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Niue Consolidated Legislation |
NIUE LAWS
LEGISLATION AS AT DECEMBER 2006
PUBLIC SERVICE SAVINGS AND LOAN SOCIETY ACT 1980
1980/55 – 23 June 1980
1 Short title
2 Interpretation
PART 1
SOCIETY ESTABLISHED
3 Public Service Savings and Loan Society established
4 Functions of Society
5 Powers of Society
6 Constitution and Rules
7 Registration with Registrar
8 Meetings of Society
PART 2
MANAGEMENT OF SOCIETY
9 Management of Society
10 Functions of Management Committee
11 Management Committee meetings
12 Procedure
13 Officers of Society
PART 3
FINANCIAL PROVISIONS
14 Accounts and audit
15 Remuneration Fund
16 Deposits
17 Withdrawals
18 Deposits banked
19 Proportionate sum retained
20 Investment in Government securities
21 Loans
PART 4
MISCELLANEOUS PROVISIONS
22 Sealing of deeds
23 Investigation of Society
24 Suspension or dissolution
25 [Repealed]
SCHEDULES
____________________
To make provision for the establishment of the Public Service Savings and Loan Society
1 Short title
This is the Public Service Savings and Loan Society Act 1980.
2 Interpretation
In this Act –
"Constitution" means the Constitution of the Public Service Savings and Loan Society contained in Schedule 1;
"Management Committee" means the Management Committee established under section 9;
"Officer" includes the Chairman or his Deputy or Secretary or Treasurer of the Society;
"Registrar" means the Registrar of Incorporated Societies;
"Rules" means the rules of the Management Committee of the Public Service Savings and Loan Society contained in Schedule 2;
"Society" means the Public Service Savings and Loan Society established under section 3.
PART 1
SOCIETY ESTABLISHED
3 Public Service Savings and Loan Society established
(1) The Niue Public Service Savings and Loan Society is hereby established and it shall be a body corporate.
(2) The Society shall have perpetual succession and a common seal and shall be capable of suing and being sued and of doing all such things as bodies corporate may lawfully do.
4 Functions of Society
The principal functions of the Society shall be –
(a) To encourage thrift among the Society members;
(b) To educate members in financial responsibility;
(c) To receive the savings of members as contribution for shares or on deposit;
(d) To make loans to members for the purposes specified in the Constitution; and
(e) To distribute profits under co-operative principles.
5 Powers of Society
The Society shall have full powers –
(a) To establish, operate, manage or maintain such projects, schemes, or arrangements for the benefits of its members as it may think fit;
(b) To acquire, by purchase or otherwise both real and personal property of whatsoever kind or nature or wheresoever situate;
(c) To invest moneys on deposit in any bank, or in any bonds, or on mortgage of any land or buildings, in or outside Niue, or in or on debentures, debenture-stocks, stocks, funds, shares or securities of any corporation or company carrying on business in or outside Niue;
(d) To grant, sell, convey, surrender, yield up, mortgage, demise, let, reassign, transfer or otherwise dispose of any land, or buildings, mortgages, debentures, debenture-stocks, funds, securities, vessels, goods and chattels for the time being vested in the Society, upon such terms as the Society may deem fit;
(e) To erect any buildings or like construction and effect any improvement to them;
(f) To borrow or lend money upon such terms as the Society shall think fit, and to raise money by private subscriptions; and
(g) Generally to do such other things as may appear to be incidental or conducive to the functions of the Society.
6 Constitution and Rules
(1)
(a) The Constitution of the Society may be amended or changed at any time by Cabinet acting upon a resolution passed by two thirds of the members present and voting at a general meeting of the Society.
(b) The members present shall not be less than 60.
(2) The Rules may be amended or changed at any time by a resolution passed at a general meeting of the Society and such amendments or changes shall be filed with the Registrar under section 7(1) (b).
