This Act may be cited as the Co-operative Societies Act....
Interpretation and application
1. In this Act, unless the context requires—means the Articles of Association of a society;means the Board of Directors of a society;means a share of th...
A society shall, conform to the co-operative principles set out in section 4....
Conformity to co-operative principlesy
For the purposes of section 3, a society conforms to co-operative principles if—a. except in the case of a secondary or tertiary society no member or dele...
Registrar of co-operative societies
1. There shall be a Registrar of Co-operatives appointed by the Governor in Council, who shall have such professional, administrative and other staff as a...
Certificate of Registrar
1. The Registrar may furnish a person with a certificate stating that—a. a document required to be sent to the Registrar has or has not been received...
Power to refuse documents
1. The Registrar may refuse to receive, file or register any document that in his opinion—a. contains any matter contrary to law;b. has not, by ...
Verification of documents
The Registrar may require that a document or information contained in a document required by this Act or the Regulations to be sent to him be verified by aff...
Application for registration
1. No society may commence or continue business unless it is registered in accordance with this Act.2. Subject to subsection (3) an application for r...
Content of by-Laws
1. A registered society shall include in its by-laws provisions for—a. conditions of membership, including— i. the rig...
Effect of by-Laws
The by- a society when registered bind the society and its members to the same extent as if they—a. had been signed and sealed by the society and by ever...
Conditions for registration
1. No society may be registered, or having been registered, continue to be so registered under this Act—a. unless its membership consists— ...
Registration of societies
1. When the Registrar is satisfied that an application is made in accordance with this Act, he shall, within 3 months of the receipt of the application, r...
Effect of certificate of registration
1. Except for a society that is deemed to be registered under this Act, a society comes into being on the date inscribed on the certificate of registratio...
1. If the Registrar is satisfied that a society which has submitted an application for registration should not be registered as a registered society, he m...
Capacity and powers
1. The registration of a society shall render it a body corporate with perpetual succession and with power to hold property, to enter into contracts, to i...
1. A society must at all times establish and maintain a registered office and the address of such office must be specified in the by-laws.2. The direc...
Maintenance of mandatory records
1. Every society shall have its certificate of registration permanently displayed at its registered office.2. There shall be made available at all re...
Access to records
1. The Registrar may, during the normal business hours of the society, examine any of the records specified in section (2) of section 18.2. Members of...
Suspension and cancellation of registration
1. Subject to the provisions of this Act, the Registrar may by order in writing suspend the registration of a society if he is satisfied that—a. the ...
1. The Board may by resolution—a. adopt a corporate seal; andb. change the corporate seal adopted pursuant to paragraph (a).2. An instrument...
1. Except as provided in this section, a person who enters into a written contract in the name of or on behalf of a society before it comes into existence...
|Part III||Membership and Meetings|
Application and qualification for membership
1. An application for membership of a society must be submitted to the Board in such form as the Board approves.2. In order to qualify for the member...
. Subject to the by-laws, where individuals have separate and independent membership in a society, they may also hold joint accounts....
Membership fees and membership register
1. No person may exercise the rights of membership of a society unless and until he has paid the prescribed membership fee and has satisfied any other req...
Liability of past and present members
1. Subject to the Act, the liability of a current member of a society is limited to the unpaid amount of his subscription for shares.2. The liability ...
Withdrawal of membership
1. A member of a society may at any time withdraw from membership of such a society in such a manner as may be prescribed by the by-laws or Regulations.2....
Termination of membership by Board
1. Subject to the by-laws, the Board may, by at least two-thirds vote of the directors present at a meeting called for the purpose, order the termination ...
Termination of membership by members
Members may terminate the membership of a member where—a. the member has received at least ten days’ notice of the general meeting at which his membershi...
Suspension of membership for misconduct
The Board of a registered society may by notice in writing suspend a member for a period not exceeding 3 months if they are satisfied that he is guilty of mi...
1. Subject to subsection (2), where a person’s membership is terminated pursuant to section 28 or 29, he may appeal the termination to the Registrar in th...
A person whose membership is terminated pursuant to section 28 or 29, may be re-admitted to membership only by a two-thirds majority vote of members present ...
1. A society that is a member of another society shall exercise its voting rights in that other society through one of its members duly appointed in that ...
Representative of member who is not an individual
1. Where a registered society is a member of another registered society, the latter society shall recognise any individual authorised by a resolution of t...
1. Subject to the by-laws, members shall vote—a. by a show of hands; orb. where the majority of the members entitled to vote at a meeting so dem...
Place of meetings
General meetings of members must be held in —a. at the place provided in the by-laws; or b. where the by-laws contain no provision, at the place deter...
