Registered under the Industrial
and Provident Societies Act 1965.
Registered No. 12750R
All previous rules rescinded.
People’s Press Printing Society
William Rust House
52 Beachy Road
Tel: 020-8510-0815 Fax: 020-8986-5694
Names and Objects…………………………………………… 1
Registered Office…………………………………………… 1
Use of Name…………………………………………………… 1
Borrowing Powers…………………………………………… 3
Officers and Committee……………………………………… 5-6
Committee of Management…………………………………… 8
District Committees…………………………………………… 8
Inspection of Books………………………………………… 10
Annual Return……………………………………………… 11
Balance Sheet…………………………………………………… 11
Cessation of Membership……………………………………… 12
Proceedings on Death of a Member…………………………… 13
Payments where Mental Incapacity…………………………… 14
Payment to Persons Apparently Entitled…………………… 14
Bankruptcy of Members……………………………………… 14
Application of Profits………………………………………… 15
Superannuation Scheme……………………………………… 16
Statutory Applications to the Registrar……………………… 17
Copies of Rules………………………………………………… 17
Amendment of Rules…………………………………………… 18
NAME AND OBJECTS
1. The Society shall be called the “PEOPLE’S PRESS PRINTING SOCIETY LIMITED”.
(I) Its objects shall be to carry on the industries, businesses, or trades of printers, publishers and distributors, of newspapers, periodicals, and other publications.
(II) In pursuance of its objects the Society shall have power to provide the premises, plant, and equipment necessary for such printing, publishing and distribution, including the selling, hiring, purchasing, and letting on lease of premises, plant, and equipment for so doing, to carry on the business of block makers, process engravers, bookbinders, or other business connected with the printing industry, to act as advertisement agents, copy writers, to provide advice, assistance in publication, printing, and other processes connected with the industry. The Society shall have full power to do any other things necessary and expedient for the accomplishment of all the objects expressed in its Rules.
2. Its registered office shall be at William Rust House, 52 Beachy Road, London E3 2NS.
In the event of any change in the situation of the registered office, notice of such change shall be sent within fourteen days thereafter to the Registrar in the form prescribed by the Treasury Regulations.
USE OF NAME
3. The registered name of the Society shall be kept painted or affixed on the outside of every office or place in which the business of the Society is carried on, in a conspicuous position, in letters easily legible, and shall be engraven in legible characters on its seal, and shall be mentioned in legible characters in all notices, advertisements, and other official publications of the Society, and in all bills of exchange, promissory notes, endorsements, cheques, and orders for money or goods, purporting to be signed by or on behalf of the Society, and in all bills, invoices, receipts, and letters of credit of the Society.
4. (a) Any person over the age of 18 years and any body corporate, including a Society registered under the Acts, and a Registered Trade Union, if its regulations permit, may become a member of the Society. However, as and when the law permits a person aged 16 to be elected or co-opted to the Society’s Committee of Management in accordance with rule 9 of the Society’s Rules, the above provision of a minimum age of 18 for membership of the Society shall automatically change without the necessity of a further vote of the members to a minimum membership age of 16. Application to become a member shall be made in such form as the Committee shall require, but in any case shall be accompanied by payment for at least one share in the capital of the Society.
(b) Any two or more persons not exceeding four may become joint members, with the rights of a single member, but no joint members shall also be entitled to be a member in his or her separate name. The Committee of Management shall consider each such application and may accept or refuse it. In the case of refusal, the amount paid in respect of share capital shall be refunded to the applicant, but no reason for the refusal need be given.
Joint holdings shall be registered in the names of all the joint holders, any one of whom may exercise the rights of membership. All communications shall be addressed to and all sums due in respect of dividend and and/or interest shall be paid to the first-named joint holder. Requests and receipts referring to the withdrawal of all or any of the capital comprised in the joint holdings shall be signed by all the joint holders.
(c) An employee of the Society may become a member, with full rights of membership, including that of standing for and being a member of the Committee of Management.
(d) A Register of Members and Officers shall be kept at the Registered Office wherein the Secretary shall enter the following particulars:
(1) the names and addresses of the members;
(2) a statement of the number of shares held by each member and of the amount paid or agreed to be considered as paid on the shares of each member;
(3) a statement of other property in the Society, whether in loans or otherwise, held by each member;
(4) the date at which each person was entered in the Register as a member and the date at which any person ceased to be a member;
(5) the names and addresses of the officers of the Society, with the offices held by them respectively, and the dates on which they assumed office.
