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Revised Laws of Saint Lucia
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BUILDING SOCIETIES ACT
Revised Laws of Saint Lucia (2023)
Back to Revised Laws of Saint Lucia (2023)
BUILDING SOCIETIES ACT
ACT
1. Short title
2. Interpretation
3. Incorporation of societies
4. Purposes for which societies may be established
5. Limitation of liability of members
6. Power to borrow money
7. Matters to be set out in rules
8. Registration of rules
9. Alteration of rules
10. Change of chief office
11. Rules may be made to provide forms of conveyance etc.
12. Evidence of registration
13. Rules binding on members and others
14. Change of name
15. Officers to give security
16. Officers to account
17. Protection of money or property of society in possession of officer
18. Investment of surplus
19. Payment of sums not exceeding $250 when members or depositors die intestate
20. Member dying intestate leaving infant minor or heir
21. Punishment of fraud in withholding money etc.
22. Initiation of proceedings
23. Proceedings necessary for the termination or dissolution of a society
24. Obligations of liquidators and trustees on dissolution
25. Liability of borrowing members on dissolution
26. Account and balance sheet to be sent to Registrar on dissolution
27. Prohibition of balloting for advances
28. Prohibition of advances on second mortgage
29. Limits of borrowing power
30. Provisions as to name and deposits
31. Societies may unite or transfer engagements to another
32. Determination of disputes by arbitration
33. Court may order compliance with the decision of arbitrators
34. Determination of disputes by Registrar
35. Determination of disputes by Court
36. Determination to be final
37. Definition of “disputes”
38. Buildings may be purchased or leased
39. Minors may be elected members
40. Shares may be held by 2 or more persons
41. Annual account and statement of funds
42. Auditors
43. special meeting
44. Cancellation and suspension of registry
45. Exemption from Income Tax
46. Application of companies act
47. Penalties
48. Penalties for neglect or refusal to comply with provisions of this Act
49. False entries
50. Gifts not to be accepted by officials
51. Annual report by Registrar
52. Fees of Registrar
53. Regulations
Schedule 1
Schedule 2
Schedule 3
Schedule 4
SUBSIDIARY LEGISLATION