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AUPE GENERAL SERVICES CO-OPERATIVE LTD |
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9 |
FUNDS OF THE SOCIETY |
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9.1 |
The funds of the Society shall consist of: |
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(a) |
Share Capital, including Bonus Certificates and Bonus Shares; |
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(b) |
Reserve Fund; |
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(c) |
Donations, except that no donations from any foreign source whether offered directly or otherwise, shall be received by the Society without the prior approval of the Registrar; |
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(d) |
Undistributed Profits; |
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(e) |
Deposits or loans from members and non-members subject to such restrictions as laid down in the Act and the By-laws; and |
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(f) |
Any other Funds approved by the Registrar. |
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9.2 |
The funds of the Society shall be invested: |
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(a) |
in the Post Office Savings Bank; |
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(b) |
in such investment and securities as are for the time being authorised for the investment of trust funds; |
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(c) |
with any bank registered under the Banking Act; |
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(d) |
in the shares of any other co-operative society approved for this purpose by the Registrar; |
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(e) |
in the purchase or leasing or land or buildings or in the construction of buildings necessary for the conduct of its business and the welfare of the co-operative movement, with the previous sanction of the Registrar; and |
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(f) |
in such other manner as may be approved in writing by the Registrar, either generally or in any particular case. |
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9.3 |
A member, present or past, holding bonus certificates shall only be entitled to redeem his shares after 5 years from the date when the bonus certificates were issued, provided that the Board of Directors may at its absolute discretion and on such conditions it deems fit allow such shares to be redeemed earlier than this date. No interest or dividend shall be paid at any time on any bonus entitlement. |
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9.4 |
A member, present or past, holding bonus shares shall only be entitled to redeem his shares or transfer such shares after 10 years from the date when the bonus shares were issued, provided that the Board of Directors may at its absolute discretion and on such conditions it deems fit allow such shares to be redeemed or transferred earlier than this date. Dividend shall be paid on bonus shares when declared. |
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9.5 |
The Reserve Fund of the Society shall be kept in the form of liquid assets. The Society shall pay into the Reserve Fund at least 20% of the surplus resulting from the operations of the Society during the financial year, provided that when the Reserve Fund has reached an amount that is equal to 10% of the paid-up share capital, the Society may carry 5% of its surplus to the Reserve Fund. |
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9.6 |
The Reserve Fund shall be indivisible and no member shall be entitled to claim a specific share of it. The Reserve Fund shall be used: |
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(a) |
to meet unforeseen losses; and |
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(b) |
to provide a margin beyond the liabilities of the Society so as to ensure its ability to pay such liabilities in full in the event of dissolution. |
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