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Co-Operative Societies Act 2008

Part XIV Specialized Societies

Credit Unions

191. Interpretation and application

In this part—

“consumer society” means a society whose primary purpose is to purchase, procure, process, manufacture, exchange, hire or deal in goods or services for sale at retail to its members who are to be the ultimate users or consumers of those goods and services;

“credit union” means a registered society providing co-operative savings and lending business for its members;

“housing charges” means the fee charged by a housing society to its members to cover its costs of providing housing accommodation;

“housing unit” means housing accommodation intended for individual or family use;

“industrial society” means a society whose primary purpose is to operate an enterprise in which its members are the workers necessary for the operation;

“liquid assets” means assets maintained by a credit; union to ensure that it can meet its commitments with respect to loans and withdrawal of deposits.

Cooperative Societies Act, 2008 Back

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