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Membership.
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17.—(1) Every person holding one or more shares in a society shall be a member of the society.
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(2) Subject to its rules, a society may allow a person to whom a loan is being or has been made to become a member without holding a share in the society, and the liability of such a member shall be no greater than it would be if the rules treated him as being, by reason of the making of the loan, the holder of a share in the society.
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(3) Two or more persons may jointly hold shares in a society.
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(4) The liability of a member of a society in respect of any share in the society on which no loan has been made shall be limited to the amount actually paid and in arrear on the share, and, in respect of any share on which a loan has been made, shall be limited to the amount payable thereon under any mortgage or other security or under the rules of the society.
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(5) A person under the age of twenty-one years may be admitted as a member of any society the rules of which do not prohibit such admission and can give all necessary receipts, but while he is under that age he shall not be entitled to hold office.
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(6) (a) Where two or more persons jointly hold shares in a society, the following provisions shall apply:—
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(i) the person whose name first appears in the records of the society in relation to shares jointly held shall be the senior joint holder;
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(ii) except where the rules of a society otherwise provide, any notice or other document required by this Act to be sent by a society to the holders of shares in the society shall be deemed to be sent to the joint holders if it is sent to the senior joint holder;
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(iii) where under this Act a member of a society may attend and vote at a meeting by virtue of being a holder of shares in the society, and such person is a joint holder of such shares, the person entitled to exercise the rights conferred by sections 52, 53 and 54 shall, notwithstanding anything in those sections, be the senior joint holder;
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(iv) a society shall be deemed to have complied with the requirements of section 73 where the name of the senior joint holder is entered in the register required to be kept under that section;
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(v) for the purposes of sections 25 and 26, the shares shall be deemed to be held by the senior joint holder alone, and a joint holder of the shares (other than the senior joint holder) shall not be regarded as a member of the society for the purposes of those sections;
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(vi) the senior joint holder, but not the other joint holders, shall have the right to join in making an application under section 29, and any reference in that section to the total membership shall be construed accordingly.
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(b) Paragraph (a) (ii) shall not operate so as to prevent any of the joint holders from obtaining from the society, on demand, a copy of its balance sheet or annual return.
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(c) The joint holders shall be entitled to choose the order in which they are named in the records of the society.
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