7 Registration with Registrar
(1) The Society shall forward to the Registrar for registration the following –
(a) Notice of the address of the registered office of the Society and any change to it;
(b) A copy of any amendment to the Rules and certified as correct by at least 2 officers of the Society;
(c) A list of the names and addresses of the members of the Society, and any change in it, certified as correct by an officer or officers of the Society;
(d) The name and address of any person or persons appointed under section 9 to sign deeds, documents and other instruments;
(e) A report concerning its projects, schemes and arrangements during the year after the end of each financial year;
(f) A statement of its accounts after the end of each financial year; and
(g) A copy of the report of the auditors.
(2) Notification under subsection (1) shall be as soon as conveniently possible or within such period as the Registrar may reasonably require.
(3) Any person or member may inspect any of the documents registered under this section.
(4) A fee of $2 shall be payable for registering any document under this section.
(5) A fee of 50 cents shall be payable for the inspection of documents filed with the Registrar under this Act.
8 Meetings of Society
(1) There shall be held each year not later than 3 months after the financial year a general meeting of the Society to be known as the Annual General Meeting.
The order of business shall include –
(a) Minutes of the last Annual General Meeting and any general meeting held since that meeting;
(b) Report of the Management Committee;
(c) Determination of the rate of interest on share capital;
(d) Consideration of notices of motion;
(e) Election of Management Committee; and
(f) Determinations of the rate of remuneration for the officers of the Management Committee and the auditor.
(2) In considering subsection (1) (c) the Annual General Meeting shall have before it a recommendation from the Management Committee. Before the rate of interest can be approved in variance to that recommended by the Management Committee a Special Meeting held shall also approve the interest rate so varied.
(3) The Society shall at the request of the Management Committee or at the written request of at least 10 members call a Special Meeting of the Society. Any request so made shall state the object of the proposed meeting.
(4) At least 14 days notice of any Annual or Special Meeting shall be given by individual notice in writing to members and public notice.
(5) Thirty members of the Society shall constitute a quorum.
PART 2
MANAGEMENT OF SOCIETY
9 Management of Society
(1) The Annual General Meeting of the Society shall elect from amongst their members –
(a) A Management Committee of a –
(i) Chairman;
(ii) Vice Chairman;
(iii) Secretary;
(iv) Treasurer;
(v) 1 to 3 other members;
(b) The names of persons elected under paragraph (a) shall be communicated to Cabinet not later than 14 days after their election.
(2) All members of the Management Committee shall be of the age of 20 years or more.
(3) The Management Committee shall make arrangements for the internal audit of the accounts of the Society at least once every 3 months or at such intervals decided upon by the Management Committee.
(4) At the end of each financial year the books and accounts shall be audited by such person or persons as are appointed by the Management Committee with the approval of Cabinet.
10 Functions of Management Committee
(1) The general management and control of the Society shall be in the Management Committee.
(2) Without limiting the generality of subsection (1) the Management Committee shall –
(a) Approve, defer, or reject applications for membership;
(b) Expel or discipline members as provided for in the Constitution;
(c) Approve, defer or reject applications for loans;
(d) Have general responsibility for the investment of funds of the Society;
(e) Recommend the interest rate on shares to the Annual General Meeting of the Society; and
(f) Do all such other things as are necessary for the achievement of the purposes of this Act.
11 Management Committee meetings
(1) The Management Committee shall hold meetings at least once in each month.
(2) Every meeting shall be presided over by the Chairman or, in the absence of the Chairman, the Vice Chairman or, in the absence of the Vice Chairman, some other member of the Management Committee nominated by the Management Committee to preside over the meeting.
(3) At all meetings of the Management Committee 3 members of the Management Committee shall form a quorum.
(4) At any meeting of the Management Committee the Chairman or in the absence of the Chairman, the Vice Chairman or the person nominated to preside over the meeting shall have a deliberative vote and in the case of an equality of votes a casting vote.
(5) All questions before the Management Committee shall be decided by a majority of votes recorded in it.
