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Co-Operative Societies Act 2008


118. Receipt of deposits from minors

1.     A society may receive deposits from a minor and pay to such minor such deposit together with the interest accrued thereon.

2.     Any deposit made on behalf of a minor may, together with any interest accrued thereon, be paid to the parent of the minor or, where the minor is under the care of a guardian, to such guardian for the use of the minor.

3.     For the purposes of this section the mother of a minor born out of wedlock is the guardian of such minor, except where—

a.     there is subsisting a court order depriving her of the custody of such minor, in which case the guardian shall be the person named in the court order; or

b.    the minor customarily resides with some person other than the mother in which case that person shall be the guardian.

4.     In paragraph (b) of subsection (3) “customarily resides with” includes “is under the care of”.

5.     The receipt of a minor or his parent or guardian, as the case may be, for money received under this section shall be a good and sufficient discharge of the liability of the society in respect of that money.

6.     Where a person under a legal disability, other than minority, is entitled to receive money from a society such money may be paid by the society to the Registrar of the High Court to the credit of such person under such disability; and the receipt of the Registrar of the High Court or of the person under disability, as the case may be, shall be a good and sufficient discharge of the liability of the society to pay that money.

7.     The Registrar of the High Court may retain out of any money so paid to him a sum not exceeding one percent thereof for fees of office and shall pay or apply the remainder to or for the care, maintenance, education or benefit of such person under disability.



Co-Operative Societies Act 2008 Back




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