Hong Kong Regulations

CO-OPERATIVE SOCIETIES RULES - RULE 18

Nominees

(1) Every appointment of a nominee by any member of a registered society for
the purposes of section 17 of the Ordinance shall be made in writing signed by
the member in the presence of two attesting witnesses.

(2) No member of a registered society with share capital shall be entitled to
appoint more than one nominee unless that member holds more than one share.

(3) In any case where more than one nominee is appointed by any member, the
number of shares to be transferred or the exact proportion of the amount
available that is to be transferred to each of these nominees shall be
specified at the time of the appointment.

(4) Every appointment of a nominee shall be recorded in the
Register of Members.

(5) For the purpose of a transfer to a nominee, the value of any share or
interest shall be represented by the sum actually paid for that share or
interest by the member holding it, unless the bylaws of the registered society
otherwise provide.

(6) Where any money is paid to a nominee who is a minor, a receipt given
either by the minor or by his guardian shall be sufficient discharge to the
registered society.