12 Procedure
Subject to this Act, and rules made under it, the Management Committee may regulate its procedure in such manner as it thinks fit.
13 Employees of Society
(1) The Management Committee may employ such persons and take such other steps as they think necessary and expedient for properly carrying out their duties.
(2) Any person so appointed may hold office in addition to or in conjunction with any other office.
PART 3
FINANCIAL PROVISIONS
14 Accounts and audit
(1) The Society shall keep or shall cause to be kept proper accounts and other records in respect of its operations and shall cause to be prepared statements of accounts in respect of each financial year as soon as possible.
(2) The accounts of the Society shall be audited by such person or persons as are appointed under section 9(4).
15 Remuneration Fund
(1) There shall be established a Remuneration Fund to which every member of the Society shall contribute annually a sum prescribed by the Rules of the Society.
(2) There shall be paid from the Remuneration Fund to the members of the Management Committee such remuneration by way of salary, fees, or allowances as may be prescribed by the Rules of the Society either generally or in respect of any particular person or persons or class or classes of persons.
16 Deposits
Deposits may be received on behalf of the Society upon or subject to such terms and conditions as may be prescribed by this Act or by any regulations or Rules made under this Act.
17 Withdrawals
Withdrawals may be made upon or subject to such terms and conditions as may be prescribed by this Act or Rules made under this Act.
18 Deposits banked
(1) The amount of the deposits and all other sums of money received by the Society, except so much as is retained for daily requirements, shall with all convenient speed, be deposited in a trading bank or the Post Office Savings Bank Account in the name of the Society.
(2) The said account shall be operated only by cheque signed by one member of the Society for the time being authorised by the Management Committee in that behalf, and countersigned by one of the Management Committee.
19 Proportionate sum retained
The Society shall at all times keep in cash or in other resources immediately available as may be approved in that behalf by Cabinet sums amounting in the aggregate to not less than 5 percent of the total amount for the time being standing to the credit of the depositors.
20 Investment in Government securities
The Society shall invest a minimum of 20 per cent of its funds in any given year in Niue Government securities or New Zealand Government securities.
21 Loans
(1) The Society may with the approval of the majority of members at the Annual General Meeting lend to the Government such sums of money as may be requested by the Government and the interest on such a loan shall be such figure as negotiated by the Management Committee and the Cabinet.
(2) The Management Committee shall negotiate an agreement with the Government over the repayment of the loan.
(3) The Management Committee shall not borrow any money without a prior resolution of the Society and the prior approval of Cabinet.
PART 4
MISCELLANEOUS PROVISIONS
22 Sealing of deeds
All deeds, documents and other instruments requiring the seal of the Society shall be signed by an officer of the Society or by such other person or persons as the Society shall appoint and such signing shall be taken as sufficient evidence of the due sealing of such deeds, documents and other instruments.
23 Investigation of Society
The Society may at any time be investigated by Cabinet –
(a) Upon receipt of a resolution of the Society passed by two thirds of the members present and voting and such resolution to be forwarded by the Secretary of the Society to the Cabinet not later than 7 days from the date it was passed, or;
(b) If it has reason to believe that the affairs of the Society are such as to require an investigation.
24 Suspension or dissolution
The Society may at any time be suspended or dissolved by Cabinet upon such terms and conditions it may decide –
(a) Upon receipt of a resolution of the Society passed by two thirds of the members present and voting and such resolution to be forwarded by the Secretary to the Cabinet not later than 7 days from the date it was passed;
Provided that not less than 60 members were present; or
(b) If it is satisfied after an investigation has been conducted that the Society be dissolved.
25 [Repealed by 2004/270]
––––––––––––––––––––
SCHEDULES
Section 6(1)
SCHEDULE 1
CONSTITUTION OF THE PUBLIC SERVICE SAVINGS AND LOAN SOCIETY
1 Name
The name of the Society shall be the Public Service Savings and Loan Society.
