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) the registered address of the society; 27 (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 (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 or 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.