INDEPENDENT
STATE OF PAPUA NEW GUINEA
CHAPTER
NO. 141
Rules
for Nasfund Contributors Savings and Loan Society Ltd
PART 1. –PRELIMINARY
1.
Interpretation
(1)
In these Rules, unless
the contrary intention appears-
“the Act” means the Savings
and Loan Societies Act;
“month” means calendar month;
“the society” means Nasfund Contributors Savings and Loan Society
Ltd
(2)
Expressions used
have the same meaning as that ascribed to them by the Act.
(3)
Words in the singular
include the plural and vice versa.
(4)
Words importing the
masculine gender include females.
(5)
References in these
Rules to the Secretary or the Treasurer shall, where there is a Secretary/Treasurer,
be read as including references to the Secretary/Treasurer.
PART
II. –CONSTITUTION OF THE SOCIETY
2.
Name
(1)
The name of the Society
shall be Nasfund Contributors Savings and Loan Society Limited.
(2)
The Society may change
its name only with the consent of the Registrar and as provided by Section
12 of the Act.
3.
Type of Society
The
Society is a Savings and Loan Society under the Act.
4.
Registered office, etc
(1)
The registered office
of the Society shall be at Nasfund Building Lot 7 Section 58, Boroko, Hubert
Murray Highway, 4 mile or such other place as the Board determines from time
to time.
(2)
The Board shall notify
the Registrar of any change of Secretary or in the address of the registered
office within 14 days.
5.
Objects
The objects of the Society are:-
(a)
to promote thrift
among its members; and
(b)
to educate its members
in financial responsibility; and
(c)
to receive the savings
of its members as contributions for shares or on deposit; and
(d)
to make loans to
its members for the purposes set down in Sections 25.
6.
Powers
The Society has power, in accordance
with Section 15 of the Act-
(a)
to deposit money
with an association of which it, or of which an association of which it is
a member, is a member, or in a bank; and
(b)
to raise money on
loan for the objects of the Society, and to mortgage or pledge its property
as security for the loan; and
(c)
to invest funds in
securities of a or guaranteed by the State, or in other prescribed securities;
and
(d)
to insure its loans,
funds or property against loss; and
(e)
to hold, buy, lease,
sell, surrender, exchange, mortgage or otherwise deal in property; and
(f)
to do all other acts
and things that are incidental or conducive to, or consequential on, the attainment
of its objects.
PART
III.-MEMBERSHIP
7. Conditions of membership
(1)
Membership of the
Society shall be limited to persons who-
(a)
in the opinion of
the Board are honest, industrious and of good habits; and
(b)
are above or apparently
above the age of 16 years; and
(c)
are members of the
National Superannuation Fund Limited (NASFUND); and
(d)
are residents of
Papua New Guinea; and
(e)
have signed the application
form prescribed in the regulation and have paid an entrance fee of K1.00;
and
(f)
are not in default
under the terms of a loan made by another society.
(2)
No person shall exercise
any of the rights of membership unless he has paid the entrance fee as required
by Section 11.
(3)
No person who is
a member of another society shall be admitted as a member of the Society except
with the written permission of the Registrar.
(4)
These Rules are binding
on each member of the Society.
8.
Cessation of membership generally
A member of the Society who withdraws, or transfers his savings and or
deposits in total to another savings & loans society approved by the Registrar
ceases to be a member.
9.
Expulsion
(1)
The Board of Directors
may expel a member for breach of these Rules.
(2) The Secretary shall notify
the expelled member in writing of his expulsion within seven days of the meeting.
(3) Within 30 days of the receipt
of the notice the member may appeal in writing to the Registrar who shall
rule on the appeal taking into consideration written submissions together
with any relevant documentation from both the expelled member and the Board
of Directors.
(4) The
Registrar may confirm or rescind the action taken by the Board.
(5)
Expulsion takes effect-
(a)
if no appeal is made
on the expiration of the time for appealing; or
(b) if an
appeal is made-on the date on which the expulsion is confirmed by the Registrar.
10.
Effect of cessation of membership
(1)
A person who by withdrawal,
transfer of his savings and deposits or expulsion ceases to be a member of
the Society has no further rights in the Society, but shall not be released
from any remaining liability to the Society
(2)
Any debt due from
such a person to the Society becomes due and payable immediately on his ceasing
to be a member.
PART IV. –MEMBERS’ FUNDS
11.
Capital
The capital of the Society shall be unlimited in amount and be not less
than the total savings and deposits of its members.
12.
Withdrawal of Savings
(1)
Subject to Subsection
(2), money paid on account of savings may be withdrawn, in whole or in part,
subject to any indebtedness to the Society, on any day when the Society is
open for business, but the Board may, in any case, require up to 90 days’
notice of intention to withdraw and regulate the frequency withdrawal in any
one year.
(2)
A withdrawal shall
not be permitted except with the written approval of the Loans Committee if
the withdrawal will reduce the members savings and deposits to an amount that
is less than his total liability to the Society as borrower or guarantor.
(3)
Subject to Subsection
(5), no officer of the Society shall withdraw, or otherwise dispose of his
deposits so long as he remains an officer of the Society, any such withdrawal,
or disposition is void and of no effect.
(4)
The Board shall cause
a record of all withdrawals to be made in the proper books of the Society.
(5)
Subsection (3) does
not apply to or in relation to any case where the Registrar otherwise approves.
