Provisions as to audit to the Joint Management Account shall be made good thereunder, and no part of any such loss shall be made good out of the State funds of the Society. 58.—(1) The provisions of Section 35 of the principal Act with respect to audit shall not apply to the Joint Management Account of a Society or the books and accounts relating thereto, but where in the case of a Society with branches an arrangement under this Part of these Regulations has been made in respect of the administration expenses of any branch, but no corresponding arrangement has been made in respect of the central office or of the district of which that branch is part, the audit of the Administration Account of the central office or of the district shall be subject to the provisions of Section 35 of the principal Act notwithstanding that the income of such Account has been in part derived from moneys to which an arrangement as aforesaid has been applied. (2) As soon as may be after the end of each year the Joint Management Account for the year shall be balanced and a statement of income and expenditure of the Account in a form approved by the Commissioners shall be prepared and adopted by the Committee of Management of the Society and signed by two members of the Committee and, within three months after the end of the year, the Account and statement together with the relative books, documents and vouchers shall be submitted to audit in accordance with the rules of the Society relating to its private business, so, however, that the auditor or one of the auditors shall be qualified under one of the provisions set out in the second part of the Third Schedule to these Regulations. (3) Every report made by an auditor under this Article shall certify that all items of expenditure charged on the Joint Management Account are duly vouched and in accordance with the rules of the Society, or shall specify any items of expenditure in respect of which these conditions are not complied with; and where any items are so specified all or any of such items as the Commissioners may require shall be charged to the accounts of the Society in respect of its private business, and a corresponding credit shall be made to the Joint Management Account. (4) Where the fidelity of any officer, servant or agent to whom funds relating to the Joint Management Account are entrusted has been guaranteed by a policy of insurance it shall further be the duty of the auditor to ascertain whether the premium last falling due before the date of his audit has been paid and to report accordingly. (5) The statement of income and expenditure aforesaid, with the auditor's report thereon, shall be submitted to the general meeting of the Society first held after the expiration of seven days from the date of the auditor's certificate thereto, and any member of the Society shall, on application, be entitled to examine the statement and auditor's report at the principal office of the Society or be supplied with copies thereof. (6) The Committee of Management shall, within fourteen days after receiving the statement aforesaid certified by the auditor or any report, whether interim or final, from the auditor, send a copy thereof to the Commissioners, and shall furnish to the Commissioners such other particulars with reference to the Account as the Commissioners may require. (7) The Commissioners or any person appointed by them for the purpose may at any time inspect the Joint Management Account and the books, accounts, and vouchers relating thereto. 59. (1) If on the closing of a Joint Management Account for Credit a year there is a balance at the credit of the Account, such balance on balance shall be carried forward to the credit of the Account Account. for the succeeding year, and if such balance exceeds one-third of the total income of the Account for the year, the payment from the State Administration Account in respect of the immediately succeeding year shall be subject to such reduction as the Com mittee of Management of the Society, with the consent of the Commissioners, may determine, and the Society may make a proportionate reduction in the payment to the Account from the funds in respect of the private business of the Society. (2) If, on a Joint Management Account being finally closed in accordance with this Part of these Regulations, there is a balance at the credit of the Account, the proper proportion of such balance shall be paid and credited to the State Administration Account. 60. If on the audit of a Joint Management Account for any Debit balance year a balance at the debit of that account is shown, such balance on Account. shall, unless otherwise defrayed, be forthwith debited to the State Administration Account and the funds in respect of the private business of the Society in proportion to their respective contributions to the Joint Management Account for that year. Contract Administration Payment. 61. (1) As soon as may be after the meeting of a Society at Procedure in which a resolution to make a Contract Administration Payment application has been passed, the Committee of Management of the Society shall submit to the Commissioners for consent sioners to Contract Administration (a) copies of the notice of the meeting and of the resolution; (c) a statement of the number of members present at the (d) a statement of the number of votes cast for and against (e) particulars in respect of each of the three immediately Period of arrangement. Advance3 Audit of private business accounts. Services to for State business. (i) the cost, summarised in a form to be approved by the Commissioners, of the services for State business to be provided in consideration of the Contract Administration Payment; and (ii) the number of members for State business at the beginning of each year. (2) The Committee of Management shall furnish such further particulars and produce such books, accounts and documents as the Commissioners may require. 