per centum per annum, as the Board shall, such amount shall bear interest of the do not permit of payment of a at such from time after the expiration shares, Interest withdrawn shares.

on 2966 Cap.

201.]

The New Building Society.

ADVANCES.

Advances.

18.


Whenever the funds of the Society are, in the opinion of the Board, for the purpos� sufficient or loans to members as herein provided, and the order in which members by the shall from time to time be determined become entitled to advances Board.

they shall be employed in making advances Application for advance.

19.

Every application for an advance or loan shall be made in writing to the secretary in such form as the Board shall from time to time prescribe.

Advance shares.

20.


On the granting of an advance or loan to an applicant shares (or fractional of advance to cover the amount of the advance shall be allotted (hereinafter scribed advanced to as "an advanced fee.

One hundred dollars entrance share.

tenth parts of shares) member") referred who shall pay the pre­ shall be the full value of an such number as shall be sufficient to such applicant Condition and terms.

s 21.
s 21.

(1) Advances other scheme under and conditions the Housing for the purpose of or pursuant to any housing shall be made upon such terms Ordinance from time to time prescribe.
as shall be made upon such terms and conditions (2)Other advances as the Board may or the Board may from time to time direct: Provided always- (i)that no advance in excess of three-quarters of the value of the security offered shall be made; (ii)that no advance thousand dollars; in respect of such security shall exceed ten (iii)that no advance shall be made upon property subject or mortgages unless all such prior mortgages to a prior are in favour mortgage of the Society; (iv)that no advance shall be made for the purchase of a property with a view to a purchase-tenancy contract unless such member deposits thereof credit of not less in sh res or otherwise in the Society than one-quarter (v)that in determining l security any collatera shall not be taken into account- of the value thereof; the amount of any advance with a member in respect with the Society or provides or has at his additional security offered to the Society other than the following the value of (a)a charge upon or assignment of a policy shall be assessed of life assurance; at an amount value thereof at the time the advance provided that the value of the policy not exceeding is made; the surrender (b)a charge upon money deposited with the Society; (c)a charge given by the member upon any stocks, funds or to invest are for the time being authorised in which trustees shares trust money; (d)a guarantee given by an insurance company or other cor­ porate body approved by the Board; (e)a guarantee which any local authority be authorised or purchase to make for the purpose of dwellings and similar buildings.
body may of encouraging or public the erection The New Building Society.

[Cap.

201.

2967 22.Every advanced member shall repay his advance with interest at Repayment.

as shall be determined such rate instalments with such member shall have power from time to time to vary the terms of repayment and make further advances.
from time to time by the Board by monthly as may be agreed or otherwise upon, and the Board in agreement 23.The mortgage or other security to secure an advance to execute at the expense be required solicitors may be incurred property form and contain conditions or security such powers, as such solicitors by the Society offered.
of the member who shall also pay any expense The mortgage covenants, valuing or investigating which the shall be in such stipulations or agreement agreements, and in examining, shall consider necessary and proper.

which an advanced shall be prepared member shall Mortgage or other by the Society's security.
member may sell any property any agreement unless 24.No advanced or transfer Society the Board has been obtained become a member and has accepted by such member and pays a transfer share and twelve thereof.

and until the consent to the sale and the intended of the advance mortgaged to the in writing of purchaser has held shares of sixty cents for the first or part number of shares a transfer fee thereon cents per share for any additional Restriction on sale of mortgaged property.
25.An advanced as such upon payment member shall be deemed to have terminated shares his of all sums due on his advance with all interest, fines, fees or other payments due by virtue of these Termination of advanced membership.

under the terms of the mortgage or other agreement.

membership together rules and/or 26.A member desiring to pay off his mortgage any agreement in the prescribed may do so at any time upon giving of interest form or upon payment or the sum due under Rig_h� of.
three months' in lieu of the notice.

notice ant,mpa;mg paymen s.

27.

(1) The subscriptions of investing and advanced members shall Subscriptions.

