Regulation 10

For the purposes of advising the Minister on the administration of the Central Co-operative Fund, there is established a committee (called in these Rules the Central Co-operative Fund Committee) that —

The Central Co-operative Fund Committee shall keep or cause to be kept proper accounts and other records in respect of the administration of the Central Co-operative Fund and shall do all things necessary to ensure that all payments out of that Fund are correctly made and properly authorised.

Each member of the Central Co-operative Fund Committee holds office for a term (not exceeding 3 years) decided by the Minister, and is eligible, at the end of that member’s term of office, for reappointment.

The Minister may, at any time, revoke any appointment made by him under paragraph (1) without assigning any reason.

If a vacancy arises for whatever reason in respect of a member of the Central Co-operative Fund Committee appointed during his term of office, the Minister may appoint another person to fill his vacancy until the expiry of his term of office.

A meeting of the Central Co-operative Fund Committee shall be convened by the chairman as often as is necessary but not less frequently than once in every year.

At every meeting of the Central Co-operative Fund Committee, a quorum shall be one-third of the total number of members in office or 3 members, whichever is the higher, and decisions shall be adopted by a simple majority of the votes of all members of the Committee present and voting, except that the chairman shall have a casting vote in the case of an equality of votes.

Subject to paragraph (7), the Central Co-operative Fund Committee shall not be precluded from holding any meeting or acting in any matter merely by reason of any vacancy in its membership.

Subject to the provisions of this Part, the Central Co-operative Fund Committee may adopt its own procedure in relation to Committee meetings.