Victorian Consolidated Legislation

Co-operative Housing Societies Act 1958 - SECT 53

Officers

53. Officers



(1) A director or other officer shall not borrow from the society, and the
society shall not make any advance to a director or other officer, except by
special resolution of the society, and if any advance is made in contravention
of this subsection the members of the board who authorized the advance shall
be jointly and severally liable for any loss on the advance occasioned to the
society.

(2) A director or other officer may be paid such fees as are fixed by a
general meeting of the society but not exceeding in any case such maximum
amounts as are prescribed by the regulations.

(3) Every officer having the receipt or charge of any money of the society
shall give security as prescribed by the regulations for rendering a just and
true account of all money received and paid by him for the society, and for
payment of all money due from him to the society.