Revised Laws of Saint Lucia (2021)

• 1.   Short title

• 2.   Interpretation

• 3.   Co-operative principles

• 4.   Conformity to co-operative principles

• 5.   Registrar of co-operative societies

• 6.   Certificate of Registrar

• 7.   Power to refuse documents

• 8.   Verification of documents

• 9.   Application for registration

• 10.   Content of by-laws

• 11.   Effect of by-laws

• 12.   Conditions for registration

• 13.   Registration of societies

• 14.   Effect of certificate on registration

• 15.   Probationary societies

• 16.   Capacity and powers

• 17.   Registered office

• 18.   Maintenance of mandatory records

• 19.   Access to records

• 20.   Suspension and cancellation of registration

• 21.   Seal

• 22.   Pre-registration contracts

• 23.   Application and qualification for membership

• 24.   Joint accounts

• 25.   Membership fees and membership register

• 26.   Liability of past and present members

• 27.   Withdrawal of membership

• 28.   Termination of membership by board

• 29.   Termination of membership by members

• 30.   Suspension of membership

• 31.   Appeal

• 32.   Re-admittance

• 33.   Voting rights

• 34.   Representative of member who is not an individual

• 35.   Voting procedure

• 36.   Place of meeting

• 37.   Members not to exercise rights until due payment

• 38.   First general meeting

• 39.   Annual general meeting

• 40.   Special meetings

• 41.   Meeting called by Registrar

• 42.   Resolution in lieu of meeting

• 43.   Notice of meetings

• 44.   Fixing record date

• 45.   Quorum

• 46.   Delegates

• 47.   Proposals

• 48.   Power to make by-laws

• 49.   Effective date of law

• 50.   Board of directors

• 51.   Officers

• 52.   Provisional directors and elected directors

• 53.   Powers of board

• 54.   Committees generally

• 55.   Tenure of committees generally

• 56.   Credit committee

• 57.   Duties of credit committee

• 58.   Approval of loans

• 59.   Credit committee reports

• 60.   Removal of member of credit committee

• 61.   Removal of member of credit committee by board

• 62.   Supervisory committee

• 63.   Duties of supervisory committee

• 64.   Removal of member of supervisory committee

• 65.   Clerks

• 66.   Misappropriation

• 67.   Meetings

• 68.   Removal of members of supervisory committee

• 69.   Election of directors

• 70.   Tenure of directors

• 71.   Borrowing powers of board

• 72.   Validity of acts of directors, and officers

• 73.   Indemnification of directors

• 74.   Duty of care of directors and officers

• 75.   Ambit of director's duty

• 76.   Liability of directors

• 77.   Misuse of confidential information

• 78.   Material contracts

• 79.   Meetings of directors generally

• 80.   Meetings by telephone etc

• 81.   Attendance at meetings

• 82.   Inaugural meeting of directors

• 83.   Director ceasing to hold office

• 84.   Removal of directors

• 85.   Notice of change in directors

• 86.   Declaration by Directors and officers

• 87.   Bonding

• 88.   Remuneration of Directors

• 89.   Remuneration of officers and employees

• 90.   Shares

• 91.   Share capital

• 92.   Issue of Shares

• 93.   Alteration of authorised capital

• 94.   Limitation on purchase of shares

• 95.   Transfer of shares generally

• 96.   Transfer of shares of member of unsound mind

• 97.   Transfer of shares or interest on death of member

• 98.   Restriction on transfer of shares

• 99.   Conditions for transfer of shares

• 100.   Power of nomination

• 101.   Marketing of produce through the society

• 102.   Creation of charge in favour of society

• 103.   Execution and registration of charge

• 104.   Claims unaffected by charge

• 105.    Prior claims in favour of society

• 106.   Enforcement of charge

• 107.   Assignment of charge

• 108.   Bond as additional security for loan

• 109.   Lien on shares

• 110.   Deductions applied to loans and shares

• 111.   Purchase of shares

• 112.   Prohibition on purchase of shares

• 113.   Compulsory sale of shares

• 114.   Investment of funds

• 115.   Loan by society

• 116.   Prohibited loans

• 117.   Receipt of loans and deposits

• 118.   Receipt of deposits from minors

