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Co-Operative Societies Act 2008


15. Duties of Secretary and Treasurer

1.     The Secretary of a society shall—

a.     keep the minutes of any meeting of the society or Board;

b.    ensure that all records, books, papers and other documents of the society are kept in a safe place in the office of the society;

c.     conduct any correspondence on behalf of the society except in the case of a credit union where the Board may delegate such powers to other members of staff so that they may carry out the duties of their jobs;

d.    attend all meetings of the society and the Board and have with him the necessary minutes and record books and correspondence relative to the business of the society;

e.     issue notices for all meetings of the Board and general membership of the society in accordance with the Regulations and the by-laws;

f.     sign and execute, jointly with the President, all deeds and conveyances of real or personal property, all fixed deposits or share certificates and such other documents as the Board may specify;

g.    review the minutes of all committees of the society; and

h.     perform such other duties as are prescribed by the by-laws or authorized by the Board.

2.     The Treasurer of the society shall—

a.     receive all monies due and payable to the society and issue receipts for the same except in the case of a credit union where the Board may delegate such powers to other members of staff so that they may carry out the duties of their jobs;

b.    deposit all monies received in the name of the society in such bank or depository as specified by the Board;

c.     sign all cheques, notes, bills of exchange and other documents necessary to effect the business of the society;

d.    keep a just and true record of all financial transactions effected by the society in the books provided for that purpose;

e.     keep charge and control of all cash, securities, books and other documents and vouchers for all payments made and receipts issued on behalf of the society.

f.     reconcile or cause to be reconciled at least once per month the members’ ledger or accounts with the relative general ledger control accounts;

g.    reconcile or cause to be reconciled at least monthly all passbooks or statements received from depositors with the relevant control accounts in the general ledger;

h.     cause all members’ ledgers and all members’ passbooks to be reconciled at least once per year;

i.      produce a current statement of the society’s monies as the Board or Registrar may demand;

j.      prepare the annual statement of account, the balance sheet, the monthly financial statements and other statements as the Board may request;

k.     make payments as authorised by the Board and obtain receipts for the same except in the case of a credit union where the Board may delegate such powers to other members of staff so that they may carry out their duties of their jobs; and

l.      perform such other duties as the Board may prescribe.

3.     The duties of the Secretary and Treasurer may be modified or altered in keeping with the allotment of duties assigned by the Board to the manager and other employees of the society.



Co-Operative Societies Act 2008 Back




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