(a) to a fixed rate of dividend; (b) to any other right to participate in the profits or assets of the society; or (c) to any other rights whatsoever— in preference to any other shares or class of shares in that society or to any of the rights attaching thereto or which entitle the holders to any other preference whatsoever in respect of the payment of dividends, interest, rebates or bonuses or upon the winding up or dissolution of the society or otherwise; prescribed means prescribed by this Act or the regulations or (where the case so requires) by the rules; S. 3(1) def. of Registrar substituted by Nos 48/1992 s. 94(2), 37/1999 s. 58(Sch. 2 Pt 1 item 1(b)). Registrar means the Registrar of Co-operative Housing Societies referred to in section 62; regulations means regulations made under this Act; rules means rules of a society for the time being in force; society means co-operative housing society; S. 3(1) def. of spouse inserted by No. 27/2001 s. 8(Sch. 6 item 1.1). spouse of a person means a person to whom the person is married;
S. 11(3)(g) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6). (g) any other matter specified by the Registrar. (4) The statement mentioned in subsection (3) must be sent to the members of the society so that it will, in the ordinary course of post, reach each member who is entitled to vote on the special resolution not less than 21 days before the date of the meeting at which the resolution is to be decided. S. 11(5) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6). (5) The Registrar may exempt a society from having to comply with subsection (3). S. 11(6) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6). (6) The Registrar may grant an exemption, or approve a statement, subject to any conditions it considers appropriate. S. 11(7) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6). (7) An application for the registration of a merger or transfer of engagements under this Division must be made in the way and form required by the Registrar. S. 11(8) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6). (8) An application for a proposed merger must be accompanied by 2 copies of the proposed rules of the merged society and any other particulars required by the Registrar. S. 12 substituted by No. 48/1992 s. 96. 12 Registrar may register merged society S. 12(1) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 6). (1) If, in relation to an application under this Division by societies for registration of a proposed merger, the Registrar is satisfied that—
S. 33(1B) inserted by No. 37/1999 s. 58(Sch. 2 Pt 2 item 3). (1B) With the approval of the registrar and subject to such conditions as the registrar determines, a society may assign or transfer its interest under a mortgage of freehold land for the purpose of— (a) raising money for the repayment by the society in whole or in part of any loan made to the society; or (b) extinguishing the loan. S. 33(1C) inserted by No. 37/1999 s. 58(Sch. 2 Pt 2 item 3). (1C) A society must, if the registrar so directs, assign or transfer its interest under a mortgage of freehold land for a purpose referred to in subsection (1B). S. 33(1D) inserted by No. 37/1999 s. 58(Sch. 2 Pt 2 item 3). (1D) The registrar must not give a direction under subsection (1C) unless satisfied that the assignment or transfer would not disadvantage the members of the society. S. 33(1E) inserted by No. 37/1999 s. 58(Sch. 2 Pt 2 item 3). (1E) Upon the assignment or transfer under subsection (1B) or (1C) of a mortgage given by a member to a society— (a) the shares of the member in the society related to the mortgage are cancelled; and (b) the member ceases to be a member by reason of that mortgage; (c) the amount owing by the member under or in respect of the mortgage is reduced by the amount (if any) paid up in respect of the shares. (2) A society shall not be authorized to receive money on deposit. S. 33(3) repealed by No. 6821 s. 6. * * * * * (4) Except as may be provided in any agreement made in relation to a guarantee executed by the
43 No voting by proxy The rules of a society shall not allow of voting by proxy. No. 6138 s. 44. 44 Special resolution (1) For the purposes of this Act special resolution means a resolution which is passed by a majority of not less than three-quarters of such members of the society entitled under the rules to vote as may be present in person at any general meeting of which notice specifying the intention to propose the resolution has been duly given according to the rules. (2) At any such general meeting, unless a poll is demanded, a declaration by the chairman that the resolution has been carried shall be conclusive evidence of the fact. S. 44(3) amended by No. 7097 s. 5(a). (3) A copy of the special resolution, signed by the chairman of the meeting and countersigned by the secretary, shall be sent to the registrar within one month after the passing of the special resolution, or within such further time as the registrar in any particular case allows and shall be registered by him and until the copy is so registered the special resolution shall not take effect: S. 44(3) Proviso repealed by No. 7097 s. 5(b). * * * * * S. 44(3) Further Proviso amended by No. 7097 s. 5(c). Provided that a special resolution for the expulsion of any member from a society shall not be registered unless the registrar is satisfied that in all the circumstances of the case the expulsion is reasonable and that the proceedings in respect of the expulsion have been properly and fairly conducted.