• 119.   Reserve Fund, liquidity and adequacy of capital

• 120.   Development Fund

• 121.   Pension Fund

• 122.   Charitable contributions

• 123.   Dividend or bonus

• 124.   Annual financial statements

• 125.   Approval of financial statements

• 126.   Furnishing financial statements

• 127.   Auditor's qualifications

• 128.   Disqualifying auditor

• 129.   Appointment of Auditor

• 130.   Cessation of office

• 131.   Removal of Auditor

• 132.   Filling vacancy of auditor

• 133.   Registrar appointed auditor

• 134.   Auditor's right to notice

• 135.   Required notice

• 136.   Auditor's right to comment

• 137.   Examination by auditor

• 138.   Auditor's right to inspect

• 139.   Error or mis-statement

• 140.   Privilege of auditor

• 141.   Annual and special returns

• 142.   Methods of reconstruction

• 143.   Conversion

• 144.   Effect of certificate of registration

• 145.   Amalgamation of societies

• 146.   Transfer of assets of societies

• 147.   Claims of objecting creditors

• 148.   Division of society

• 149.   Effect of registration of new societies

• 150.   Receiver appointed by Registrar

• 151.   Functions of receiver

• 152.   Functions of receiver-manager

• 153.   Cessation of board's manager

• 154.   Receiver's duty

• 155.   Directions by court

• 156.   Directions by Registrar

• 157.   Required action of receiver

• 158.   Dissolution by members

• 159.   Notice of dissolution by members

• 160.   Dissolution by Registrar

• 161.   Dissolution for failure to account for business

• 162.   Dissolution by Court

• 163.   Revival of dissolved society

• 164.   Appointment of liquidator

• 165.   Commencement of liquidation

• 166.   Cessation of business

• 167.   General provisions respecting liquidators

• 168.   Duties of liquidators

• 169.   Power of liquidator

• 170.   Limitation on liability of liquidator

• 171.   Cost of liquidation

• 172.   Closure of liquidation

• 173.   Custody of records

• 174.   Remuneration of liquidator

• 175.   Continuation of actions

• 176.   Unknown claimants or members

• 177.   Power of Registrar to surcharge

• 178.   Appeal against surcharge

• 179.   Application of Part 11

• 180.   Examination

• 181.   Investigations

• 182.   Court order

• 183.   Powers of inspector

• 184.   Hearing in camera

• 185.   Incriminating statements

• 186.   Absolute privilege respecting statements

• 187.   Settlement of disputes

• 188.   Cooperative Societies Appeals Tribunal

• 189.   Case stated on question of law

• 190.   Enforcement of award and recovery of loan

• 191.   Interpretation and application

• 192.   Restrictions

• 193.   Liquid assets

• 194.   Allowance

• 195.   Loan Approval

• 196.   Security for loans

• 197.   Loan limits

• 198.   Reporting loans

• 199.   Interest on loans

• 200.   Deposits

• 201.   Credit union and trusts

• 202.   Restrictions on directorship

• 203.   Relationship with members

• 204.   By-laws

• 205.   Amendment of by-laws

• 206.   No interest on share capital

• 207.   Right to possession terminated

• 208.   Abandoned goods

• 209.   Membership

• 210.   By-laws

• 211.   Restriction on registration

• 212.   Bonus based on labour

• 213.   Employees may be directors

• 214.   Establishment and constitution of apex body

• 215.   Functions

• 216.   Officers

• 217.   Consultation by registrar

• 218.   Corrupt practices and bribery

• 219.   Falsely obtaining property of society

• 220.   Failure to comply with Act

• 221.   Dealing in property subject to charge

• 222.   Offences with respect to reports

• 223.   Contravention of Act

• 224.   Use of words “credit union” or “co-operative”

• 225.   Order to comply

• 226.   Limitation

• 227.   Preservation of civil remedy

• 228.   Interpretation

• 229.   Execution and filing

• 230.   Waiver of notice

• 231.   Certificate of society

• 232.   Copies of documents

• 233.   Alternation

• 234.   Corrections

• 235.   Exemption from stamp duty and taxes

• 236.   Limitation of jurisdiction

• 237.   Proof of entries in books and documents

• 238.   Regulations

• 239.   The former Act

• 240.   Existing directors and officers