Western Australian Consolidated Regulations

TERMINATING BUILDING SOCIETIES MODEL RULES

TABLE OF PROVISIONS

   1.      Interpretation  
   2.      The Society  
   3.      Objects  
   4.      Financial provisions  
   5.      Seal  
   6.      Books  
   7.      Application for membership  
   8.      Board may accept or reject application  
   9.      Shares  
   10.     Member to pay subscriptions  
   11.     Trustee shareholders  
   12.     Change of address  
   14.     Ceasing membership  
   15.     Withdrawal from society  
   16.     Withdrawal of advanced share  
   17.     Capital  
   18.     Ordinary shares  
   19.     Members’ shareholdings  
   20.     Shares not public  
   21.     Board’s functions upon formation  
   22.     Subscriptions  
   23.     Subscription areas  
   24.     Shares not to be transferred without consent  
   25.     Transfer  
   26.     Form of transfer instrument  
   27.     Transfer of fee  
   28.     On the death of a member  
   29.     On the death of joint shareholders  
   30.     Shares transferred through bankruptcy, death, etc.  
   31.     Forfeit of shares  
   32.     Application of Society’s funds  
   33.     Directors to determine advances  
   34.     Subscription, etc. to be paid before advance received  
   35.     Amount of advance  
   36.     Terms and conditions of advance  
   37.     Rate of repayment  
   38.     Failure to make repayments  
   39.     Security  
   40.     Details of security  
   41.     Mortgage as security  
   42.     Rules to override terms of mortgage  
   43.     Plans and specifications for building  
   44.     Valuation of security  
   45.     Survey of security property  
   46.     Insurance of mortgaged premises  
   47.     Society’s solicitors  
   48.     Costs of mortgage varied or discharged  
   49.     Power to sell mortgaged property  
   50.     Power to exchange security  
   51.     Annual general meeting  
   52.     Special business  
   53.     Special general meeting  
   54.     Costs where meeting convened by requisitionists  
   55.     Notice of meetings  
   56.     Notice of business  
   57.     Quorum  
   58.     Chairman  
   59.     Adjournment  
   60.     Vote on a resolution -- show of hands  
   61.     Poll  
   62.     Voting entitlements  
   63.     The Board  
   64.     Directors  
   65.     Retirement of directors  
   66.     Election of directors  
   67.     Vacancies  
   68.     Extraordinary vacancy  
   69.     Removal of a director  
   70.     Board meetings  
   71.     Board quorum  
   72.     Board chairman  
   73.     Delegation of Board to committee  
   74.     Election of committee chairman  
   75.     Committee proceedings  
   76.     Powers of Board  
   77.     Director as agent of Society  
   78.     Directors’ remuneration  
   79.     Board minutes  
   80.     Board to make books, etc. available  
   81.     Annual return  
   82.     Appointment and removal of officers  
   83.     Audit  
   84.     Auditor  
   85.     Remuneration of auditors  
   86.     Auditors to have access to books, etc.  
   87.     Audit after end of financial year  
   88.     Disputes  
   89.     Security Bond  
   90.     Banking accounts  
   91.     Management expenses  
   92.     Changes in respect of debt due  
   93.     Alteration of Rules  
   94.     Transfer of member’s interest on death  
   95.     Certificate required for transfer of payment  
   96.     Transfer does not confer all membership rights  
   97.     Service of notices  
   98.     Notice of general meeting  
   99.     Winding up  
   100.    Members to make up deficit on winding up  
   101.    Members to share in surplus on winding up  
           Form A  
           Compilation table