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CO-OPERATIVE SOCIETIES ACT
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Schedule 3
2023 Laws not yet authenticated through a Commencement Order
Revised Laws of Saint Lucia (2023)
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Schedule 3
(Regulation 30(1))
Duration of Period of Overdue Loans
Percentage of Outstanding Loans Balance
That is Deemed Loss Exposure
3 months but less than 6 months
25%
6 months but less than 9 months
50%
9 months but less than 1 year
75%
1 year or more
100%
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Schedule 3
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
241. Existing societies
Co-Operative Societies Regulations – Section 238
ACT
PART 1 PRELIMINARY
1. Short title
2. Interpretation
3. Co-operative principles
4. Conformity to co-operative principles
PART 2 ADMINISTRATION
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
PART 3 MEMBERSHIP AND MEETINGS
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
PART 4 MANAGEMENT
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
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
PART 5 FINANCING
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
PART 6 BUSINESS OF SOCIETY
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
PART 7 PROPERTY AND FUNDS OF SOCIETY
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
PART 8 FINANCIAL DISCLOSURE AND AUDIT
124. Annual financial statements
125. Approval of financial statements
126. Furnishing financial statements
128. Disqualifying auditor
129. Appointment of Auditor
130. Cessation of office
131. Removal of Auditor
132. Filling vacancy of auditor
133. Registrar appointed auditor
135. Required notice
137. Examination by auditor
139. Error or mis-statement
140. Privilege of auditor
141. Annual and special returns
PART 9 RECONSTRUCTION OF SOCIETIES
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
PART 10 RECEIVERS AND RECEIVER-MANAGERS
150. Receiver appointed by Registrar
151. Functions of receiver
152. Functions of receiver-manager
155. Directions by court
156. Directions by Registrar
157. Required action of receiver
PART 11 DISSOLUTION
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
PART 12 INVESTIGATIONS
180. Examination
181. Investigations
182. Court order
183. Powers of inspector
184. Hearing in camera
185. Incriminating statements
186. Absolute privilege respecting statements
PART 13 DISPUTES
187. Settlement of disputes
188. Cooperative Societies Appeals Tribunal
189. Case stated on question of law
190. Enforcement of award and recovery of loan
PART 14 SPECIALIZED SOCIETIES
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
PART 15 APEX BODY
214. Establishment and constitution of apex body
215. Functions
216. Officers
217. Consultation by registrar
PART 16 OFFENCES
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
PART 17 MISCELLANEOUS
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
PART 18 TRANSITIONAL
239. The former Act
240. Existing directors and officers
241. Existing societies
SUBSIDIARY LEGISLATION
Co-Operative Societies Regulations – Section 238 (Statutory Instruments 90/1999 and 72/2001)
1. Citation
2. Definitions
3. Forms required
4. Fees
5. Filling out of document
6. Dividend rate
7. Transfer of shares
8. Minimum amount of fidelity bond
9. Annual financial statements and special returns
12. Election of directors
13. Meetings of directors
14. Appointment of Secretary and Treasurer
15. Duties of Secretary and Treasurer
16. Supervisory Committee
17. Education Committee
18. Procedures on appeal of termination of membership
19. Unclaimed amounts in case of terminated member
20. Amendment of Bye-Laws
21. Bye-Laws of housing society
22. Liquidity
23. Loan approval
24. Borrowing by director etc
25. Security for loans
26. Maximum period for interest on loans
27. Loan terms and conditions
28. Bad and doubtful loans
29. Doubtful loans allowance
30. Overdue loans
31. Investment
32. Use of statutory reserves
33. Credit Committee
34. Interest on bad and doubtful loans
35. Deposits
36. Maximum liability on deposits and loans
37. Bank account
38. Branches
Schedule 1
Schedule 2
Co-Operatives Societies (Appeals Tribunal) Regulations – Section 238 (Statutory Instrument 48/2003)
PART 1 PRELIMINARY
1. Citation
Schedule 1
Schedule 2