A duplicate Register shall also be kept at the Registered Office wherein the Secretary shall enter all the aforesaid particulars other than those mentioned in clauses (2) and (3).
(e) Every member shall be supplied with a Share Certificate or Share Card, which shall contain the particulars recorded in his or her account in the Register of Members, and also provision for the request by the member for withdrawal of all or any of his or her share capital. Membership shall terminate upon the withdrawal of the whole share capital held by a member, and the Share Certificate or Card shall be retained by the Society.
5. Every member shall hold at least one share, but no member other than a registered society shall hold an interest exceeding £20,000 in the shares of the Society.
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6. The capital of the Society shall be raised by shares of the value of £1 (one pound) each and shall be paid for in full on application. Every member shall be entitled to increase his or her holding up to the maximum stated in the preceding Rule. A member wishing to withdraw all or any of his or her capital shall complete the request form on his or her Share Certificate or Share Card, and forward the same to the Society. Fourteen days after receipt of the request, the amount to be withdrawn shall be repaid to the member less than the sum of 50 pence to cover expenses. No payment of withdrawable capital shall be made while any claim due on account of any loan is unsatisfied.
7. (a) The Society shall have power to borrow money for the purposes of the Society and to issue loan stock and to secure the repayment of any money borrowed by mortgaging or charging any of its property, provided that the amount of money borrowed for the time being remaining undischarged shall not exceed £250,000.
(b) In the case of a loan from the Society’s bankers or on a mortgage the Society may pay such rate of interest from time to time as may be negotiated by the Society, but in the case of loans from any other source the Society shall not pay interest at a rate exceeding one per cent per annum above the Co-operative Bank p.l.c. base lending rate for the time being or 6 ½ per annum whichever is the higher.
(c) The Society shall not receive money on deposit.
(d) Subject to the preceding clauses of this rule the Committee shall have power to determine from time to time the terms and conditions upon which money is borrowed or loan stock is issued and to vary such terms and conditions.
8. The annual general meeting shall be held between the 15th day of May and the 15th day of June in every year. General meetings may be held in sections in such places as the Committee of Management in agreement with the members, may decide.
When meetings are held in sections, an identical agenda shall be submitted to
each section and no persons other than members of the Committee of
Management, employees appointed by the Committee for the purpose, movers
of resolutions and amendments, and such other persons as the Committee
may decide, shall attend more than one sectional meeting. A person allowed
to attend more than one sectional meeting shall vote only at the first meeting
he or she attends. Resolutions and amendments shall be voted upon as separate resolutions and the votes cast at sectional meetings shall be added together, and questions shall be determined by reference to the highest number of votes.
A special general meeting shall be held whenever the Committee of
Management think expedient, and whenever 2 per cent. of members with a
minimum number of fifty so request in writing delivered to the Secretary.
Should the Secretary fail within fourteen days to convene a special general
meeting when so requested, the requisitionists may convene it by giving such
notice as is mentioned in the following clause.
One month’s notice of all general or special meetings shall be given by
advertisement in at least one national newspaper and by notice exhibited
at the Registered Office. Such notice shall state the date, time, and place of
the meeting or meetings, the business to be transacted, and such other details
as the Committee of Management may decide. No other business than that
stated in the notice shall be brought before the meeting or meetings.
Resolutions for submission to meetings must be received at the Registered
Offices at least three weeks before the meeting concerned. Resolutions shall
be exhibited at the Registered Offices at least two weeks prior to the
meeting. Amendments to such resolutions must be received at least seven days prior to the meeting concerned. Resolutions and amendments shall be circulated to members at the meetings. Members may, on payment of the sum of 50 pence per annum, be supplied by post with notices of meetings and with copies of resolutions to be submitted. Resolutions shall not exceed 200 words. No member may submit more than one resolution.
At all general meetings a member appointed by the Committee shall preside.