S. 44D(2)(b) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7). (b) a specified percentage of an amount determined by the Registrar either by reference to the amounts of reserves, obligations and debts of the society or to any other factors relating to the funds or business of the society as the Registrar determines as at a date specified by the Registrar; or (c) both a specified amount and such a specified percentage. S. 44D(3) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7). (3) The Registrar may require the supervision levy to be paid in one amount or by instalments which may include an amount for interest at a rate fixed by the Registrar. S. 44D(4) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7). (4) The supervision levy must be paid by the society within 30 days of being notified by the Registrar by notice in writing of the amount that is payable. (5) If a society is in default in payment of the supervision levy— S. 44D(5)(a) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7). (a) interest accrues on the amount outstanding from the date of default at the rate specified by the Registrar; and S. 44D(5)(b) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7). (b) the Registrar may recover any amount outstanding together with interest accrued as a debt in a court of competent jurisdiction. S. 44D(6) amended by No. 37/1999 s. 58(Sch. 2 Pt 1 item 7). (6) The Registrar may on the application of a society— (a) vary the amount of the levy payable by the society; or (b) vary the period within which the levy is to be paid; or
volume of its business the Registrar may authorize the society in writing to carry on business with three directors and the society may act accordingly. S. 48(8) amended by No. 8298 s. 4(2). (8) Meetings of the board shall be held as often as may be necessary for properly conducting the business and operations of the society, but shall be held at least quarterly, and a quorum of a meeting of the board shall be as prescribed by the rules of the society but shall not in any case be less than half the number of directors. (9) The chairman of the board shall be elected by the board in accordance with the rules of the society, and shall hold office and retire, and may be removed from office, as prescribed by the rules of the society. (10) The directors shall hold office and retire, and may be removed from office, as prescribed by the rules of the society. (11) The office of a director shall be vacated in such circumstances, if any, as may be prescribed by the rules of the society, and in any of the following cases, that is to say— (a) if he becomes bankrupt or insolvent or assigns his estate for the benefit of or compounds with his creditors; S. 48(11)(b) substituted by No. 7332 s. 2(Sch. 1 item 16), amended by Nos 59/1986 s. 143(2), 26/2014 s. 455(Sch. item 4). (b) if he becomes of unsound mind or becomes a patient within the meaning of the Mental Health Act 2014;
at the office of the society for such period before the meeting as may be prescribed by the rules. (6) Any member may inspect his own account in the books of the society at any reasonable time on payment of a fee not exceeding Twenty cents ($0.20). S. 56(7) substituted by No. 93/1997 s. 28(Sch. item 8), amended by No. 53/1999 s. 26(Sch. item 7(a)). (7) The Treasurer may, at any time, require the Auditor-General to audit the accounts of a society and, if so— S. 56(7)(a) amended by No. 53/1999 s. 26(Sch. item 7(b)). (a) the Auditor-General has in respect of the audit all the powers conferred on the Auditor-General by any law relating to the audit of the Public Account; and (b) the Auditor-General must submit a report of the audit to the Treasurer. No. 6138 s. 57. 