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41.   General provisions as to property and funds of registered societies

Revised Laws of Saint Lucia (2021)

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41.   General provisions as to property and funds of registered societies

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    (1)   The trustees of a society or branch may, with the consent of the committee or of a majority of members present and entitled to vote in general meeting, invest the funds of such society or branch, or any part thereof, to any amount in any of the following ways—

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      (a)     in any savings bank in Saint Lucia;

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      (b)     in any Imperial or Colonial Government funds;

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      (c)     in the purchase of land, and in the erection or alteration of offices or other buildings thereon; and

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      (d)     upon any other security expressly directed by the rules of the society, not being personal security, except as hereinafter authorised with respect to loans.

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    (2)   A society, or any branch of a society, may (if the rules thereof so provide) hold, purchase, or take on lease any land, and may sell, exchange, mortgage, lease or build upon the same, (with power to alter and pull down buildings and again rebuild), and no purchaser, assignee, mortgagee, or tenant shall be bound to inquire as to the authority for any sale, exchange, mortgage, or lease by the committee, and the receipt of the members of the committee, or of a majority thereof, shall be a discharge for all moneys arising from or in connection with such sale, exchange, mortgage, or lease.

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    (3)   For the purposes of this section no branch of a registered society need be separately registered.

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