10.4 The Board of Directors shall have the power and discretion to prescribe, limit, omit or

otherwise restrict the types of fees, goods and services for the payment of patronage

refund to members or to impose such terms and conditions or otherwise to lay down the

procedures for payment or claim for patronage refund. Any patronage refund which are

not claimed by members within such period as the Board may impose or require shall be

forfeited to the Society.

.

10.5 The Board of Directors shall open or cause to be opened in the name of the Society an

account with any bank registered under the Banking Act to which all monies received

shall be deposited.

10.6 The Society shall have power to borrow money to be used in its business from members

and non-members provided that the Society shall determine from time to time at a

general meeting the maximum liability which it may incur in loans and deposits from

members and non-members and shall notify the Registrar of the maximum so fixed, this

limit being subject to the Registrar's approval whose decision shall be final.

10.7 The Society shall, as soon as practicable but not later than six months after the close of

the fmancial year, prepare and submit to the Registrar an annual report on its activities

during the year together with two certified true copies of the audited financial

statements of the Society and the audit report for that year. A copy each of such annual

report, financial statements and audit report shall be given to the Founder Member and

its delegates and made available for inspection by members at all reasonable hours. at the

registered office and such places of business as the Board of Directors may deem fit.

10.8 Notwithstanding anything to the contrary appearing anywhere in these By-Laws, the

Society shall have a first charge on all interests or monies credited to the account of a

member or past member with the Society in respect of all claims that the Society may

have against the said member including any advances or loans made by the Society to

such member or past member.

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11.

COMMON SEAL OF THE SOCIETY

11.1

The Society shall have a common seal of a design approved by the Board of Directors.

The seal shall not be used except under the authority and direction of the Board.

11.2 Every deed and document to which the seal is affixed shall, unless otherwise

specifically stated in these By-Laws be attested by the signatures of at least one Director

and the Secretary. The Board of Directors may be resolution determine either generally

or in a particular case that the facsimile signatures of anyone Director or other officer

of the Society authorized as aforesaid may be affixed to any deed or document by some

mechanical or electronic means to be specified in such resolution.

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