Ten members shall form a quorum, except when the business before the
meeting refers to an amendment of the Rules or the removal of an officer,
when the quorum shall be twenty. The business of general meetings shall be
conducted in accordance with Standing Orders approved by a general meeting
Every member present at a general meeting shall have one vote, irrespective
of the number of shares held by him or her. At any general meeting of the Society a resolution put to the vote shall be decided by a show of hands, and a
declaration by the Chairperson of the meeting that a resolution has been carried or lost shall be conclusive and an entry to that effect in the Minute Book of the Society shall be conclusive evidence thereof. When the votes are equal, the presiding officer shall have a casting vote, but he or she shall not vote otherwise.
All matters put to the vote at a general meeting (except elections to the Committee of Management) shall first be decided by a show of hands, but
immediately after a declaration by the Chairperson, as aforesaid, any ten
members present may demand a ballot which shall be taken as the
Committee may fix.
Any body corporate, including a society registered under the Acts, and a
registered trade union, which is a member of the Society, may appoint not
more than two delegates to attend any meeting of members of the Society,
although such delegates are not necessarily members of the Society. Such
delegates shall, during the continuance of their appointment, be taken in
virtue thereof as members of the Society, and exercise all membership
rights except the transfer of shares, or the giving receipts for any interest
or dividends thereon.
OFFICERS AND COMMITTEE
9. (a) The Business of the Society shall be managed by a Committee of Management.
(b) The number of members of the Committee and the composition of the Committee shall be in accordance with the provisions set out in this Rule, unless otherwise decided by a general meeting, when the size and composition
of the Committee shall be as a general meeting decides.
(c) Subject to the escalator mechanism set out below in (g) of this Rule, there shall
be 15 individually named members (“individual members”) of the Committee,
who shall be elected at the Annual General Meetings of the Society.
(d) In addition to the individual members of the Committee, there shall be an extra seat on the Committee for each General Secretary /Secretary for the time being (or such other person as he or she shall nominate from time to time) (“trade union representatives”) of any committee of any body of a trade union which is affiliated to the Trades Union Congress, provided that such trade union body has agreed to take up a shareholding in the Society of £20,000. The trade union representatives shall thus not be the subjects of election at the Annual General Meetings.
(e) The individual members and the trade union representatives shall, taken together, all be the officers of the Society.
(f) The Committee may at any time appoint any member of the Society to fill a vacancy among the individual members. Appointments to fill a vacancy among the individual members shall be subject to confirmation at the next following annual general meeting, but pending such confirmation the members appointed shall act as members of the Committee, with the same authority as if they had been appointed by the members in general meeting.
Subject to such confirmation, and subject to the provisions of (h) of this Rule, the person so appointed shall serve a term of office equivalent to that of the balance of the period of office of the person whose vacancy he or she has been appointed to fill.
(g) If at any time the number of trade union bodies referred to above in (d) of this Rule is greater than a number equivalent to one third of the individual members of the Committee, the Committee shall (except, should the situation arise, at the final Committee meeting immediately preceding an Annual General Meeting) appoint one or more members of the Society, who shall be additional individual members of the Committee, such that the aggregate number of individual members shall be larger than 15, and such that the number of trade union representatives on the Committee shall not exceed the equivalent of one third of the number of individual members of the Committee at any time. Such additional individual members shall serve until the next following annual general meeting, but in the meantime shall act as members of the Committee, with the same authority as if they had been appointed by the members in general meeting.
(h) The number nearest to but not exceeding one third of the individual members of the Committee, whether the total number of individual members is 15 – or more if the size of the Committee has been enlarged, because the number of individual members has been increased by the appointment of additional individual members in accordance with (g) of this Rule – shall retire from office at each annual meeting. The members to retire shall firstly be those who have been appointed as additional members of the Committee in accordance with (g) of this Rule. The remainder of the number to retire shall be those who have been longest in office since their last election. As between members of equal length of service, those to retire shall be determined by lot drawn at a Committee meeting. A retiring member (whether an individual member previously elected at a general meeting, or appointed in accordance with (f) or (g) of this Rule) shall be eligible for re-election. A general meeting may fill a special vacancy not otherwise filled by the Committee of Management.
(i) Trade union representatives shall not be the subject of retiral at annual general meetings.
(j) The number of individual members to be elected at each Annual General Meeting shall be determined by the number of individual members of the Committee referred to in (c) of this Rule, which includes any additional individual members appointed in accordance with (g) of this Rule, or according to the number of individual members required at any time to maintain the position required in (g) of this Rule, whereby the number of trade union representatives shall not exceed the equivalent of one third of the individual members of the Committee at any time.
