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8. Minimum amount of fidelity bond
2023 Laws not yet authenticated through a Commencement Order

Revised Laws of Saint Lucia (2023)

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8.   Minimum amount of fidelity bond

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    (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, secretary, treasurer, secretary-treasurer, manager and any other authorised signing officer, and every employee of the society.

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    (2)   In respect of the credit union the amount of security or fidelity bond required is $50,000.

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    (3)   In respect of other cooperative societies the minimum amount of the security or fidelity bond is—

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      (a)     $1,000 in the case of a society with sales or revenue not exceeding $25,000 per year;

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      (b)     $2,000 in the case of a society with sales or revenue greater than $25,000 but not exceeding $100,000 per year; and

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      (c)     $5,000 in the case of a society with sales or revenues greater than $100,000 per year.

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