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Co-Operative Societies Act 2008

35. Maximum liability on deposits and loans

1.      In pursuit to Section 117 of the Act, every registered society shall from time to time fix, at a general meeting, the maximum liability the society may incur in loans or deposits from a member or non-member.

2.      The maximum liability fixed by paragraph (1) is subject to the approval of the Registrar.

3.      No society shall exceed the maximum approved by the Registrar pursuant to paragraph (2).

4.      The Registrar may, at any time, review the maximum approved pursuant to paragraph (2) and vary that maximum.

5.      No society shall accept shares or ordinary deposits of more than $20,000 in any one transaction from a member or non-member without an accepted declaration of the Source of Funds.

Cooperative Societies Act, 2008 Back

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