62. (1) Save as hereinafter provided, the period for which an arrangement for a Contract Administration Payment shall subsist shall be the calendar year. (2) A Society may terminate an arrangement for a Contract Administration Payment at the expiration of any year by passing in general meeting prior to the expiration of that year a resolution to that effect and furnishing to the Commissioners within seven days a copy of the resolution and the Commissioners may terminate the arrangement for a Contract Administration Payment at the expiration of any year on giving three months' previous notice in writing to the Society: Provided that where a Society has arranged to amalgamate with or to transfer its engagements to another Society or to dissolve, the Committee of Management may with the consent of the Commissioners terminate the arrangement as at some other date. 63. The Committee of Management may make such advances on account of the Contract Administration Payment as they think fit, so, however, that such advances shall not at the end of any quarter exceed the proportion to that date of the estimated sum payable for the year. 64. Every Society making a Contract Administration Payment shall submit its books and accounts relating to its private business to audit as required by its rules relating to such business, so, however, that the auditor or one of the auditors shall be qualified under one of the provisions set out in the second part of the Third Schedule to these Regulations, and every such Society shall furnish to the Commissioners as soon as may be after the end of each year an abstract of its accounts relating to its private business. certified by the auditor. Miscellaneous Provisions. 65. Every Society keeping a Joint Management Account or be provided making a Contract Administration Payment shall provide all services for the purposes of State business which are to be provided out of the Joint Management Account or in consideration of the Contract Administration Payment and the Committee of Management shall furnish to the Commissioners such reports and particulars with reference thereto as the Commissioners may require. Notice of resolution 66. (1) Where it is proposed to submit any resolution relating to a Joint Management Account or a Contract Administration tion thereof. Payment to a general meeting of a Society, full particulars thereof shall be given in the notice of such meeting. and certifica (2) Any copy of a notice of meeting or resolution, and any statement required by this Part of these Regulations to be furnished to the Commissioners shall be certified by the Chairman of the meeting at which the resolution was passed and by the Secretary of the Society or by any person authorised to act on that behalf. 67. Subject to the consent of the Commissioners, the arrange- Variation of ment for a Joint Management Account or for a Contract arrangement. Administration Payment may be varied by a Society by passing in general meeting a resolution to that effect and furnishing to the Commissioners not less than four months prior to the end of a year, a copy of the resolution, and the Commissioners may by giving four months' notice in writing prior to the end of a year require a variation of such arrangement, and unless the arrangement is so varied or is continued without variation, such resolution or notice shall be treated as if it were a resolution or notice terminating the arrangement at the end of the year. terminated 68. Where the arrangement relating to a Joint Management Provision Account or a Contract Administration Payment is terminated where in accordance with this Part of these Regulations at a date other arrangement than the end of a year, the provisions of this Part of these in course of Regulations and of the arrangement relating to the said Account year. or Payment shall apply as respects the period since the close of the last complete year of the arrangement subject to such modifications as the Commissioners may direct. tions. 69. Notwithstanding any failure on the part of a Society or Power to of the Committee of Management of a Society to comply with dispense with anything contained in this Part of these Regulations, the Com- requirements of Regulamissioners may, if they are satisfied that the provisions of this Part of these Regulations have been substantially complied with, consent to an arrangement or a variation of an arrangement for a Joint Management Account or a Contract Administration Payment. 70. The provisions of this Part of these Regulations shall Application apply to a branch or district of a Society in like manner as they to branches, apply to a Society, subject to the following modifications: (a) In the case of an arrangement under this Part of these (b) A Society with branches or a district of such a Society &c. Saving as to Societies. Interpreta tion. Notice of desire to or the accounts of the district and the accounts of each of the branches of the Society, or the accounts of each of the branches in the district as the case may be, for a Joint Management Account or for a Contract Administration Payment, and such arrangement shall be binding upon each branch concerned as though it had been made by the branch under this Part of these Regulations, and the Society, district or branches, as the case may be, shall be subject to the provisions of this Part of these Regulations as though the arrangement had been separately made by each of them and a general meeting of the Society or district and the Commissioners shall respectively be entitled to exercise the rights with regard to termination or variation of the combined arrangement. (c) Any arrangement which a branch or district may desire to make under this Part of these Regulations shall be subject to the consent of the Commissioners after consultation with the Committee of Management of the Society, and any documents which the branch or district or the Committee of Management thereof are required to submit or send to the Commissioners shall be submitted or sent by the branch or district or the Committee of Management thereof to the Committee of Management of the Society who shall forward the same to the Commissioners with any observations which they may desire to make thereon. 71. Nothing in this Part of these Regulations shall affect any of the powers or duties of the Registrar of Friendly Societies. PART VII. TRANSFER OF MEMBERSHIP. 72. In this Part of these Regulations, unless the context otherwise requires: -- "Society" includes a branch of a Society; "Transfer from a Society," in relation to a member of a Society, means terminating membership of the Society and becoming a member of another Society or a deposit contributor in accordance with the provisions of Section 14 of the Act of 1918. 73. (1) The notice to be given by a member of a Society who desires to transfer from the Society shall be in writing in the form transfer and set out in the first part of the Fourth Schedule to these Regu transfer fee. lations or in such other form providing for substantially the same particulars as the Commissioners may determine and shall be addressed to the Society. (2) The fee (hereinafter referred to as the "transfer fee ") payable to a Society on transfer from the Society by a member thereof shall be two shillings and a notice of desire to transfer shall be deemed not to have been given until such transfer fee as is payable has been paid. |