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AUPE MULTI-PURPOSE CO-OPERATIVE
SOCIETY LTD |
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7 |
FUNDS OF THE SOCIETY |
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7.1 |
The funds of the Society shall consist of: |
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FUNDS |
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(a) |
Share Capital; |
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(b) |
Bonus Shares; |
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(c) |
Subscriptions; |
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(d) |
Reserve Fund, Common Good Fund, Building Fund, Co-operative Education and Training Fund; |
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(e) |
Dividend Equalisation Fund; |
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(f) |
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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(g) |
Term Deposits; |
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(h) |
Saving Deposits; |
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7.2 |
The funds of the Society shall be invested: |
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Investment of
Funds |
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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 investments 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 of 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; or |
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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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7.3.1 |
The authorised share capital of the Society shall be $2,000,0001- which shall be divided into 2,000,000 shares of the value of $1.00 each. The Founder Member shall hold at least 25,000 shares. Each Institutional Member shall hold at least 2,500 shares. Each Ordinary and Associate Member shall hold at least 25 shares. No member other than Founder or Institutional Member shall hold more than one-fifth of the share capital of the Society. |
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Share Capital |
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7.3.2 |
The full value of the shares allotted to any member on application shall be payable by the member within one month from the date of his election to membership. The Board may at its discretion extend the period for the payment of the full value of the share allotted. The Society shall maintain a Shares Register, which shall show the member's Name, NRIC No., Number of Shares held and Date of payment of the full value. Members shall be given a yearly statement showing their assets (shares and savings) and also their liabilities to the Society. |
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7.3.3 |
Shares shall not be withdrawable except on cessation of membership in accordance with By-law 4.13.1. The value of the shares payable shall not exceed what the member has paid for them or what they are assessed to be worth by the Board in accordance with the book value of the shares as shown by the latest audited balance sheet, whichever is less. |
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7.3.4 |
A member may, with the approval of the Board, transfer any share held by him to any other person qualified for membership under By-law 4.2. |
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7.4 |
The entrance fee for admission to membership shall be of such amount as the Board may determine from time to time. |
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Entrance Fee |
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7.5.1 |
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 twenty percent 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 ten per cent of the paid up share capital, the Society may carry five per cent of its surplus to the Reserve Fund. |
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7.5.2 |
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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Reserve Fund |
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(a) |
to meet unforeseen losses; |
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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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(c) |
to enable the Society by reason of the income derived from the Reserve Fund to reduce the rate of interest on loans granted to members without causing a reduction in the rate of dividend on share capital; subscription and bonus shares; and |
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(d) |
to meet liabilities of the Society which cannot be otherwise met subject to the prior approval of the Registrar and provided that reimbursements are made to the Fund from the next accruing profits. |
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7.6 |
The Common Good Fund shall be used only for the benefit of the members of the Society and may, with the approval of The Registrar, be devoted to any educational, medical, social or charitable purposes. The Common Good Fund shall be derived from an annual contribution, not exceeding twenty-five percent of the net surplus of the Society, subject to the approval of the general meeting. Donations, subject to By-law 7.1(f), may be accepted to the Common Good Fund. |
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Common Good
Fund |
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