Members not to exercise rights until due payment
No member of a registered society shall exercise the rights of a member unless he has made such payment to the society in respect of membership or acquired su...
First general meeting
1. This section does not apply to a society if it is continued pursuant to this Act.2. Within 2 months of the date of its registration, a society shal...
1. A society shall hold an annual meeting each year not later than 3 months after the end of the financial year of the society.2. Notwithstanding sub...
1. The Board may call a special meeting of members at any time. 2. Subject to subsection (3), the Board shall call a special meeting of the members on...
Meeting called by Registrar
1. Where —a. in the opinion of the directors it is impracticable— i. to call a general meeting of members in the manner...
Resolution in lieu of meeting
1. Except where a written statement is submitted by an auditor pursuant to section 136—a. a resolution in writing signed by such number of members as...
Notice of meetings
1. A society shall give at least ten days notice of any annual or special meeting to its members—a. by sending the notice by mail to the members, at ...
Fixing record date
1. Subject to subsection (2), for the purpose of determining members—a. entitled to receive payment of a bonus or dividend; b. entitled to parti...
1. Subject to subsection (2), the quorum at any annual, general or special meeting of members is that fixed in the by-laws.2. Except where all the me...
1. Where the by- a society provide for the nomination and appointment of delegates to a general meeting—a. the delegates shall exercise the powers o...
1. A member who is entitled to vote at an annual meeting of members may—a. submit to the society notice of any matter that he proposes to raise at th...
Power to make by-laws
1. Subject to this Act and the by-laws, the members of a society may, at any annual meeting called for the purpose, make, amend, repeal, replace or confir...
Effective date of laws
1. No by-law has any force or effect until 3 copies of the by-law, certified to be true copies by the president and secretary of the society, are filed wi...
Board of Directors
1. Every society shall be managed by a Board of directors which shall be constituted in accordance with this Act and the by- the society.2. The Board ...
1. Every society—a. is required to have a president, treasurer and a secretary; b. may have any officers in addition to those mentioned in paragr...
Provisional directors and elected directors
1. On the registration of a society, the individuals whose names appear in the application for registration as having been appointed and have consented to...
Powers of Board
Subject to this Act, the Regulations and the by-laws, the Board shall—a. exercise the powers of the society directly or indirectly through the employees a...
1. Without prejudice to anything contained in sections 50 and 51 the members of the society shall in each year elect a Supervisory Committee which shall p...
Tenure of committees generally
1. Committees appointed pursuant to section 54 shall hold office for a period not exceeding one year.2. A member of a committee appointed pursuant to ...
1. Every credit union shall have a Credit Committee which shall be elected by its members at the annual general meeting.2. The members of a Credit Co...
Duties of Credit Committee
The Credit Committee shall consider all application for loans and make recommendations to the Board in respect of the applications and perform such duties as...
Approvals of loans
1. The Credit Committee may approve loans upon such terms and conditions as specified by the Board.2. The Credit Committee may, upon such terms and co...
Credit Committee reports
1. The Credit Committee shall—a. meet at least once every month;b. keep minutes of its meetings;c. submit a monthly report to the Board of...
Removal of member of Credit Committee by society
1. The members may, by resolution passed by two-thirds of the votes cast at a general meeting called for the purpose, remove a member of the Credit Commit...
Removal of member of Credit Committee by Board
When a member of the Credit Committee fails to attend 3 consecutive meetings without, in the opinion of the Board, having reasonable cause there for or fails...
1. Every credit union shall have a Supervisory Committee which shall be elected by its members at the annual general meeting.2. The members of a Supe...
Duties of Supervisory Committee
The Supervisory Committee shall examine the books of the credit union or other security, confirm the cash instruments, property and securities of the credit ...
Removal of member of Supervisory Committee
When a member of the Supervisory Committee fails to attend 3 consecutive meetings of the Committee without, in the opinion of the Supervisory Committee, havin...
The Board may appoint such persons as it considers necessary to assist the Supervisory Committee in its duties, and pay those persons such remuneration as it...
1. When the Supervisory Committee is of the opinion that the funds, securities or other property of the credit union or other society have been misappropr...
1. The Supervisory Committee shall meet at least once every 3 months, and shall at each such meeting examine the affairs of the credit union or other soci...
Removal of members of Supervisory Committee
1. The members may, by resolution passed by two-thirds of the votes cast at a general meeting duly called for that purpose, remove a member of the Supervi...
Election of directors
1. Subject to section 70 and subject to the regulations and the bylaws— a. the election of directors shall take place annually at the annual general ...
Tenure of directors
1. Subject to subsection (2) the directors of a society shall be elected for a term of 3 years, but no person may serve as a director of a society for mor...
