|
|
Power to raise funds and to borrow money.
|
22.—(1) A society may from time to time raise funds for the purpose of the society by the issue of shares of one or more than one denomination, either with or without accumulating interest, and may repay such funds when they are no longer required for such purpose.
|
|
| |
(2) A repayment of funds under subsection (1) may be effected in relation to all shareholders or to a specified class or classes of shareholders (denoted by reference to such matters as the society may think appropriate), but such repayment may not be made to a shareholder (other than at his request) between the date on which he has indicated his intention to put forward a resolution or a special resolution (or to support a nomination) at a meeting of the society and the date of the meeting.
|
|
| |
(3) A society may borrow money and for this purpose may accept deposits or loans at interest, to be applied to the purpose of the society.
|
|
| |
(4) A society shall not accept any deposit except on terms enabling the society to require notice of not less than one month before repayment or withdrawal.
|
|
| |
(5) For the purposes of this section money deposited with a society as security for a loan made by the society to a member, or as security for a guarantee given in respect of such a loan, shall be treated as money borrowed by the society.
|
|
| |
(6) A person other than a society shall not exercise any power conferred by subsection (1).
|
|
| |
(7) (a) Subject to paragraph (b), a society shall not issue shares under subsection (1) to which voting rights do not attach.
|
|
| |
(b) Paragraph (a) shall not apply to a society which on or before the 5th day of December, 1975, had issued such shares to which voting rights did not attach.
|
