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Revised Laws of Saint Lucia (2021)

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40. Shares may be held by 2 or more persons

Two or more persons may jointly hold a share or shares in a society; and all shares held jointly by any 2 or more persons in any society existing before the commencement of this Act, the rules whereof do not prohibit such joint holding, shall be deemed to be lawfully so held.

40. Shares may be held by 2 or more persons

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

11. Rules may be made to provide forms of conveyance etc.

12. Evidence of registration

13. Rules binding on members and others

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

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

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

41. Annual account and statement of funds

43. special meeting

44. Cancellation and suspension of registry

45. Exemption from Income Tax

8. Registration of rules

46. Application of companies act

9. Alteration of rules

10. Change of chief office

48. Penalties for neglect or refusal to comply with provisions of this Act

49. False entries

50. Gifts not to be accepted by officials

14. Change of name

51. Annual report by Registrar

52. Fees of Registrar

53. Regulations

26. Account and balance sheet to be sent to Registrar on dissolution

31. Societies may unite or transfer engagements to another