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Revised Laws of Saint Lucia (2021)

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194. Allowance

Every credit union shall make an allowance for doubtful loans in accordance with the requirements set out in the regulations.

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

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

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

48. Power to make by-laws

49. Effective date of law

50. Board of directors

52. Provisional directors and elected directors

53. Powers of board

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

66. Misappropriation

68. Removal of members of supervisory committee

69. Election 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

88. Remuneration of Directors

89. Remuneration of officers and employees

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

146. Transfer of assets of societies

147. Claims of objecting creditors

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

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

177. Power of Registrar to surcharge

178. Appeal against surcharge

179. Application of Part 11

180. Examination

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

195. Loan Approval

196. Security for loans

197. Loan limits

198. Reporting loans

199. Interest on loans

201. Credit union and trusts

202. Restrictions on directorship

203. Relationship with members

205. Amendment of by-laws

206. No interest on share capital

207. Right to possession terminated

208. Abandoned goods

209. Membership

211. Restriction on registration

212. Bonus based on labour

213. Employees may be directors

214. Establishment and constitution of apex body

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

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

54. Committees generally

70. Tenure of directors

145. Amalgamation of societies

148. Division of society

168. Duties of liquidators

176. Unknown claimants or members

181. Investigations

182. Court order

231. Certificate of society