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Co-Operative Societies Act 2008

200. Deposits

1.      Subject to section 16, a credit union may, without the authority, aid, assistance or intervention of any other person or official—

a.      receive deposits from any person, whatever his age, status or condition in life whether or not that person is qualified by the law to enter into ordinary contracts; and

b.     pay any or all of the deposits and any or all of the interest on the deposit to or to the order of that person unless, before payment, the money so deposited is claimed by some other person—

                      i.         in any action or proceeding to which the credit union is a party and in respect of which service of a writ or other process originating such action or proceeding has been made on the credit union; or

                     ii.         in any other action or proceeding pursuant to which an injunction or order made by the Court requiring the credit union not to make payment of the money or to make payment of it to a person other than the depositor has been served on the credit union, and in that case the money so deposited may be paid to the depositor with the consent of the claimant or to the claimant with the consent of the depositor.

2.      Deposits may be accepted in the manner and form and on any conditions that may be prescribed in the Regulations.

Cooperative Societies Act, 2008 Back

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