THE I^EGAL, REGIME OF THE GOMMERCIAIv SOCIETIES 21 



of the members ; (b) the date of their admission, voluntary resignation 

 or expiilsion ; (c) the account of the amounts paid by each or withdrawn 

 by him . 



Every six months the director of the society must deposit with the 

 registrar of the Commercial Court a statement giving the name, profession, 

 and residence of all the members, in alphabetical order. The pubUc may 

 consult the document free of charge. 



The rights of each member are represented by a certificate made out 

 in his name, giving the name of the society, the name, condition and resid- 

 ence of the owner and the date of his admission into the society ; the whole 

 signed by the member himself and by the officer entrusted with the man- 

 agement of the society authorized to sign for it. This certificate further gives, 

 in order of date, the various payments made by and to the holder of it. 

 These annotations are, according to the circumstances, signed by the 

 society or the members, and serve as receipts. On the certificate itself, 

 which is exempt from stamp and registration duty, the rules of the society 

 are reproduced. 



Certain guarantees are required from the co-operative societies, as well 

 as from the limited liabiUty societies. These are the annual taking of 

 stock, the formation of a reserve fund, the insertion, in full, on all documents 

 of the words " co-operative society ", the obligation to deposit every six 

 months, as above stated, the lists of members as well as the balance sheets 

 with the registrar of the Commercial Court, within a fortnight from date 

 of their approval. Further, the directors must, within a week from 

 their appointment, deposit with the same registrar an abstract of the 

 deed by virtue of which they discharge their functions. 



§ 7. Credit unions. 



By law of May 25th., 1913, the provisions relating to Credit Unions, 

 in the special law of May i6th., 1901, form a new section, the Vllth. of 

 Book I, Part IX, (Of Societies) of the Commercial Code. We must 

 understand under this name, " societies, the special object of which is 

 to obtain capital for their members by means of discount. " They 

 have their special names, to which are added the words " Credit Union ", 

 and they conform to most of the rules on co-operative societies dealt 

 with above. 



