Co-Operative Societies Act 2008
1. Subject to this regulation the terms and conditions for the receipt of deposits by a registered society shall be set out in the by- the society.
2. No credit union shall establish and operate, without the approval of the Registrar, deposit account that permit funds in the account to be withdrawn or transferred by the depositor by means of—
a. a cheque;
b. another bill of exchange; or
c. any other negotiable instrument, that allows the holder of the negotiable instrument to have payment on demand made to him from funds in the deposit.
3. No credit union shall, without the approval of the Registrar, accept funds on deposit for a term that is stipulated in any agreement between the credit union and the depositor to be longer than 5 years.
4. Where a credit union accepts deposits for a term that is stipulated in an agreement between the credit union and a depositor, the credit union shall provide a receipt to the depositor showing—
a. the terms and conditions pursuant to which the funds are deposited by the depositor and accepted by the credit union;
b. the date on which the deposit matures;
c. the rate of interest to be paid by the credit union on the funds deposited;
d. the date or dates when interest is to be paid by the credit union; and
e. any conditions that the Board has stipulated for withdrawal of funds by the depositor prior to the date the deposit matures.
5. Where a person has deposited funds in an account with the credit union, the person is entitled to receive and the credit union shall provide a statement showing the transaction conducted by the person involving the person’s account, the balance of funds in the account and any other information that the credit union considers important.
6. The Board may, in consultation with the Registrar, determine the form in which the statements required pursuant to paragraph (5) are given.