(k) Nominations for election of individual members to the Committee of Management must be received at the Registered Office at least three weeks before the date upon which the elections are to take place. In the event of the number nominated exceeding the number of vacancies, the election shall be carried out by ballot of those present at the meeting.
(l) Any individual member of the Committee may be removed by resolution of a special general meeting.
(m) The Committee of Management shall appoint a Chairperson, Vice-Chairperson, Treasurer, Secretary and the Editor of any national newspaper published by the Society. The Treasurer, Secretary and the Editor shall be yet further additional members of the Committee of Management over and above those elected at Annual General Meetings or appointed in accordance with (f) and (g) of this Rule, and shall hold office at the discretion of the Committee. They shall not be subject to retiral. The Secretary may be appointed to act also as Treasurer, and he or she, together with the Editor, shall receive such remuneration, if any, as the Committee may from time to time determine.
(n) Members of the Committee of Management, other than the Secretary, shall be remunerated for their services, as may be determined from time to time by a general meeting of members.
10. The Treasurer shall pay all demands when ordered to do so by the Committee of Management. He or she shall not pay any money without written authority signed by the Chairperson and the Secretary, or another officer in case of incapacity of the Chairperson or the Secretary. He or she shall produce all books, documents, property, and money of the Society in his or her possession and render a full and clear account at each audit, and whenever required by resolution of the Society or of the Committee of Management. He or she shall also give up all books, documents, monies and property of the Society in his or her possession when required to do so by a resolution of the Society or of the Committee of Management.
11. The Secretary shall attend all meetings; he or she shall record correctly the names of the officers and members of the Committee of Management there present, and the minutes of the proceedings, which he or she shall transcribe into a book to be authenticated by the signature of the Chairperson as the proceedings of the meeting; he or she shall receive proposals for admission to the Society; he or she shall hand over all monies received by him or her to the Treasurer. He or she shall produce all books, documents, property and money of the Society in his or her possession, and render a full and clear account at each audit and whenever required by resolution of the Society or of the Committee of Management. He or she shall also pay over all monies, and give up all books, documents, and property belonging to the Society, when ordered to do so by a resolution thereof or of the Committee of Management
He or she shall summon and give notice of all meetings and keep the accounts, documents, and papers in such manner and for such purposes as the Committee of Management may appoint, and shall prepare all returns and other documents required by the Industrial and Provident Societies Acts or the Treasury Regulations and duly forward them to the Registrar. The Secretary shall on all occasions, in the execution of his or her office, act under the superintendence, control, and discretion of the Committee of Management.
COMMITTEE OF MANAGEMENT
12. The Committee of Management shall meet as such places and times as may be agreed by the Committee. Any three members shall form a quorum. The Chairperson, or if he or she be not present, the Vice-Chairperson, shall preside at meetings of the Committee. In the absence of both the Chairperson and Vice-Chairperson, the members present may appoint a chairperson. The Committee shall have full powers to superintend and conduct the business of the Society in accordance with the Rules thereof, and shall in all things act for and in the name of the Society. Any three members of the Committee may call a special meeting thereof, by giving seven days’ notice in writing to the Secretary, but at such special meetings no other business than that specified in the notice shall be taken into consideration.
13. Wherever by reason of the number of members in a particular district or area it appears to the Committee of Management to be desirable, the Committee may, with the approval of the members of the Society in general meeting, authorise the establishment of a district committee of the Society in such district or area, and specify the number of members to comprise each such committee.
Members of each district committee shall be elected by, and shall themselves be, members of the Society residing in the particular area or district, in such mode or manner as the Committee of Management may decide.
A district committee shall carry out such local activity as the Committee of Management may desire, and shall have as its main responsibilities the obtaining of new members for the Society, the popularising of the Society’s publications, and the strengthening of the Society’s finances.
No decision of a district committee shall be binding on the Committee of Management, Officers or employees of the Society. No district committee shall have authority to pledge the credit of the Society or involve it in expenditure or enter into contracts on behalf of the Society, except for a purpose and to the extent authorised in writing by the Secretary of the Society.
