Hong Kong Regulations

CO-OPERATIVE SOCIETIES RULES - RULE 69

By-laws

(1) The by-laws of a proposed society shall contain provision in respect of
the following matters-

   (a)  the name of the society;

   (b)  (Repealed L.N. 158 of 1976)

   (c)  the objects for which the society was established;

   (d)  the purposes to which the funds may be applied;

   (e)  the qualifications for membership, the terms of admission of members,
        and the mode of election;

   (f)  the nature and extent of the liability of members; and

   (g)  the manner of raising funds, including the maximum rate of interest on
        deposits.

(2) If the objects of the proposed society include the creation of funds to be
lent to the members, the proposed by-laws shall, in addition, contain
provision in respect of the following matters-

   (a)  the occupation and residence of the members;

   (b)  the conditions on which loans may be made to members, including-

        (i)    the rate of interest, and

        (ii)   the maximum amount which may be lent to a member; and

   (c)  the consequences, if any, of default in the payment of any sum due on
        account of shares.