BUILDING SOCIETIES

CHAPTER 32:01
BUILDING SOCIETIES

ARRANGEMENT OF SECTIONS

    SECTION

PART I
PRELIMINARY

    1.    Short title

    2.    Interpretation

    3.    Application

    4.    Prohibition of terminating societies

    5.    Appointment of Registrar

    6.    Indemnity of the Registrar

PART II
FORMATION AND REGISTRATION

    7.    Prohibition of unregistered society

    8.    Formation of societies

    9.    Certificates, etc., to be evidence

    10.    Maintenance of register

    11.    Effect of registration

    12.    Names of societies

    13.    Registration of existing societies

    14.    Application by Registrar for winding up

    15.    Contents of rules of societies

    16.    Rules to be open

    17.    Common seal

PART III
MANAGEMENT OF SOCIETIES

    18.    Directors

    19.    Election of directors

    20.    Validity of acts of directors

    21.    Disqualification for appointment as director

    22.    Duty of director to disclose interest

    23.    Auditors

    24.    Disqualifications for appointment as auditor

    25.    Officers, etc., not to accept gifts

    26.    Restriction of payment of commissions

    27.    Provisions excluding liability of officers forbidden

PART IV
POWERS OF SOCIETIES

    28.    Power to borrow

    29.    Restriction on acquiring land, etc.

    30.    Power to make advances

    31.    Special advance

    32.    Advances to be reducible advances

    33.    Society may make further advances for certain purposes

    34.    Limitation on making advances

    35.    Special advances on default of debtor

    36.    Valuation of property for purposes of advance

    37.    Valuer must have no pecuniary interest in advance

    38.    Minister may guarantee repayment of advances

    39.    Limit of amount of advance when Minister has guaranteed repayment

    40.    Notice to be given where security for advance is taken from a third party

    41.    Power to invest

    42.    Restrictions on borrowing

    43.    General reserve fund

    44.    Restriction on payment of dividends

PART V
MEETINGS AND PERIODICAL RETURNS

    45.    Annual general meeting

    46.    Other meetings

    47.    Annual account and statement

    48.    Returns of sales and transfers

PART VI
MISCELLANEOUS PROVISIONS

    49.    Books and records to be kept by society

    50.    Rules to be binding on members and others

    51.    Duty to supply copy of rules

    52.    Evidence of rules

    53.    Persons under 21

    54.    Deposits may be held jointly

    55.    Prohibition of balloting

    56.    Implied warranty

    57.    Exercise of power of sale

    58.    Lost or destroyed share certificates, etc.

    59.    Inspection of documents by public

    60.    Exemptions from stamp duty

    61.    Financial year of society

    62.    Conditions relating to deposits and permanent shares

    63.    Conditions relating to the issue and transfer of permanent shares

    64.    Conditions relating to savings deposits

    64A.    Waiver of condition or limitation

    65.    Repayment of deposits at maturity

    66.    Misleading advertisements

PART VII
CHANGE OF NAME, ADDRESS, OFFICERS AND CONSTITUTION

    67.    Change of name

    68.    Change of address

    69.    Change of directors

    70.    Alteration of rules

    71.    Penalties

PART VIII
AMALGAMATION OF SOCIETIES AND TRANSFER OF ENGAGEMENTS

    72.    Amalgamation of Societies

    73.    Transfer of engagements

    74.    Transfer of engagements by an existing society

    75.    Registration of transfers, etc., to operate as conveyance

    76.    Registration of certificates under Deeds Registration Act

    77.    Exemption from stamp duty, etc.

    78.    Creditors not prejudiced

PART IX
DETERMINATION OF DISPUTES

    79.    Determination of disputes

    80.    Determination of disputes by the High Court

    81.    Determination of disputes by arbitrators to be final

PART X
POWERS OF THE REGISTRAR

    82.    Powers to require production of book, etc.

    83.    Inspection

    84.    Power of Registrar to call a meeting

PART XI
DISSOLUTION

    85.    Dissolution

    86.    Instruments of dissolution

    87.    Dissolution by the High Court

    88.    Powers of liquidators and trustees

    89.    Liabilities of members and others on dissolution

    90.    Account and balance sheet sent on dissolution

    91.    Dissolution by order of Registrar

PART XII
OFFENCES

    92.    Withholding or misapplying property of a society an offence

    93.    False statements

    94.    General penalty

PART XIII
GENERAL

    95.    Rules of court

    96.    Regulations

    97.    Non-compliance not to invalidate advance

    98.    Investments in societies to be trustee securities

    99.    Minister may guarantee liquidity of a society

    100.    Power of Minister to permit act by less than all members

    101.    Delegation of certain of the Minister’s powers and duties to the Reserve Bank

        Schedule

11 of 1964(N)
1 of 1965
2 of 1967
25 of 1968
39 of 1968
51 of 1971
39 of 1981
9 of 1985
22 of 1989
9 of 1998
G.N. 219/1964(N)
121/1981
44/1992

    An Act to amend and…