Borrowing powers of Board
1. Subject to the by-laws, the Board may without authorization of the members of a society—a. borrow money on the credit of the society;b. issue,...
Validity of acts of directors and officers
The act of a director or officer is valid notwithstanding an irregularity in his election or a defect in his appointment or qualification. ...
Indemnification of directors
1. Subject to subsections (2) and (3), a society may indemnify— a. a director or officer of the society;b. a former director or officer of the s...
Duty of care in directors and officers
Every director and officer of a society exercising his powers and discharging his duties shall—a. act honestly and in good faith with a view to the best ...
Liability of directors
1. Where directors vote for, approve by resolution or by any other means—a. the purchase of shares contrary to section 94;b. the payment of a di...
Misuse of confidential information
A director or officer, or an associate of a director or officer, who, in connection with a transaction relating to shares of a society or a debt or obligatio...
1. A director or officer of a society who—a. is a party to a material contract or proposed material contract with the society; orb. is a direct...
Meetings of directors generally
1. Subject to the by-laws, the directors may meet at any place, and on any notice that they consider appropriate.2. The president—a. may call a ...
Meetings by telephone etc.
1. Subject to the by-laws, where all the directors consent, a meeting of directors or of a committee may be held by means of—a. a telephone system; ...
Attendance at meetings
1. A director of a society is entitled to receive notice of and to attend and be heard at every general meeting of members.2. Where a director—a. ...
Organisational meeting of directors
1. Subject to subsection (5), the directors shall hold a meeting as soon as possible after the issue of the society’s certificate of registration. 2. ...
Director ceasing to hold office
1. A director ceases to hold office when he—a. dies or resigns;b. is removed in accordance with section 84; orc. is no longer qualified in...
Removal of directors
1. Subject to the Regulations and by-laws, the members of a society may, by special resolution, remove any director from office.2. A vacancy created b...
Notice of change of directors
1. Within thirty days after a change is made in its directorship, a society shall send to the Registrar a notice in the prescribed form setting out the ch...
Declaration by directors and officers
A society may by resolution passed by a majority of the members at an annual or special meeting require all directors and officers to sign annually or at any ...
The directors may require that every person appointed to an office who receives, manages or handles goods or merchandise or manages or handles the expenditure...
Remuneration of directors
1. A director or member of a committee is not entitled to be paid any remuneration in connection with his duties as a director or committee member on beha...
Remuneration of officers and other employees
Subject to section 88 and the by-laws, the directors shall fix the salary of any officer appointed by them and shall approve a scale of remuneration for any ...
1. A society may sell shares to its members only, but the shares must have a par value fixed by the by-laws.2. Unless a society is required by this A...
1. A society shall express its share capital in its by-laws as— a. an amount of money divided into a specified number of shares set out in the by-la...
Issue of shares
1. Subject to subsection (2), a society may issue shares at any time and for any consideration that the directors consider appropriate.2. Subject to t...
Alteration of authorised capital
1. A society may, by special resolution, amend its by-laws to increase or decrease its capital and, for that purpose, may—a. subdivide any shares;b....
Limitation on purchase of shares
Subject to the approval of the Registrar, only a registered society may purchase more than one-fifth of the shares of another society where—a. that other ...
Transfer of shares generally
A share may be transferred with the approval of the Board to any other member at the option of the transferor, but if the transferee is not a member, he must ...
Transfer of shares of member of unsound mind
1. Where a member or person claiming through registered society has become of unsound mind or incapable of managing his affairs and no committee, receiver...
Transfer of share or interest on death of member
1. Where a person has been nominated as beneficiary by a member in accordance with the by- a society and such nominee is admitted to membership in the soc...
Restriction on transfer of shares
1. Subject to this section, the transfer of the shares or interest of a member or deceased member in the capital of a society shall be subject to such con...
Conditions for the validity of transfer of shares
1. Subject to the by-laws, no transfer of a share in a society is valid for any purpose unless—a. a written application for membership by the transfe...
Power of nomination
1. Subject to subsection (2), a member of a society may, by instrument in writing signed by such member in the presence of 2 attesting witnesses and deliv...
|Part VI||Business of Society|
Marketing of produce through society
1. A registered society which has as one of its objects the marketing of any article or produce obtained by the work or industry of its members may by its...
Creation of charge in favour of society
1. A person to whom money has been lent by a society or who is otherwise indebted to the society may be required to create a charge in favour of the socie...
Execution and registration of charge
1. A charge created under section 102 shall be duly executed if signed by the person in quintuplicate in the presence of—a. the chairman or presiden...
Claims unaffected by charge
Nothing in section 102 shall affect— a. any claim of the Government in respect of taxes or money recoverable as such or of a landlord in respect of rent ...