SUBSCRIPTIONS.

become due and payable each month, at the Society's as the case may be.

or of each period office on the first working day of (2)The Society the post.

through shall incur no responsibility for loss of payments made Exemption from liability.
failing 28.Every member an advance share tribution on be fined at the rate of one cent in every dollar contribution of a dollar remains that contribution in arrear for every subsequent unpaid.

con­ due shall of his or part month or part of a month during which to pay his monthly sixteen days of its becoming and shall be charged or part of a dollar two cents in the dollar Fines.
or other periodical within 29.Any subscription or other payment be applied toward satisfaction satisfaction of the subscriptions in or towards received of such fines and subject or other payments from a member may Right_ o� ap­ in or propnat,on.

thereto or due.

in arrear 30.The Board may in such cases as it may think fit reduce or remit Power to reduce fines.

any fines.

31.When the amount of the fines due and unpaid by any member is Forfeiture.
he has paid, he shall forfeit his shares and cease equal to all the subscriptions to be a member.

IV-32 B.G.-VoL.

2968 Cap.

201.]

The New Building Society.

Profits.

32.

(1) As at the 31st December in each year, the Board shall make PROFITS.

placed a valuation of the assets and liabilit on the assets by the Board is less than their book value the deficiency shall be provided for of the Society the year.

profits in the accounts for as a charge against ies of the Society.
If the valuation and contingent (2)After all liabilities including the interest profits of the Society these rules, be applied proportion to the moneys paid up on the same.
liabilities payable by the Society on loans and deposits, shall, for the and of the Ordinance shares in in payment of interest to the provisions have been provided due on investing subject (3)There shall as the Board be set aside out of the profits such sums think proper as a reserve or for such other purposes think conducive to the interests fund to meet contingencies or to equalise as the Board shall in their absolute interest discretion of the Society.
(4)The Board may pay out of the profits such sums as it may from time to time determine to any provident of the staff or in payment of any superannuation for the insurance allowances of the lives of the staff or any one of the staff.

or other fund established for the benefit or the premiums (5) The Board may carry forward any profit it may deem prudent not to divide.

Bonus.

Losses.
Bonus.

Losses.

33.Subject to the provisions of the last preceding in payment of bonus on the various rule, any profits of issues of and advance shares at such rates and payable at such times and the Society may be applied investing under such conditions provided aforementioned purchase-tenancy assets available that no distribution of bonus shall be made if the reserve fund amounts to less than five per centum of the mortgage and under section 7 (4) of the Ordinance.
as the Board may from time to time determine; LOSSES.

34.If during any year the Society sustain any loss exceeding of its reserve fund the excess shall be debited to the accounts in respect of their shares in proportion of each at the beginning to the amounts standing of such year.

the amount of the members to the credit Annual general meeting.

35.

The annual general meeting of the Society shall be held as soon as MEETINGS.

conveniently may be after the 31st March.


At such meeting the audited accounts shall be presented elected to fill vacancies be determined, and any other business have been previously and the remuneration to the members, given.

December and not later than the 31st report and the Directors' and the requisite number of Directors of Directors and auditors shall transacted of which due notice shall Half-yearly or special general meeting.

meeting or call a special Board may determine.


36.The Board may, whenever it thinks fit, hold a half-yearly general general meeting at such time and place as the Notice of meeting.

37.

Every annual, half-yearly or special summoned by advertisement the Colony at least seven days before the date of the meeting and for such period as aforesai the registered d, a copy of the notice shall be conspicuously office of the Society.
to be inserted exhibited in general meeting shall be of in one or more newspapers The New Building Society.

[Cap.

201.

2969 to a general meeting shall be decided 38.


(1) All questions subm,itted present, and qualified of members a majority by a show of hands unless present, shall be taken in such manner and either months, whereupon the meeting and place, a poll be demanded to vote at such meeting,- by not less than ten such members two scrutineers two at once or at such time within and the poll as the Board shall determine.

shall appoint by Mo�e of taken votmg.


(2)Every member shall have one vote provided with less than $100 to credit shall not be qualified that an investing member to vote.

(3)For the purpose Proxies.

of a poll members unable to attend any meeting or adjourned meeting may appoint proxies to record their votes.