2 Membership
Membership of the Society shall be limited to members and retired members of the Niue Public Service Association (Incorporated), who in the opinion of the Society are honest, industrious and of good habits, and for the time being are resident on Niue.
3 Cessation of membership
(1) A member ceases to be a member of the Society –
(a) Upon dissolution of the Society; or
(b) Upon the death of the member; or
(c) Where a member leaves Niue permanently; or
(d) Upon the resignation of a member from the Society.
(2) Upon ceasing to be a member for any reasons whatsoever a member’s shares will be refunded less any liability to the Society, and the Management Committee shall have the power to defer the refund of shares for up to 3 months.
4 Suspension or expulsion
Any member charged with misconduct or attempting to injure the Society in any manner whatsoever shall, if found guilty by the Management Committee in respect of such damage, be liable to suspension or expulsion.
5 Disposal of shares
Shares may be transferred from one member to another and subject to the approval of the Management Committee.
6 Loans
(1) Any member may borrow from the Society.
(2) A loan may be granted to any member of the Society subject to the prior approval of the Management Committee.
(3) To obtain a loan from the Society a member must apply on the prescribed form to the Secretary of the Management Committee.
(4) The borrower shall sign an agreement with the Chairman of the Management Committee or in the absence of the Chairman any other member of the Management Committee who is authorised for that purpose setting out the terms and conditions of the loan.
(5) The borrower shall be required to give such security for the repayment of a loan as may be decided by the Committee.
(6) Loans may be granted to members for productive and other purposes but no loan shall be advanced for any purposes which the Management Committee considers to be unnecessary or contrary to the best interests of the member.
(7) A loan shall be applied for a specific purpose and it shall be granted and used only for that purpose. If a loan or any part of the amount lent is used for any other purpose the loan shall be immediately recalled in its entirety, by the Management Committee.
7 Failure to repay loans
The Management Committee may take such action as may be necessary to recover arrears of repayments and in the case of persistent defaulting in payment, action may be taken in the civil court to recover arrears as a debt to the Society.
8 Insurance Fund
There shall be established an Insurance Fund of the Society to which the borrower shall pay in cash an insurance premium not exceeding one percent of the amount of the contribution and loan and in the event of the death of the borrower the balance of the loan shall be a charge against the Insurance Fund but the amount so charged shall not include the amount of arrears of interest or principal due at the date of death of the borrower.
9 Banking
(1) All monies paid to the Society shall be paid to the Treasurer of the Society and shall be deposited by him in the name of the Society in a bank approved by the Society.
(2) All withdrawals from the funds of the Society in a bank must be signed by any two of the following, namely, the Chairman, Treasurer and Secretary of the Management Committee.
10 Financial Year
The financial year of the Society shall end on 31 December of each year.
11 Income of the Society
Income by way of Post Office Savings Bank interest, interest on loans and other investments shall at the end of each financial year and after payment of expenses be dealt by the Society at the Annual General Meeting, as follows –
(a) A third to be placed in a special reserve fund; and
(b) Two thirds payment to members in proportion of the fully paid up shares standing in a member’s name as on 31 December each year.
––––––––––––––––––––
SCHEDULE 2
Section 6(2)
RULES OF THE MANAGEMENT COMMITTEE
Functions of the Management Committee shall be those functions as provided for in section 10(2) of the Act.
2 Members
The members of the Management Committee shall consist of people appointed under section 9 of the Act.
3 Chairman
The Chairman shall –
(a) Be responsible for the smooth running and wellbeing of the Management Committee;
(b) See that the decisions of the Management Committee are carried out promptly;
(c) Ensure that clear decisions are made on matters under consideration by the Management Committee;
(d) Keep the Secretary and the Treasurer up to the required standard in fulfilment of their respective duties;
(e) Go over the Agenda with the Secretary if necessary with the Treasurer as well before any meeting;
(f) Prepare a concise report of the Management Committee’s work during the year of presentation to the General Meeting after 31 December each year.