Prior claims in favour of society
1. Subject to any claim in respect of debt due to the Crown or to a landlord in respect of rent or any money recoverable as rent, any debt or outstanding ...
Enforcement of charge
1. A society may enforce a charge by applying to the Magistrate for a warrant of distress certifying under seal to the Magistrate the amount due and parti...
Assignment of charge
1. A society may borrow from any other society or from any bank approved by the Registrar on the security of any charge executed and registered in accorda...
Bond as additional security for loan
1. A registered society may require a member or officer to give bond with or without surety as additional security for security for the repayment of any l...
Lien on shares
1. A registered society has a lien on a share or any amount outstanding to the credit of a member or his legal representative for a debt due by that membe...
Deductions applied to loans and sharess
The by- a society may provide that the society—a. deduct an amount from the moneys it receives for the goods, products or services it has marketed, handl...
Purchase of shares
1. Subject to this section, a society may purchase or otherwise acquire any of its shares that—a. are available for compulsory purchase pursuant to s...
Prohibition on purchase of shares
1. Notwithstanding section 111, no society shall purchase or otherwise acquire its shares where—a. it is insolvent;b. the proposed purchase or a...
Compulsory sale of shares
Where—a. winding-up proceedings have commenced with respect to a body corporate that is a member of a society; or b. a member of a society has, during...
|Part VII||Property And Funds of Society|
Investment of funds
1. A society may invest or deposit its funds— a. in any registered society or bank approved by the Registrar;b. in any securities issued or guar...
Loans by society
1. A society may give loans, guarantees, advances and other forms of financial assistance to its members. 2. Except for a loan to another society, no...
1. Subject to subsection (2), no society and no member society shall, directly or indirectly, give a loan, guarantee or other means of financial assistanc...
Receipt of loans and deposits
1. Subject to the provisions of any by-law of a society made for the purpose, a society may receive deposits and loans from persons who are not members of...
Receipt of deposits from minors
1. A society may receive deposits from a minor and pay to such minor such deposit together with the interest accrued thereon.2. Any deposit made on b...
Reserve Fund, liquidity reserve and adequacy of capital
1. Where a society realises a surplus from its transactions that society shall establish and maintain a Reserve Fund.2. Where the annual audit of a s...
1. Every society shall establish and maintain a Development Fund.2. Every registered society that realizes a surplus from its operations as ascertaine...
1. A society may establish a contributory Pension Fund for its servants and employees and may contribute to such fund.2. A Pension Fund established u...
After making the prescribed payments to its Reserve and Development Fund a society may, with the approval of the Registrar, contribute to any non-profit, cha...
Dividend or bonus
1. Subject to this section and sections 119 and 120, any surplus may be distributed by way of dividend or bonus amongst its members in proportion to their...
|Part VIII||Financial Disclosure And Audit|
Annual financial statement
1. The directors of a society must place before the members at every annual meeting of members of the society—a. comparative financial statements, a...
Approval of financial statements
1. The directors of a society shall approve the financial statements referred to in section 124, and the approval must be evidenced by the signature of 2 ...
Furnishing financial statements
1. Not less than ten days before each annual general meeting of members, a society shall make available to each member a copy of the financial statements ...
1. Subject to subsection (7), an individual is not qualified to be an auditor of a society if he is not independent of the society and its member societie...
Appointment of auditor
1. Subject to subsection (4), the members of a society shall—a. at the first general meeting, appoint an auditor to hold office until the close of t...
Cessation of office
1. An auditor of a society ceases to hold office when—a. he dies or resigns; orb. he is removed pursuant to section 131.2. The resignation o...
Removal of auditor
1. The members of a society may, by ordinary resolution at a special meeting remove an auditor other than an auditor appointed by the Registrar under sect...
Filling vacancy of auditor
1. Subject to subsection (4), the directors must forthwith fill a vacancy in the office of auditor.2. If there is not a quorum of directors, the direc...
Registrar appointed auditor
If a society does not have an auditor, the Registrar may, upon his own motion, and shall, upon the application of a member, appoint and fix the remuneration o...
If a member of a society who is entitled to vote at a meeting of members, or a director of a society gives written notice to the auditor or a former auditor ...
Examination by auditor
An auditor of a society shall make the examination that is in his opinion necessary to enable him to report in the prescribed manner on the financial stateme...
Error or misstatement
1. A director or an officer of a society shall forthwith notify the society’s auditor of any error or mis-statement of which the director or officer becom...
Privilege of auditor
An auditor is not liable to any person in an action for defamation based on any act done or not done, or any statement made by him in good faith in connection...