(4)The result office of the Society, of the poll shall forthwith and so remain for a period be exhibited of one month.

at the registered Result of poll.


( 5)In the case of equality of votes the chairman shall have a casting vote.

Casting vote.

39.A meeting from one place to another, shall be deemed a continuation may be adjourned removed removal or Adjourn­ by adjournment or ment_ of meeting.

meetmg.

from time to time by resolution, and every meeting of the original 40.The number of Directors shall not be less than three nor more than Number.

six unless otherwise determined by a general meeting.

DIRECTORS.
DIRECTORS.

41.The first include Directors at least two of the persons shall be appointed and shall to the Governor praying by the Governor in Council named as such in the petition of the Society.

F�rst Directors.

for the incorporation 42.

(1) Subject shall appoint meeting the number of Directors to the provisions the Directors in office.

of these rules the Society of the Society and may increase in general App�intment or reduce of Du·ectors.
(2)Until the deferred shares have been extinguished one-third right to nominate or cancelled the Governor of the Directors.

issued under the provisions of the Ordinance in Council shall have the or to guarantee or company agrees the capital such person to underwrite or interest or company, (3)If any person certificates or the due redemption then the majority pursuant existence of the Directors.
to the underwriting of any such guarantee, thereof, of them, shall, so long as any bond certificates issued agreement are held by them or during the also have the right to nominate one-third the issue of any bond of any such certificates and if more than one 43.The Board shall have power at any time and from time to time to any other appoint or as an addition not at any time exceed appointment meeting.
qualified to the Board but so that the total vacancy shall number of Directors as a Director to fill a casual person either the maximum number fixed and subject to any such or appointments being confirmed at the next annual general Additional Directors 44.Every Director other than a Director appointed by the Governor Qualification.
under rule 42 shall possess in Council less than five paid up investing and fifty dollars hundred shares a qualification in his own right of not of the value of not less than two or ten subscription inve.sting shares.

B.G.-VoL.

IV-32* 2970 Cap.

201.]

The New Building Society.

Remunera­ tion.

45.Such remuneration shall be paid to the Board for their services and the Board shall decide by a general meeting is determined how such remuneration of the Society shall be apportioned its members.
between as When office of Director to be vacated.

shall cease to be such if- 46.

(1) A Director (i)he becomes insolvent (ii)he be found a lunatic (iii)he ceases (iv)his qualification shares (v)he is absent to be qualified shall be in arrear from four consecutive or compounds or becomes of unsound mind; to act as a Director; special his office is vacant.

leave of absence from the Board, for two months; meetings of the Board without that and the Board shall resolve with his creditors; Resignation.
(2)A Director have power to accept shall be entitled to resign his resignation.

his office, and the Board shall Period of office.

4'7.

(1) The first Directors and thereafter shall hold office until the third annual general shall retire the whole of the Directors meetiug of the Society from office at the annual general meeting in every second year.

(2)The retiring Directors shall be eligible for re-election and shall act as Directors throughout the meeting at which they retire.
Restriction on nomination.

48.

No person not being a retiring for election of rule 42 shall unless the provisions be eligible he or some other member intending and not more than twenty-eight a notice intention days before signifying in writing duly signed him.
of such member to propose to the office of Director to propose him has at least seven days left at the office for the office or the the meeting his candidature Director recommended under nominated by the Board for election or a person at any general meeting, unless Removal.
49.No Director or other officer of the Society office during his term of office except as expressly provided otherwise from in these rules resolution: shall be removed than by special Provided always that the Board shall have power to suspend any officer if and.

on such terms as the Board shall think fit.

Validity of acts of Directors.


50.All acts done at any meeting of the Board, or of a committee of the Board, or by any person it shall afterwards of such Directors were disqualified, had been duly appointed acting be discovered or persons acting be as valid as if there was no vacancy that there was some defect as aforesaid, and was qualified to be a Director.

as a Director, shall, notwithstanding in the appointment that or that they, or any of them, or every such person Alternate Directors.
51.A Director may at any time appoint alternate appointment number of Directors.