14. (a) There shall be appointed in each year of account a qualified auditor to audit the Society’s accounts and balance sheet for that year. In this rule “qualified auditor” means a person who is a qualified auditor under Section 7 of the Friendly and Industrial and Provident Societies Act 1968.
(b) None of the following persons shall be appointed as auditor of the Society:
(i) an officer or servant of the Society
(ii) a person who is a partner of or in the employ of or who employs an officer or servant of the Society
(iii) a body corporate
(c) Save as provided in paragraph (d) of this rule every appointment of an auditor shall be made by resolution of a general meeting of the Society.
(d) The Committee of Management may appoint an auditor to fill any casual vacancy occurring between general meetings of the Society.
(e) An auditor appointed to audit the accounts and balance sheet of the Society for the preceding year of account, (whether by a general meeting or by the Committee of Management) shall be re-appointed as auditor of the Society for the current year of account (whether or not any resolution expressly re-appointing him or her has been passed) unless
(i) a resolution has been passed at a general meeting of the Society appointing somebody instead of him or her or providing expressly that he or she shall not be re-appointed or
(ii) he or she has given to the Society notice in writing of his or her unwillingness to be re-appointed or
(iii) he or she is not a qualified auditor or is a person mentioned in paragraph (b) of this rule or
(iv) he or she has ceased to act as auditor of the Society by reason of incapacity.
Provided that a retiring auditor shall not be automatically re-appointed if notice of an intended resolution to appoint another person in his or her place has been given in accordance with paragraph (f) of this rule and the resolution cannot be proceeded with because of the death or incapacity of that other person or because that other person is not a qualified auditor or is a person mentioned in paragraph (b) of this rule.
(f) A resolution at a general meeting of the Society
(i) appointing another person as auditor in place of a retiring auditor or
(ii) providing expressly that a retiring auditor shall not be re-appointed
shall not be effective unless notice of the intention to move it has been given to the Society not less than twenty-eight days before the meeting at which it is to be moved. On receipt by the Society of notice of such an intended resolution the Society shall forthwith send a copy of the notice to the retiring auditor. If it is practicable to do so the Society shall give notice to its members of the intended resolution at the same time and in the same manner as it gives notice in accordance with these rules of the meeting at which the resolution is to be moved or, if that is not practicable, by advertisement not less than fourteen days before the said meeting in a newspaper circulating in the area in which the Society conducts its business. Where the retiring auditor makes any representations in writing to the Society with respect to the intended resolution or notifies the Society that he or she intends to make such representations, the Society shall notify the members accordingly as required by Section 6 of the Friendly and Industrial and Provident Societies Act 1968.
(g) The auditor shall in accordance with Section 9 of the Friendly and Industrial and Provident Societies Act 1968 make a report to the Society on the accounts examined by him or her and on the revenue account or accounts and the balance sheet of the Society for the year of account in respect of which he or she is appointed.
(h) The Committee of Management shall lay a revenue account and balance sheet duly audited and signed by the auditor and including the report of the auditor thereon before the annual meeting.
15. The Society shall keep a copy of the last balance sheet for the time being, together with the report of the auditors, always hung up in a conspicuous place at its registered office.
INSPECTION OF BOOKS
16. Any member or person having an interest in the funds of the Society shall be allowed to inspect his or her own account and the books containing the names of the members at all reasonable hours at the registered office of the Society or at any place where they are kept, subject to such regulations as to the time or manner of such an inspection as may be made from time to time by the general meeting of the Society.
17. Every year not later than the 31st March the Secretary shall send to the Registrar the annual return in the form prescribed by the Chief Registrar of Friendly Societies relating to its affairs for the period required by the Act to be included in the return together with
(a) a copy of the report of the auditor on the Society’s accounts for the period included in the return, and
(b) a copy of each balance sheet made during the period and of the report of the auditor on that balance sheet.
It shall be the duty of the Committee of Management to provide the Secretary with a sufficient number of copies of the annual return together with the report of the auditor on the accounts and balance sheet contained in the return for supplying gratuitously to every member or person interested in the funds of the Society, on his or her application, with a copy of the last annual return of the Society, for the time being together with such report; and it shall be the duty of the Secretary to supply such gratuitous copies on application accordingly.
18. The Society shall not publish any balance sheet which has not previously been audited by the Society’s auditor and any copy of a balance sheet published by the Society shall incorporate the report made thereon by the auditor.