Annual and special returns
1. Within thirty days, or such longer period as the Registrar allows, of the date of its annual general meeting a society shall—a. file with the Reg...
|Part IX||Reconstruction of Societies|
Methods of reconstruction
1. The reconstruction of a registered society may be effected by any of the following methods—a. the amalgamation of one society with another societ...
1. A company registered under the Companies Act or a registered non-profit or friendly society may, by special resolution, determine to convert itself int...
Effect of certificate of registration
1. On the date shown in the certificate of registration issued pursuant to section 13—a. the incorporation or registration under any other enactment ...
Amalgamation of societies
1. Any 2 or more societies may, by a resolution passed by not less than three-fourths of all the members of each society and voting at a special general m...
Transfer of assets of societies
1. Any society may, by resolution passed by not less than three fourths of all the members present and voting at a special general meeting called for the ...
Claims of objecting creditors
Notwithstanding sections 145 and 146 no amalgamation or transfer shall be effected unless the creditors of the societies concerned are given 3 months written ...
Division of society
1. Any society may, by resolution in this section referred to as a “preliminary resolution” passed by three-fourths of the members present and voting at a...
Effect of registration of new societies
The registration of new societies established pursuant to section 148 is sufficient to vest the assets and liabilities of the original society in the manner ...
|Part X||Receivers and Receiver-Managers|
Receiver appointed by Registrar
Where, in the opinion of the Registrar, based on the results of an examination undertaken pursuant to section 180, it is necessary to appoint a receiver-mana...
Functions of receiver
1. Subject to the rights of secured creditors, a receiver of any property of a society may—a. receive the income from the property and pay the liabil...
Functions of receiver-manager
Notwithstanding section 150, where a receiver of a society is also appointed manager of the society, he may carry on any business of the society to protect th...
Directions by Court
Upon an application by a receiver-manager of a society, whether appointed by the Court or under an instrument upon an application by an interested person, in...
Directions by Registrar
1. Where a receiver-manager is appointed by the Registrar, the receiver-manager or any interested person may apply to the Registrar for directions on any ...
Required actions of receiver
A receiver or receiver-manager shall—a. in the case of a receiver or receiver-manager appointed by the Court or pursuant to an instrument, immediately no...
Dissolution by members
1. Subject to the approval of the Registrar, the members of a society may authorise the dissolution of the society.2. The Board shall cause a notice ...
Notice of dissolution by members
1. When the Registrar approves a special resolution passed pursuant to section 158 he shall, at the expense of the society, cause a notice of the special ...
Dissolution by Registrar
1. Where the Registrar has reasonable cause to believe that a society—a. has not commenced business within 2 years after the date shown on its certif...
Dissolution for failure to account for business transacted
1. Where a society fails to furnish a copy of the annual financial statements to its members at an annual or special meeting called for that purpose or wi...
Dissolution by Court
1. The Registrar or an interested person may, after giving the society 3 months notice of the proposed application, apply to the Court for an order dissol...
Revival of dissolved society
1. Where a society has been dissolved pursuant to this Part, any interested person may apply to the Registrar to have the society revived by sending him a...
Appointment of liquidator
1. Where—a. a society is to be dissolved pursuant to this Part; orb. no liquidator is appointed by the members or the Court, the Registrar may ap...
Commencement of liquidation
The liquidation of a society commences where—a. a special resolution for dissolution of the society is approved by the Registrar pursuant to section 158;...
Cessation of business
From the date of the commencement of its liquidation—a. a society continues in existence, but shall cease to carry on its business except insofar as may b...
General provisions respecting liquidators
1. Where 2 or more liquidators are appointed, all the provisions in this section with respect to a liquidator apply to all the liquidators.2. On the a...
Duties of liquidator
On his appointment, a liquidator shall—a. immediately give notice of his appointment— i. in the case of a liquidator not appointed ...
Powers of liquidator
1. The liquidator may, in the course of his duties as liquidator—a. retain attorneys-a-law, accountants, engineers, appraisers and other professional...
Limitation on liability of liquidator
1. A liquidator is not liable where he relies in good faith on—a. financial statements of the society represented to him— i. ...
Costs of liquidation
1. A liquidator shall pay the costs of liquidation out of the property of the society and shall pay or make adequate provision for all claims against the ...
Closure of liquidation
1. In the liquidation of a registered society the funds, including the Reserve Fund, shall be applied as follows—a. firstly to the costs of liquidat...
Custody of records
A person who has been granted custody of the documents and records of a dissolved society remains liable to produce those documents and records for 6 years f...
Remuneration of liquidator
1. Where there is no agreement or provision fixing the remuneration of a liquidator, he is entitled to a commission based on the net proceeds of the estat...
