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Co-Operative Societies Act 2008


192. Restrictions

1.     No credit union shall carry on any business that is contrary to this Act, the Regulations or its by-laws.

2.     No credit union shall—

a.     underwrite insurance or the issue of securities by another person;

b.    act as agent for any insurance company or for any person in the placing of insurance; or

c.     subject to subsection (3), require, directly or indirectly, that a borrower place insurance for the society or the credit union in any particular insurance agency.

3.     Nothing in paragraph (c) of subsection (2) prevents a credit union from requiring insurance for the security of the credit union.

4.     No act of a credit union, including the transfer of property to or by a credit union is contrary to this Act or the Regulations.

5.     Without prejudice to the generality of paragraph (a) of subsection (2), a credit union may, with the permission of the Registrar, do all other acts and things as are incidental or conducive to or consequential upon the attainment of its objects.



Co-Operative Societies Act 2008 Back




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