CESSATION OF MEMBERSHIP
19. (a) A member shall cease to be a member if
(i) he or she dies or
(ii) is expelled or
(iii) withdraws from the Society or
(iv) ceases to hold any shares in the Society.
(b) Any member may withdraw from the Society by giving the Secretary one month’s notice in writing of his or her intention to do so.
(c) (i) A member may be expelled by a resolution carried by the votes of two-thirds of the members present in person or by proxy and voting on a poll at an annual or a special general meeting of the Society of which notice has been duly given, provided that a complaint has been sent to him or her by order of the Committee not less than one calendar month before the meeting. Such complaint shall contain particulars of the conduct complained of and shall call upon the member to answer the complaint and to attend the meeting called under this rule. At such meeting the members shall consider evidence in support of the complaint and such evidence as the member may wish to place before them.
If on due notice having been served upon him or her the member fails to attend the meeting without due cause the meeting may proceed in his or her absence.
(ii) A person expelled from membership shall cease to be a member at the expiration of 28 days from the date at which the resolution to expel him or her was carried under the preceding paragraph of this rule.
(iii) Subject to there being sufficient funds for payment of all existing claims against the Society known to the Committee, a member so expelled shall at the date of the resolution for his or her expulsion be paid the value of any loan stock held by him or her.
(iv) No person who has been expelled from membership shall be re-admitted except by a resolution carried by the votes of two-thirds of the members present in person or by proxy and voting on a poll at any general meeting of which notice has been duly given.
20. (a) A member may in accordance with the Act nominate any person or persons to whom any of his or her property in the Society at the time of his or her death shall be transferred but such nomination shall only be valid to the extent of the amount for the time being provided in the Act.
(b) On receiving satisfactory proof of death of a member who has made a nomination the Committee shall, in accordance with the Act, either transfer or pay the full value of the property comprised in the nomination to the person entitled there under.
PROCEEDINGS ON DEATH OF A MEMBER
21. Upon a claim being made by the personal representative of a deceased member or the trustee in bankruptcy of a bankrupt member to any property in the Society belonging to the deceased or bankrupt member the Society shall transfer or pay such property to which the personal representative or trustee in bankruptcy has become entitled as the personal representative or trustee in bankruptcy may direct them.
PAYMENTS WHERE MENTAL INCAPACITY
22. Where the Committee is satisfied, after considering medical evidence, that a member or person claiming through him or her is incapable through disorder or disability of mind of managing his or her own affairs, and are also satisfied that no person has been duly appointed to administer his or her property on his or her behalf, and it is proved to the satisfaction of the Committee that it is just and expedient to do so, the Society may (except where the member or person in question is a patient with the meaning of Part VIII of the Mental Health Act 1959, or a person as to whom powers are exercisable or have been exercised under Section 104 of that Act) pay the amount of any shares, loans and deposits belonging to that member or person to any other person whom the Committee judges proper to receive it on his or her behalf; and the receipt of that person is a good discharge to the Society for any sum so paid.
PAYMENT TO PERSONS APPARENTLY ENTITLED
23. All payments or transfers made by the Committee, under the above provisions with respect to payments or transfers to or on behalf of a deceased or insane member, to any person who at the time appears to the Committee to be entitled there under shall be valid and effectual against any demand made upon the Committee or Society by any other person.
BANKRUPTCY OF MEMBERS
24. If any member becomes bankrupt, his or her property in the Society shall be transferable or payable to the trustees of his or her property.
APPLICATION OF PROFITS
25. The profits available at the close of each financial year, after providing for all trading expenses, expenses of management and administration, interest on loans, repairs, maintenance, depreciation of buildings, plant, furniture and fittings at such rates as the Committee may consider adequate, shall be applied, in so far as such balance is sufficient, to the following purposes, as may be recommended by the Committee of Management, and decided by the annual general meeting.
(a) Payment of interest at a rate not exceeding 5 per cent. per annum on the share capital outstanding at the close of the financial year, calculated with reference to completed calendar months. Interest shall be payable from the 1st of the month following the month in which the share capital is subscribed, and up to the end of the month preceding withdrawal.
(b) Payment of contributions towards or in support of any sickness, provident, pension, or other similar scheme for the benefit of employees.