Continuation of actions
1. Notwithstanding the dissolution of a society pursuant to this Act—a. a civil, criminal or administrative action or proceeding commenced by or agai...
Unknown claimants or members
1. On the dissolution of a society, the liquidator shall convert into money the portion of the property distributable to a creditor or member who cannot b...
Power of Registrar to surcharge
1. Where, in the course of the dissolution of a society it appears that any person who has taken part in the organisation or management of such society or...
Appeal against surcharge
Any person aggrieved by an order of the Registrar made under section 177 may appeal to the Co-operative Societies Appeals Tribunal within 21 days from the dat...
Application of Part XI
1. This Part does not apply to a society that is bankrupt within the meaning of the Bankruptcy Act.2. Where a society is at any time found in proceedi...
1. The Registrar may —a. on his own motion; orb. on the application of 25 members or 10 percent of the members whichever is less, appoint a pers...
1. A member, the Registrar or any interested person may apply exparte, or on such notice as the Court may require, to the Court for an order directing an ...
In connection with an investigation pursuant to section 181, the Court may make any order it considers appropriate, including an order—a. to investigate;b...
Powers of inspector
1. An inspector appointed pursuant to section 182(b) has the powers set out in the order appointing him.2. In addition to the powers set out in the o...
Hearing in camera
1. An interested person may apply to the Court for an order that a hearing conducted by an inspector appointed pursuant to section 182 be heard in camera ...
1. No person is excused from attending and giving evidence and producing documents and records to an inspector appointed pursuant to section 182(b) by rea...
Absolute privilege respecting statements
1. Any oral or written statement or report made by an inspector or any other person in an investigation undertaken pursuant to this Part has absolute priv...
Settlement of disputes
1. Where any dispute that relates to the business of a society arises—a. among members, former members and persons claiming through members or deceas...
Co-operative Societies Appeal Tribunal
1. There shall be a Co-operative Societies Appeals Tribunal which shall consist of 3 persons, one of whom shall be an attorney-at-law of at least 5 years ...
Question stated on question of law
1. Notwithstanding anything contained in section 187 and 188 the Registrar or an arbitrator may in the course of or on making a determination in a dispute...
Enforcement of award and recovery of loans
1. An award by the Registrar or an arbitrator may, by leave of the Court, be enforced in like manner as a judgment or order to the same effect, and where ...
|Part XIV||Specialized Societies Credit Unions|
Interpretation and application
In this part—means a society whose primary purpose is to purchase, procure, process, manufacture, exchange, hire or deal in goods or services for sale at ret...
1. No credit union shall carry on any business that is contrary to this Act, the Regulations or its by-laws.2. No credit union shall—a. underwri...
1. Every credit union shall maintain liquid assets in the amount and in the form prescribed.2. Any credit union which fails to maintain the liquid ass...
Every credit union shall make an allowance for doubtful loans in accordance with the requirements set out in the Regulations....
1. Subject to this Act and the Regulations, every loan approval must be approved in accordance with the policies established by the directors before any f...
Security for loans
Subject to any restrictions that may be prescribed in the Regulations, the credit union may take any security for loans that it considers advisable and in kee...
1. Loans may be made only to members and other registered societies.2. The by-laws may provide for limits on the amounts of loans to any one member or...
1. Where a credit union is reporting loans on the balance sheet in its annual financial statements, it shall report the loans at their net estimated value...
Interest on loans
1. The maximum intervals at which interest on loans must be paid may be prescribed in the Regulations.2. Where a borrower has not paid the interest on...
1. Subject to section 16, a credit union may, without the authority, aid, assistance or intervention of any other person or official—a. receive depo...
Credit union and trusts
1. A credit union is not bound to see to the execution of any trust, whether express, implied or constructive, pursuant to which any deposit or share is s...
|Consumer's Societies and Housing Societies|
Restrictions on directorship
1. Subject to subsection (2), no employee of a consumers’ society or housing society may be a director of that society.2. A society may provide in it...
Relationship with members
The relationship between a housing society and its members is not a relationship of a landlord and tenant....
The by- a housing society must, in addition to the matters required to be set out therein by section 10, include the following—a. the manner in which eac...
Amendment of by-laws
Where the by- a society provide that it is a housing society or that this Part applies to the society, the society may not repeal or amend that provision of ...
No interest on share capital
Where a housing society has a share capital the society shall not pay any dividend on the share capital to its members....
Right to possession terminated
1. Where a person’s membership in a housing society is terminated, any right of that person to possess or to occupy residential premises acquired by virtu...
1. Where a member—a. has his membership terminated or has vacated or abandoned the housing unit formerly occupied by him; andb. has left propert...