4 Vice Chairman
The Vice Chairman shall –
(a) Act for the Chairman in his absence; and
(b) Do all he can to aid the Chairman in the proper conduct of the Management Committee.
5 Secretary
The Secretary shall –
(a) Keep correct and proper minutes of all meetings of the Management Committee including the general meeting and see that the minutes are confirmed at the next following meeting;
(b) Keep a record of all members of the Society;
(c) Attend to all the correspondence of the Management Committee;
(d) Receive and submit all applications for loans to the Management Committee for consideration;
(e) Notify applicants of the Management Committee’s decision;
(f) Arrange a date for the signing of the agreement by the Chairman and the applicant where a loan is approved;
(g) Obtain from the applicant whose loan is approved an assignment of salary;
(h) Complete the withdrawal slip with the Chairman for the amount of the loan approved and personally hand it to the Treasurer;
(i) Carry out the decisions of the Management Committee;
(j) Send out Notices of Meeting to all members in good time; and
(k) Go through the accounts with the Treasurer.
6 Treasurer
The Treasurer shall –
(a) Keep proper records of accounts in an orderly and legible manner;
(b) Receive and receipt all membership entrance fees;
(c) Receive and receipt all member’s shares contributions;
(d) Receive and receipt all members’ loan repayments;
(e) Receive and receipt all members’ insurance premium payments, i.e. on all approved loans;
(f) Pay all fees, shares contributions, insurance premiums, and loan repayments into the Society’s Post Office Savings Account;
(g) Arrange payment of loans to applicants only on receipt of their insurance premium cash payment and receipt of withdrawal slips from the Secretary;
(h) Prepare and present the statement of accounts and balance sheet to the Management Committee at the end of each three months;
(i) Prepare and present the annual balance sheet to the Management Committee within one calendar month of the completion of the financial year for presentation by the Chairman to the General Meeting with his report; and be ready to assist the Chairman to answer any questions;
(j) Have the necessary books, cash book, ledger, receipt book, files for accounts and receipts and the like, available to the Auditor or the Management Committee as required; and
(k) Upon the request of any member, present to that member a full statement of that member’s financial position with the Society.
7 Conditions of loan
(1) A member may borrow from the Society –
(a) An amount equivalent to his fully paid up share or shares; and
(b) An amount equivalent to 50 percent of that fully paid up share or shares.
(2) If a member intends to buy a new car, van or truck, who has had enough share or shares to enable a member to pay two thirds of
the price of the vehicle, the
Management Committee may grant and advance the remaining one third to such member to enable him or her to pay cash for the vehicle.
(3) Any individual loan at any one time shall not exceed the amount of $9000.
(4) The maximum period for the repayment of a loan will be 5 years.
(5) Where a member borrows from the Society –
(a) An amount equivalent to his fully paid up share or shares the rate of interest shall be one percent; and
(b) An amount equivalent to fifty percent of the fully paid up share or shares the interest rate shall be 6 percent increasing to 7 percent for penalty of the outstanding payments after the expiration date for the agreement.
8 Accounts
The Society’s accounts shall be kept in an orderly and legible manner by the Treasurer, who shall present a statement to the Management Committee showing the financial position of the Society as at the end of each 3 months.
9 Reports
The Chairman shall submit a report annually to the General Meeting of the Society. The report will cover the management and control of the Society’s business for the past financial year and it shall be accompanied by an audit statement of accounts on the state of the insurance fund.
10 Remuneration
(1) The members entitled to receive remuneration under section 15 of the Act shall receive the following amounts –
(a) Chairman $100;
(b) Vice Chairman $60;
(c) Treasurer $200;
(d) Secretary $150; and
(e) Hon Auditor $100.
(2) Every member shall contribute annually to the Remuneration Fund established under section 15 a sum of $4.
11 Fees
Every member shall pay an entrance fee of $2 which under no circumstances shall be refundable.
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URL: http://www.paclii.org/nu/legis/consol_act/pssalsa1980379