### Co-operative Societies Rules 《合作社規則》

52. Bad debts
The committee may, with the approval of the Registrar, cause bad debts to be written off the books of the registered society in such manner and at such times as the Registrar may deem fit.

53. Preparation of annual accounts and report
The committee shall, in every year and as soon as conveniently possible within such time as the Registrar may direct—(E.R. 5 of 2022)
(a) cause the secretary to prepare and send to the Registrar the yearly balance sheet, closed on the date specified by the Registrar, of the preceding year together with a detailed statement of the profit and loss account; and
(b) prepare a report on the year’s working of the registered society to be presented to the annual general meeting.

54. Transfer of shares
(1) Any share may be transferred with the approval of the committee to any other member at the option of the transferor, but if the transferee is not a member, he must be approved of as a member by the committee or the general meeting according to the by-laws relating to the admission of members before the transfer can be registered; and if the by-laws require a member to hold more than one share, the transferee must acquire by the transfer, or by the transfer and allotment, the number so required to be held before the transfer can be registered.
(2) Special transfer forms shall be provided by the Registrar.
(3) No transfer of a share shall be valid and effective unless and until such transfer has been registered by the secretary on the direction of the committee.
(4) No transfer of a share shall be registered if made by a member indebted to the registered society without special order of the committee, and until the transfer of a share is registered no right shall be acquired against the registered society by the transferee, nor shall any claim of the registered society upon the transferor be affected thereby.

55. Sales of shares of members in default
The committee may, in default of payment by any member indebted to the registered society to an amount not less than three-fourths of the sum paid up for the time being on any transferable share held by him, sell, transfer and register in the books of the registered society such share to any person entitled to hold the same under the rules or by-laws for the best price obtainable therefor, and apply the proceeds in or towards the discharge of the debt so due and of any expense incurred in or about the same, paying over the balance (if any) to the member, without being responsible for any loss occasioned thereby, and the defaulting member shall cease to have any further claim in respect of such share.

### Co-operative Societies Rules 《合作社規則》

56. Secretary
(1) The committee shall appoint a secretary and, unless the person so appointed is a member of the committee, shall have power to fix the remuneration for his services.
(2) The secretary, if a member of the committee, shall be unpaid.
(3) No appointment made under paragraph (1) of this rule shall be valid and effective, and no remuneration fixed thereunder shall be payable or recoverable, unless approved by the Registrar. Every such approval shall be communicated in writing by the Registrar to the committee.
(4) In the event of failure on the part of the committee to appoint a secretary, the Registrar shall appoint a secretary and, unless the person so appointed is a member of the committee, the Registrar shall fix his remuneration. Every appointment made by the Registrar under this paragraph shall be valid and effective, and every remuneration fixed by the Registrar shall be payable and recoverable, as if made or fixed by the committee.
(5) The secretary shall occupy his office until his services are determined by one month’s notice in writing given by the committee:
Provided that no determination as aforesaid shall be valid and effective until the approval of the Registrar in writing has been obtained therefor.
(6) The secretary may resign his office by giving one month’s notice to the committee in writing.
(7) On the occurrence of a vacancy in the office of the secretary, the provisions of this rule shall apply mutatis mutandis to the filling of such vacancy.

57. Payment of secretary
The remuneration of the secretary, if any, shall be paid from the funds of the registered society monthly in arrear.

58. Security by secretary
(1) The secretary may be required to give security in such amount as the committee may determine.
(2) Every such security and the amount thereof shall be subject to the approval of the Registrar to be signified in writing to the committee.

59. Suspension of secretary
(1) The committee may at any time suspend the secretary for any irregularity in the performance of his duties.
(2) Such suspension shall be reported forthwith to the Registrar who shall approve or disallow the same and shall communicate his decision to the secretary and the committee in writing, and on notification of his approval of the suspension the services of the secretary shall be determined without further notice.
(3) In the event of the suspension of the secretary the committee shall forthwith appoint a substitute to hold office during the period of such suspension and shall report the name of such substitute to the Registrar.

### Co-operative Societies Rules 《合作社規則》

60. Temporary absence of secretary
(1) The secretary shall not absent himself from duty save with the permission of the committee previously obtained.
(2) During the absence of the secretary, the committee shall appoint a temporary secretary and shall report the appointment to the Registrar.
(3) In case the secretary desires to be absent from duty for more than one month at any one time, the committee shall, before granting permission for such absence, obtain the previous approval of the Registrar therefor.

61. Duties of secretary
The duties of the secretary shall be—
(a) to attend all meetings of the registered society and of the committee and to carry out all the instructions of the committee;
(b) to be present at the office during the hours of business as fixed from time to time by the committee;
(c) to record the whole of the transactions of the registered society in the books provided for that purpose; to conduct correspondence on behalf of the registered society; to prepare the annual statement of accounts and balance sheet; and to have charge of the documents, books and vouchers for payments and receipts on behalf of the registered society;
(d) to receive all applications for loans and bring the same before the committee; to prepare receipts and other documents in the form prescribed for signature by borrowers prior to their taking the loans sanctioned; and with the authority of the committee to supply information about the registered society which may be applied for by members;
(e) to receive all moneys due or payable to the registered society and issue receipts to the payer for same from a counterfoil receipt book supplied to the registered society for the purpose by the Registrar, obtaining at the same time the signature of the person making the payment on the counterfoil;
(f) to deposit with the treasurer from moneys collected by him on behalf of the registered society all sums in excess of an amount to be fixed from time to time by the committee and to obtain from him a receipt on a form to be taken from the prescribed counterfoil book;
(g) to keep separate all moneys belonging to the registered society and on no account to mix them with any other moneys; and to produce at all times when called upon to the committee, or the Registrar or any person authorized by him, all moneys in his hands belonging to the registered society;
(h) to make payments as authorized by the committee, obtaining the payee’s signature on the payment book prescribed by the Registrar:
Provided that if the payment is made outside the registered society’s office the secretary shall, in every instance, obtain from the payee a manuscript receipt and attach it to a separate page of the payment book;
(i) to issue a receipt on a form to be taken from the prescribed counterfoil book when receiving money from the treasurer; and
(j) to summon meetings as provided in the rules.

62. Treasurer
The committee shall appoint one of the members of the committee, not being the chairman, to be the treasurer.