1. In an industrial society, 75 percent of all employees must be members of the society.2. Subject to subsection (3), no workers’ society shall withou...
In addition to the matters required to be set out in the by-laws pursuant to section 10, the by- a society must include—a. conditions of admission, expul...
Restriction on registration
No industrial society may be registered where the acquisition of goods for sale to the public is one of its principal objects stated in its bylaws....
Bonus based on labour
When allocating credit or paying a bonus to the members of an industrial society the directors may take into account the labour contribution of each member....
Employees may be directors
Notwithstanding any other provision of this Act, the majority of directors of an industrial society may be employees of the society....
|Part XV||Apex Body|
Establishment and constitution of Apex Body
Registered societies may establish an apex body which may be called the National League or National Council and which shall be composed of member representati...
Functions of Apex Body
1. The National League or National Council shall co-ordinate, assist and promote all registered societies and shall perform such functions as may be deter...
1. The officers of the National League or National Council shall be elected at the first meeting of that body and shall hold office for a period of one ye...
Consultation by Registrar
The Registrar shall, from time to time, consult the National League or National Council with respect to matters relating to development of registered societi...
Corrupt practices and bribery
1. Where—a. any member, agent or employee of a society corruptly accepts, agrees to accept, obtains or attempts to obtain whether for himself or anot...
Falsely obtaining property of society
1. Any person who—a. obtains possession of any property or is granted any loan by a society by false representation or other corrupt means;b. wro...
Failure to comply with Act, etc.s
1. A society or any officer or member thereof or any other person—a. who fails without reasonable cause or wilfully neglects or refuses to comply wit...
Dealing in property subject to charge
1. Any person who—a. fraudulently or clandestinely removes any property comprised in a charge created in favour of a society from the place where suc...
Offences with respect to reports
1. A person commits an offence, who makes or assists in making a report, return, notice or other document, required in this Act or the Regulations to be s...
Contravention of Act
Every person who—a. without reasonable cause, contravenes a provision of this Act or the Regulations for which no penalty is otherwise provided; orb. ...
Order to comply
Where a person is convicted of an offence under this Act or the Regulations, the Court may, in addition to any punishment imposed, order the person to comply ...
The affluxion of time is no bar to prosecution for an offence under this Act....
Preservation of civil remedy
No civil remedy for an act or omission under this Act is suspended or affected by reason that the act or omission is an offence under this Act....
. In this Part—a. means the 2 copies of the by-laws or statements required in section 229;b. means a special resolution stating an intent to dissolve ...
Execution and Filing
1. Where this Act requires that by-laws or a statement relating to a society shall be sent to the Registrar, unless otherwise specifically provided, the s...
Waiver of notice
Where a notice or document is required by this Act or the Regulations to be sent, the sending of the notice or document may be waived or the time for sending ...
Certificate of society
1. A director or officer of a society may—a. sign a certificate stating any fact set out in; orb. certify a copy of the whole or any part of, th...
Copies of documents
Where a notice or document is required to be sent to the Registrar pursuant to this Act, the Registrar may accept a photo static or photographic copy of the n...
Where the Registrar is authorised by the person who sent a notice or document or his representative, the Registrar may alter the notice or document, but he ma...
1. Where a certificate containing an error is issued to a society by the Registrar, the directors or members of the society shall, on the request of the R...
Exemption from stamp duty and other taxes
1. A society is exempt from stamp duty, taxes and fees on instruments executed by or on behalf of the society and relating to the business of the society....
Limitation on jurisdiction
Except as is expressly provided in this Act, no civil court shall have any jurisdiction in respect of any matter concerned with the dissolution of a society ...
Proof of entries in books and other documents
1. A copy of any entry in a book or other document that is required to be kept by this Act shall, if certified by the Registrar be received in any legal p...
For the purpose of carrying out this Act according to its intent, the Governor in Council may make Regulations—a. defining, enlarging or restricting the ...
In this Part the former Actmeans the Co-operative Societies Act, (Act 27 of 1959)....
Existing directors and officers
1. The existing directors and officers shall continue to hold office in accordance with the former Act and the by- the Society.2. Where new directors ...
All societies which prior to the commencement of this Act were duly registered under the former Act shall be deemed to be registered under this Act....
1. All rules, Regulations and by-laws made pursuant to the former Act shall continue in force until such time as new rules and Regulations and by-laws are...
|Arrangement of Regulations|
These Regulations may be cited as the Co-operative Societies Regulations....
In these Regulations—means the Co-operative Societies Act;means a group of people organised for some common purpose but without corporate personality;“means...
. The forms set out in the First Schedule are to be used for the purposes of the Act and these Regulations....
The Fees payable under the Act and Regulations are specified in the Second Schedule....
