Victorian Consolidated Legislation

Co-operative Housing Societies Act 1958 - SECT 46

Rules of a society

46. Rules of a society



(1) The rules of a society shall be divided into paragraphs numbered
consecutively, and shall set forth-

   (a)  the name of the society;

   (b)  where the office of the society is to be situated;

   (c)  the objects of the society;

   (d)  the nominal value of each share in the society;

   (e)  the maximum proportion of the shares which may be held by a member;

   (f)  the fixed date on which or the object or event on the attainment or
        occurrence of which the society is to terminate;

   (g)  the periodic subscriptions by which or the manner in which shares are
        to be paid for and the penalties for late payment;

   (h)  the minimum number of shares to be subscribed for by a member;

        (i)    the manner in which shares may be transferred;

   (j)  the manner in which the funds of the society are to be managed, and,
        in particular, the mode of drawing and signing cheques drafts bills of
        exchange promissory notes and other documents for and on behalf of the
        society;

   (k)  the manner in which an application for an advance is to be made, the
        conditions with which an applicant is to comply, the manner in which
        an advance is to be made and repaid, the conditions upon which a
        member may pay the amount due by him before the expiration of the
        period for which the advance is made, and the terms upon which a
        mortgage may be redeemed;

   (l)  the mode and conditions of admission to membership, and the payment to
        be made or the share or interest to be acquired before the exercise of
        the rights of membership;

   (m)  the rights and liabilities of members, and of the estates of deceased
        members and of members whose estates have been sequestrated or
        assigned;

   (n)  whether or not shares may be withdrawn, and if so, upon what terms;

   (o)  the manner in which the value of shares is to be ascertained for
        repayment;

   (p)  the circumstances in which members may be expelled, the rights and
        liabilities of expelled members, and provision for the forfeiture of
        shares and for the cancellation of forfeited shares;

   (q)  the number of directors, the qualification of directors, and the
        manner of electing remunerating and removing directors and filling a
        vacancy, whether directors are to be elected annually or half-yearly,
        the period for which directors are to hold office, and whether
        directors are to retire by rotation or otherwise;

   (r)  the powers and duties of the board and the quorum for meetings of the
        board;

   (s)  the intervals between general meetings of the society, the manner of
        calling general and special meetings, the requisite notices of
        meetings, and the quorum for meetings, of the society;

   (t)  the procedure at meetings of the society, including the rights of
        members in voting thereat, and the manner of voting;

   (u)  the manner of appointing remunerating and removing officers (other
        than directors) of the society, the powers and duties of officers, and
        the security to be given by any officer having the receipt or charge
        of any moneys belonging to the society;



        (v)    whether the accounts of the society are to be audited annually
               or more frequently, the manner of appointing remunerating and
               removing auditors, the powers and duties of auditors, and in
               particular their powers and duties with respect to the
               inspection of securities belonging to the society;

   (w)  provision for the custody of securities belonging to the society;

        (x)    the charges, including any charges on admission or for
               management expenses or otherwise, which are to be payable by a
               member to the society;

   (y)  the manner of altering and rescinding the rules, and of making
        additional rules;

   (z)  provision for the custody and use of the seal of the society;

   (aa) the manner in which the society may be wound up; and

   (bb) such other matters as are prescribed by this Act or the regulations.

(2) Any person shall be entitled to obtain from a society a copy of its rules
on payment of a sum not exceeding twenty-five cents ($0.25).

(3) The rules of a society shall not provide for the expulsion of any member
from the society otherwise than by a special resolution.