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BUILDING SOCIETIES ACT
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7.   Matters to be set out in rules

Revised Laws of Saint Lucia (2021)

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7.   Matters to be set out in rules

The rules of every society established under this Act shall set out—

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    (a)     the name of the society, and the chief office or place of meeting for the business of the society;

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    (b)     the manner in which the stock or funds are to be raised;

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    (c)     the terms upon which unadvanced subscription shares are to be issued; and the manner in which the contributions are to be paid to the society, and withdrawn by the members, with tables, where applicable in the opinion of the Registrar showing the amount due by the society for principal and interest separately;

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    (d)     the terms upon which paid-up shares, if any, are to be issued and withdrawn, with tables, where applicable in the opinion of the Registrar, showing the amount due by the society for principal and interest separately;

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    (e)     whether preferential shares are to be issued, and, if so, within what limits;

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    (f)     the manner in which advances are to be made and repaid; the deductions, if any, for premiums, and the conditions upon which a borrower can redeem the amount due from him or her before the expiration of the period for which the advance was made, with tables, where applicable in the opinion of the Registrar, showing the amount due from the borrower after each stipulated payment;

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    (g)     the manner in which losses are to be ascertained and provided for;

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    (h)     the manner in which membership is to cease;

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    (i)     whether the society intends to borrow money, and, if so, within what limits not exceeding those prescribed by this Act;

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    (j)     the purposes to which the funds of the society are to be applied, and the manner in which they are to be invested;

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    (k)     the manner of altering and rescinding the rules, and of making additional rules;

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    (l)     the manner of appointing, remunerating, and removing the board of directors or committee of management, auditors and other officers;

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    (m)     the manner of calling general and special meetings of the members;

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    (n)     provision for an annual or more frequent audit of the accounts and inspection by the auditors of the mortgages and other securities belonging to the society;

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    (o)     whether disputes between the society and any of its members, or any person claiming by or through any member, or under the rules, shall be settled by reference to the High Court, or to the Registrar, or to arbitration;

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    (p)     provision for the device, custody, and use of the seal of the society, which shall in all cases bear the registered name thereof;

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    (q)     provision for the custody of securities and documents belonging to the society;

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    (r)     the powers and duties of the board of directors or committee of management and other officers;

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    (s)     the fines and forfeitures to be imposed on members;

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    (t)     the manner in which the society, whether terminating or permanent, shall be terminated or dissolved.

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