Filling out of document
1. Where an item required to be disclosed in a document does not apply, the phrase “not applicable” or the abbreviation “N/A” should be used in the space ...
For the purposes of sections 4(e) and 123(1) of the Act, no society shall pay a dividend on its shares at a rate that is greater than 2 percent above the sav...
Transfer of Shares
1. The Registrar may determine the forms to be used for the transfer of shares.2. No transfer of a share shall be registered, without the approval of ...
Minimum amount of fidelity bond
1. For the purposes of section 87 of the Act, a blanket security or fidelity bond shall be given by all officers including the President, Vice-President, ...
Annual financial statements and special returns
1. The comparative financial statements required pursuant to section 124 of the Act must include—a. a balance sheet;b. a statement of income;c. ...
Election of Directors
1. This Regulation applies for the purposes of section 50 of the Act.2. Before accepting the nomination of any person, the Chairman of a meeting calle...
Meeting of Directors
The directors of a registered society shall hold at least one meeting every month....
Appointment of Secretary and Treasurer
1. This Regulation applies for the purposes of section 51 of the Act2. The Board of Directors of a society shall—a. appoint a secretary and a tr...
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 oth...
For the purposes of sections 62 to 68 of the Act and subject to the Act and bylaws, the Supervisory Committee shall—a. meet after the first Annual Genera...
Procedures on appeal of termination of membership
1. Where a person appeals the termination of his membership to the Registrar pursuant to section 31 of the Act, the person shall submit a written statemen...
Unclaimed amounts in case of terminated membership
Where the amount held to the credit of a member whose membership has been terminated—a. the society must send a notice to the last known address of the te...
Amendment of by-law
1. Where in pursuant to sections 10 and 48 of the Act a registered society amends it by-laws, such amendment shall be by a resolution of the members of th...
By- housing society
For the purposes of section 204 of the Act, a housing society shall provide in its by-laws that—a. the society shall give a copy of the by-law and the oc...
1. For the purposes of this Regulation—include any deposits of money made in the credit union, any accrued interest on those deposits and any loans taken...
1. An application for a loan must be made on a form provided by the society and must state—a. the purpose for which the loan is required;b. the ...
Borrowing by directors and other officers
1. No officer, director, Credit Committee member, Supervisory Committee member, or employee of a society, may borrow from the society an amount in excess ...
Security for loans
The Board of Directors, shall by resolution, establish within the credit policy, requirements with respect to—a. the collateral security and/or guarantor...
Maximum period for interest on loans
For the purposes of section 199(1) of the Act, interest on loans may be paid at intervals not exceeding one month....
Loan terms and conditions
The terms and conditions upon which each loan shall be granted and repaid shall include but not be limited to the following—a. every application for a lo...
Bad and doubtful loans
1. When the whole or part of a loan made by a credit union remains unpaid for a period of 12 months after the date fixed for repayment in full of monies l...
Bad and doubtful loan allowance
1. A credit union shall establish and maintain on its books and accounts a minimum allowance for loan losses in the amount of three (3) percent of its tot...
1. The loss exposure on overdue loans at the end of the fiscal year, shall be calculated in accordance with Schedule.2 months but less than 6 months25 ...
Money not required for current purposes of the society may be deposited or invested in accordance with section 114(1) of the Act. Section 114(1)(d) of the Ac...
Use of Statutory Reserves
1. Subject to the written approval of the Registrar, a society may use its statutory reserves for the following purposes—a. make good deficiencies c...
1. For the purposes of section 57 of the Act and subject to the Act and the by-laws, the Credit Committee of a credit union shall—a. recommend to th...
Interest on loans
1. For the purposes of section 199(2) of the Act, no interest payments are to be included in the credit union’s income where the interest payments are wit...
1. Subject to this regulation the terms and conditions for the receipt of deposits by a registered society shall be set out in the by- the society. 2. ...
Maximum liability on deposits and loans
1. In pursuit to Section 117 of the Act, every registered society shall from time to time fix, at a general meeting, the maximum liability the society may...
1. The directors of a registered society may open and maintain an account at any bank.2. Cheques drawn on an account mentioned in paragraph (1) shall ...
. In this Regulation, means any office of a credit union where the credit union proposes to carry on business, including accepting deposits and operating a c...
Anything lawfully done under or in accordance with the Co-operative Societies Rules 1960 (No. 25 of 1960), now repealed, shall not be invalidated and shall be...
To: The Registrar of Co-operative Societies1. Application for registration pursuant to the Co-operative Societies Act is hereby made by the persons whose nam...
(Regulation 4)1. For application for registration by a Co-operative Society, other than a Junior Co-operative..................................25.002....