Director to act for him during Director of an alternate by writing his absence shall not under his hand an from the Colony.

The the be deemed to increase Chairman.

52.

(1) The Board shall appoint and in the absence a Chairman Chairman Board shall appoint of either for any meeting.

Chairman out of their body a Chairman and Vice­ the or Vice-Chairman Ce.sting vote.

(2)The Chairman may exercise a casting vote when necessary.
The New Building Society.

[Cap.

201.

2971 53.

(1) The Board shall meet as often as may be necessary as possible a meeting shall be held at least once a month.

but as far Meetings of Board.

(2)The quorum for a Board meeting shall be fixed by the Board from Quorum.

time to time but until so fixed shall be two.

(3)No Director or conduct.

interest shall vote upon any question affecting his own individual Restri?tion of votmg.

OFFICERS.
OFFICERS.

54.The Board shall appoint and such other officers and agents deemed necessary define what duties or right by the Board, who shall also from time to those defined in the rules.

they are to perform and with such remuneration to time or firm of solicitors, a secretary Appointment of officers.

as may be a solicitor in addition 55.

(1) The solicitor shall transact all the necessary and shall be paid for the same according legal business of the Solicitor.
to any scale of charges by the judges or in the absence thereof by the Board.

Society approved (2)The solicitor may attend but he shall not be entitled all meetings of the Board and all meetings as such to vote on any question.

He shall be required.


at which his presence all meetings of members shall attend (3)Previous shall attend in the custody in writing auditors whether shall report to each annual to inspect of the bankers to the Board meeting the securities two Directors, of the Society or of any other person the solicitor, held in the Colony and the solicitor and the as to the result of the inspection.

56.

(1) The secretary shall attend all the duties all meetings pertaining to the office.
of the Society and of the Secretary.

Board and shall perform (2)The secretary at every meeting Society and true and correct in such books as may be necessary.

shall keep true and correct accounts minutes of the transactions of the proceedings of the (3)The secretary to pay the amount of any loss suffered by the Society through shall be liable his neglect.
57.The seal of the Society the Board and shall not be affixed to any or pursuant two Directors the attestation of the secretary may appoint of document except of by two Directors signed to a resolution or such other person documents.

shall not be used without to seal and attest the authority The seal.
in the presence or persons as the Board and with 58.No payment shall be made out of the funds of the Society by order of the Board and all such payments the bankers Board and countersigned Board may from time to time direct.

for the time being signed by the secretary of the Society except shall be made by cheque upon of the or in such other manner as the by two members Payment out of funds.

2972 Cap.

201.]

The New Building Society.

APPENDIX.

r. 2.

FORM A.-APPLICATION FOR SHARES.


··················· ··········· ········· ··········· ············· .l9 ...... .

········ The Secretary, Tile New Building S ociety, Limited.

Sir, I desire to be admitted a member of your Society and hereby apply for the following shares- Number of Shares.

Description.

Amount to be paid.

Entrance Copy of rules.

fee thereon.

I enclose the sum of $ .............. .......... ........ ...... ............... ........... .. ..in payment.
(Signature) ............................ .............. ............. .............. ............ .

...... , Name in rnu ........ ................ i ....................... ........................ .......... .................. ........................ ............ ........................ .

.......

Address ...... ............ ......... .

--;·· ................ ................. ........... ................ ............. ....................... ...... .

..................

Occupation.


r.9 (2) FORM B.-TRANSFER OF SHARES.

a member of the New Building Society, Limited, sum of... ................ paid to me by ......... in consideration ........................ of the ......... .

............... .......................... .................. ............. ........ to as " the transferee fter referred (hereina transferee my share(s) numbered ........ funds of the said Society administr thereby.
ators and assigns ...... ............... to hold the same unto the transferee, his executors , subject to the rules and the payment prescribed ") do hereby transfer to the ... ....... ................. ,.of and in the ............. AND I, the transferee, approved by the Board do hereby agree to accept the share(s) subject to the same rules and payments.

.............. .As WITNESS our hands this .............. ........ day of... .

...................... ...... .......... ............ .19 ......