57 Financial year (1) The financial year of the society shall end at the conclusion of the last pay day of the society before the thirtieth day of June, or with the written approval of the registrar at any other time between the thirty-first day of March and the thirtieth day of June. (2) The first financial year of the society shall be deemed to be from the date of registration of the society to the conclusion of the said pay day, or such other time as is approved as aforesaid, in the following year. Division 3—Valuations No. 6138 s. 58. 58 Valuations of property to be made by sworn valuators
Assent Date: 17.3.67 Commencement Date: S. 47 on 1.7.67: Government Gazette 24.5.67 p. 1754 : This information relates only to the provision/s amending the Co-operative Housing Societies Act 1958 Co-operative Housing Societies (Amendment) Act 1967, No. 7575/1967 Assent Date: 8.11.67 Commencement Date: 8.11.67 : All of Act in operation Co-operative Housing Societies (Amendment) Act 1970, No. 7983/1970 Assent Date: 13.10.70 Commencement Date: 13.10.70 : All of Act in operation Co-operative Housing Societies (Indemnities) Act 1971, No. 8160/1971 Assent Date: 26.10.71 Commencement Date: 26.10.71 : All of Act in operation Statute Law Revision Act 1971, No. 8181/1971 Assent Date: 23.11.71 Commencement Date: 23.11.71: subject to s. 2(2) : All of Act in operation Housing (Amendment) Act 1971, No. 8206/1971 Assent Date: 14.12.71 Commencement Date: 14.12.71 : All of Act in operation Co-operative Housing Societies Act 1972, No. 8298/1972 Assent Date: 3.10.72 Commencement Date: 3.10.72 : All of Act in operation Housing Ministry Act 1972, No. 8339/1972 Assent Date: 5.12.72 Commencement Date: 2.4.73: Government Gazette 28.3.73 p. 652 : All of Act in operation Valuation of Land (Valuers) Act 1973, No. 8405/1973 Assent Date: 17.4.73 Commencement Date: 1.7.73: Government Gazette 13.6.73 p. 1966 : All of Act in operation Co-operative Housing Societies (Amendment) Act 1973, No. 8462/1973 Assent Date: 7.11.73 Commencement Date: 7.11.73 : All of Act in operation Co-operative Housing Societies (Amendment) Act 1974, No. 8543/1974
Assent Date: 5.1.82 Commencement Date: S. 22 on 5.1.82: s. 2(4); s. 23 on 1.7.82: s. 2(1) : This information relates only to the provision/s amending the Co-operative Housing Societies Act 1958 Co-operative Housing Societies and Co-operation (Amendment) Act 1982, No. 9776/1982 Assent Date: 21.9.82 Commencement Date: 21.9.82 : All of Act in operation Housing Act 1983, No. 10020/1983 Assent Date: 13.12.83 Commencement Date: 1.1.84: Government Gazette 21.12.83 p. 4045 : All of Act in operation Statute Law Revision Act 1984, No. 10087/1984 Assent Date: 22.5.84 Commencement Date: 22.5.84: subject to s. 3(2) : All of Act in operation Co-operation (Amendment) Act 1985, No. 10254/1985 Assent Date: 10.12.85 Commencement Date: 1.1.86: Government Gazette 18.12.85 p. 4642 : All of Act in operation Courts Amendment Act 1986, No. 16/1986 Assent Date: 22.4.86 Commencement Date: S. 30 on 1.7.86: Government Gazette 25.6.86 p. 2180 : This information relates only to the provision/s amending the Co-operative Housing Societies Act 1958 Mental Health Act 1986, No. 59/1986 Assent Date: 3.6.86 Commencement Date: S. 143(2) on 1.10.87: Government Gazette 30.9.87 p. 2585 : This information relates only to the provision/s amending the Co-operative Housing Societies Act 1958 Supreme Court Act 1986, No. 110/1986 Assent Date: 16.12.86 Commencement Date: 1.1.87: s. 2 : All of Act in operation Friendly Societies Act 1986, No. 119/1986 (as amended by No. 36/1990) Assent Date: 23.12.86 Commencement Date: 1.9.87: Government Gazette 26.8.87 p. 2257 : All of Act in operation Subdivision Act 1988, No. 53/1988 (as amended by No. 47/1989)