Section 18: Effect of registration
consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.
18. Effect of registration
(1) No society shall commence business until it has obtained a certificate
of registration.
(2) From the date of issue of the certificate of registration, the society
shall—
(a) be a body corporate by the name set out in the application
form; and
(b) be capable of exercising all the functions of a society.
(3) The promoters of a society shall be considered to have agreed to
become members of the society and, on its registration, their names shall be
entered in the members’ register.
(4) A member shall be a shareholder if the share he holds in the society is
an ordinary share, a preference share or a redeemable preference share.
(5) (a) Every society shall pay the annual fee specified in the Third
Schedule.
(b) No society shall carry out any operation unless it pays the annual
fee.
(c) The annual fee shall be payable within 2 months from the end of
a financial year.
(d) Where a society fails to pay the annual fee within the period
specified in paragraph (c), it shall, together with the annual fee, be liable to
the surcharge specified in the Third Schedule.
(e) Where a society fails to pay the annual fee within 4 months from
the end of a financial year, the Registrar may cancel its registration.