13.
Death or bankruptcy
(1)
On the death of a
member, the Society shall transfer any money due to him by way of dividend,
deposit, savings or otherwise-
(a)
to his legal personal
representative; or
(b)
if there is no legal
personal representative, to his next-of-kin.
(2)
Any person who becomes
entitled to money held in the name of a member in consequence of the bankruptcy
of the member is, on such evidence being produced as is from time to required
by the Board, entitled to receive the money in cash.
14. Deposits
(1)
The Society may accept
money on deposit from its members.
(2)
Subject to the approval
of the Registrar, the conditions under which deposits may be accepted and
repaid and the rates of interest that may be paid on deposits shall be determined
by the Board.
(3)
The Society has a
lien on a member’s deposits and interest in respect of any loan made to him,
or in respect of any liability under a guarantee given by him.
15.
Lien on members’ funds
The Society has a lien on the savings and deposits
of a member, past member or deceased member, and on any interest or accumulated
funds payable to him by the Society, in respect of any debt due from him to
the Society or of any guarantee by him of a loan made by the Society, and
may off set any sum credited or payable to him in or toward payment of the
debt or satisfaction of the guarantee.
16.
Statements
(1)
A statement in a
form approved by the Registrar shall be issued to each member, recording payments
made by and to the member.
(2)
Payments referred
to in Subsection (1) include all money paid in or paid out on account of entrance
fees, savings, deposits, interest, loans, fines and other collections.
(3)
Every entry in the
statement shall be initialed by the Treasurer or other person specifically
authorized by the Board.
PART V. –MEETINGS OF THE SOCIETY
17.
General and Special Meetings
(1)
A general meeting
of the Society, to be known as the Annual Meeting, shall be held each year
within three months after the end of the financial year.
(2)
The order of business
at the Annual Meeting shall be-
(a)
minutes of the last
Annual Meeting and any general meetings held since that meeting; and
(b)
reports of the Board,
Treasurer, Loans Committee and Supervisory Committee; and
(c)
other business other
than elections; and
(d)
elections.
(3)
The order of business
prescribed by Subsection (2) may be varied on a vote of at least two-thirds
of the members present at the meeting.
(4)
At the request of
the Board or the Supervisory Committee, or at the written signed request of
at least 10 members, the Secretary shall call a Special Meeting of the Society.
(5)
A request under Subsection
(4) shall state the object of the proposed meeting, and only such business
as is specified in the request shall be discussed at the meeting.
(6)
At least seven day’
notice of any Annual or Special Meeting shall be given, and the notice shall
state-
(a)
the place and time
of the meeting; and
(b)
the business to be
discussed.,
and
shall be displayed in the Society Office
(7)
No business shall
be discussed at a general meeting unless a quorum of members is present.
(8)
Subject to Subsection
(9), full members of the Board of Directors and the Supervisory Committee
Society present at the annual or special general meeting shall constitute
a quorum.
(9)
If at the time and
place fixed in accordance with Subsection (6) for a general meeting a quorum
is not present, the meeting shall be adjourned to a date not less than seven
nor more than 15, days later, and the members present at the adjourned meeting
are a quorum regardless of their number.
(10)
The President, or
in his absence, the Vice-president, shall preside at all general meetings
of the Society, and if neither the President nor Vice-president is present
at the meeting the members shall elect one of their number to be Chairman.
(11)
Any question arising
at a general meeting shall, except as otherwise provided, be determined by
a simple majority of members personally present at the meeting.
(12)
Subject to Subsection
(13) each member present has one vote, and no vote shall be permitted by proxy.
(13)
The member presiding
has a deliberative vote and, in the case of an equality of votes on a matter,
also a casting vote.
PART
VI.-MANAGEMENT OF THE SOCIETY
18. Nomination and Election
(1)
At the first Annual
Meeting of the Society, the members shall elect from amongst their number
(a)
Board of Directors
of (not less than five) members: and
(b)
Loans Committee of
(not less than three) members who may also be members of the Board but shall
not be members of the Supervisory Committee
(c)
Supervisory Committee
of (not less than three) members who are not members of the Board
(2)
A member of the Board,
the Loans Committee and the Supervisory Committee shall retire from
office at the third annual general meeting of the society following
the date of his election but is eligible for re-election.
(3)
At least 30 days
before each Annual meeting, the Board shall appoint a Nominating Committee
of three members
(4)
It is the duty of
the Nominating Committee –
(a)
to prepare nominations
of at least one member for each vacancy for which elections are being held:
and
(b)
to submit nominations
to the competent authority appointed by the Registrar to conduct the elections.
(5)
At elections –
(a)
Each member is entitled
to one vote only irrespective of his savings or deposits and
(b)
No member may vote
by proxy; and
(c)
When there are two
or more candidates for any vacancy, a secret ballot shall be taken, but if
only one member is nominated for the vacancy he shall be declared elected;
and
(d)
Elections shall be
decided on the number of primary votes recorded.
(6)
The order of elections
shall be as follows-
(a)
Directors; and
(b)
The Loans Committee
(c)
The Supervisory Committee
(7)
Within 14 days of
the election, the names and addresses of all persons elected and their positions
shall be forwarded to the Registrar by the Secretary.
19.
Board of Directors
(1)
The general management
and control of the Society shall be in the hands of the Board of Directors
elected as set out in Section 18.
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