20 BEI^GIUM - CO-OPERATION AND ASSOCIATION 



added, bat iu that case, it must always be followed by the words « society 

 en commandite, limited by shares ». 



Although it has members whose liability is unlimited, this class of 

 society in general conforms to the rules governing limited liabihty societies 

 examined in the preceding section. Thus we shall not delay over it. 



§ 6. Co-operative societies. 



According to the law, the co-operative society is one " composed of 

 members whose number and contributions are variable and whose shares 

 {parts) can never be transferred to others ". Yet it must have at least 

 seven members. These may be jointly and severally liable, or individually 

 to an imlimited degree or up to a fixed amount. 



The co-operative society has not a title in which members' names ap- 

 pear, but a special designation. 



The deed of constitution must contain, tobevaUd, the following part- 

 iculars : (7) the name and head quarters of the society ; (h) the object of 

 the society ; (c) the precise indication of the members ; [d] indication of the 

 way in which the share capital is made up and its minimum amount. 



The deed must further show : (i) the term for which the society is 

 founded, which may not exceed 30 years ; (2) the conditions for admission, 

 withdrawal or expulsion of members, as well as those for the return of 

 contributions ; (3) everything relating to the direction, supervision and 

 working of the society (there need be only one managing director, who 

 need not belong to the society) ; (4) the rights of members, the mode of 

 calling the meetings, the majority required for passing measures ; (5) 

 the manner of distributing the profits and losses ; (6) the HabiHty of mem- 

 bers, that is, whether the^^ are liable to the extent of their whole assets 

 or only up to a certain amount. 



If the rules do not contain information on the above points, the follow- 

 ing regulations shall apply: (i) the term for which the society is formed shall 

 be 10 years ; (2) the members shall have power to leave it, and can only 

 be expelled for non-fulfilment of the contract binding them to the society ; 

 the general meeting shall decide upon the admission and expulsion 

 of members and shall authorize the return of contributions ; (3) the society- 

 shall have one manager and be supervised by three commissioners appointed 

 as in limited liability societies ; {4) all members shall have equal right to 

 vote at the general meeting, and the decisions shall be taken in conformity 

 with the rules in force in the case of limited liability societies ; (5) the pro- 

 fits and losses shall be divided every year among the members, half in 

 equal proportion, half in proportion to their contributions ; (6) the members 

 shall be all liable jointly and severally. 



Every co-operative society must, further, keep a register, numbered 

 and initialed, without expense, with, on its first page, the deed of constitu- 

 tion, and on the following pages : (a) the name, profession and residence 



