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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.

Cooperative Societies Act, 2008 Back

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