13. For the purposes of section 72(2) of the Act, no society shall pay a dividend on paid-up share capital or subscription capital exceeding 10% per annum without the written approval of the Minister.
—(1) Except as otherwise provided in the by-laws of a society —
the chairman of the society shall preside at all general meetings of the society and at all meetings of the committee of management; and
in the absence of the chairman, the vice-chairman or, in the absence of both the chairman and the vice-chairman, any other person elected by a majority of the members present at the meeting shall preside at the meeting.
(2) The duties of the secretary of a society shall include the following:
to maintain, correctly and up-to-date, all the records, papers and registers of the society;
to keep an inventory of the property belonging to the society;
to sign on behalf of the committee of management and conduct its correspondence;
to summon and attend all general meetings of the society and all meetings of the committee of management and to record the proceedings of such meetings in a minute-book; and
to conduct the ordinary business of the society and perform all the duties entrusted to him by the committee of management.
(3) The duties of the treasurer of a society shall include the following:
to take charge of all financial transactions of the society, including all moneys received by the society from a bank, members or other persons and to make disbursements in accordance with the directions of the committee of management;
to prepare or cause to be prepared all the receipts, vouchers and documents required by the by-laws or called for by the committee of management; and
to be responsible for the proper and punctual keeping of all the accounts and books of accounts of the society.
(4) The duties of the manager of a society shall include the following:
to manage the business and property of the society;
to attend all general meetings of the society and all meetings of the committee of management, and to carry out all the instructions of the committee of management; and
to record or cause to be recorded the whole of the transactions of the society in the books of the society.
(5) Where the committee of management of a society appoints a person as a manager of the society, the duties of the secretary or the treasurer of the society may be modified or altered by the committee of management, taking into account the duties assigned by the committee of management to the manager.
15. The Co-operative Societies Rules (R 1) are revoked.
16. Notwithstanding the revocation of the Co-operative Societies Rules, the Central Co-operative Fund Committee established under rule 4 of the revoked Rules before 1st August 2009 and existing immediately before that date shall continue in existence as if it had been established under rule 10 of these Rules.