65. Restrictions relating to honoraria, etc., of members of committee of management and employees

Terms defined in s 2

• allowance

  allowance

  Defined · s 2

  “allowance” means the remuneration paid to a member of the committee of management of a society in consideration of the member’s voluntary services rendered to the society on a regular basis;

  Open s 2
• committee of management

  committee of management

  Defined · s 2

  “committee of management” means the governing body (by whatever name called) of a society which is responsible for the management of the affairs of the society;

  Open s 2
• honorarium

  honorarium

  Defined · s 2

  “honorarium” means a portion of the net surplus or the reserves (if approved under section 72A) of a society distributed among some or all of the members of the committee of management in consideration of their services which would not otherwise be remunerated;

  Open s 2
• member

  member

  Defined · s 2

  “member” includes an individual person or institution qualifying for membership in a co-operative society, who or which join in the application for the registration of a society, and an individual person or institution admitted to membership after registration in accordance with this Act, the Rules and the by-laws;

  Open s 2
• society

  society

  Defined · s 2

  “society” means a co-operative society registered under this Act and includes a primary society, a secondary society and an apex organisation;

  Open s 2