(c) Payment of donations, not exceeding the amount distributed as interest on share capital, as set out on a list circularised with the annual accounts.
(d) Payment of a dividend to customers, being members of the Society, on the business done by them with the Society during the previous financial year.
The Committee of Management may recommend that in addition to, or in place of all or any of the payments (a) to (d) above, all or any part of the available profits shall be carried forward to the next ensuing year and/or that an amount, not exceeding 2 per cent. on the share capital outstanding at the close of the financial year shall be placed to general reserve.
Any member of the Society may instruct the Committee to retain the amounts due in respect of interest and/or dividend, and to credit such amounts to his or her share capital account (provided that the total interest of any member shall not exceed £20,000 as laid down in Rule 5) or may instruct the Society to make all interest and/or dividend payments or any particular interest or dividend payment to such person, organisation, company, or society as the member may direct.
A member may at any time revoke in writing such instructions.
No interest shall be payable in respect of any amount less than one pound to the credit of a member’s share capital account.
No member shall receive out of the funds of the Society, in respect of his or her holding in the share capital, any sums other than those provided above, provided that a member of the Society being an employee shall be entitled to receive such remuneration as the Committee of Management may determine.
26. The Society may by resolution of a general meeting on the recommendation of the Committee of Management, establish a superannuation scheme for its employees.
27. The Society shall have its name engraven in legible characters on a seal which shall be kept in the custody of the Secretary and shall be used only under the authority of a resolution of the Committee. The date of such authority shall be mentioned on the instrument to which the seal is attached and shall be attested by the signature of two members of the Committee and the Secretary.
28. Any money not wanted for immediate use, or to meet the usual accruing liabilities, shall, with the consent of the Committee, or of a majority of the members present and entitled to vote in general meeting, be invested in any manner expressly authorised by the Act.
STATUTORY APPLICATIONS TO THE REGISTRAR
29. Any ten members of the Society, each of whom has been a member of the Society for not less than twelve months immediately preceding the date of the application, may apply to the Registrar in the form prescribed by the Treasury Regulations to appoint an accountant or actuary to inspect the books of the Society and to report thereon.
30. It shall be the right of one-tenth of the whole number of members, or if the number of members shall at any time exceed 1,000 it shall be the right of 100 members, by an application in writing to the Chief Registrar, signed by them in the forms respectively prescribed by the Treasury Regulations:-
(a) To apply for the appointment of an inspector or inspectors to examine into the affairs of the Society and to report thereon, or
(b) To apply for the calling of a special meeting of the Society.
31. The Society may at any time be dissolved by the consent of three-fourths of the members testified by their signatures to an instrument of dissolution in the form provided by the Treasury Regulations, or by winding up in manner provided by the Industrial and Provident Societies Acts. If on the winding up or dissolution aforesaid, of the Society, there remains, after the satisfaction of all its debts and liabilities, any property whatsoever, the same shall be disposed of in whatever manner may be decided by a special general meeting, provided that no member shall receive any property, or sum, beyond the repayment of his or her share investment and any interest due thereon.
COPIES OF RULES
32. It shall be the duty of the Management Committee to provide the Secretary with a sufficient number of copies of the Rules to enable him or her to deliver to any person on demand a copy of such rules on payment of up to such maximum sum as may be prescribed or permitted by law from time to time.
AMENDMENT OF RULES
33. (1) No new rule shall be made, nor shall any of the rules herein contained or hereafter to be made, be amended or rescinded unless with the consent of a two-thirds majority of the members present and voting at a general meeting of which notice has been given specifying the intention to propose such new rule or amendment.
(2) No new rule or amendment of rule is valid until registered.
34. (1) If any dispute shall arise between a member or any person aggrieved who has for not more than six months ceased to be a member, or any person claiming through such member or person aggrieved, or under the rules, and the Society, or an officer thereof, it shall be decided by reference to arbitration.
(2) Five arbitrators shall be elected by the Society, none of them being directly or indirectly interested in the funds of the Society; and in each case of dispute the names of the arbitrators shall be written on pieces of paper and placed in a box or glass, and the three whose names are first drawn out by the complaining party, or by someone appointed by him or her, shall be the arbitrators to decide on the matter in dispute. In case of a vacancy or vacancies, another arbitrator, or other arbitrators, shall be elected at a general meeting.