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In force2020 Revised Edition

Part 3 · Privileges and Duties of Societies

16B. Control of credit societies

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(1)

No credit society may, without the Registrar’s written approval, provide, or enter into any partnership, joint venture or other arrangement with any person to provide, any financial service other than the financial service or services which it is registered to provide.

(2)

Any credit society which contravenes subsection (1) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $50,000 and, in the case of a continuing offence, to a further fine not exceeding $5,000 for every day or part of a day during which the offence continues after conviction.

Report

Part 4

Rights and Liabilities of Members

Part 5

Organisation and Management of Societies

Part 6

Property and Funds of Societies

Part 7

Amalgamation and Transfer

Part 8

Duties and Powers of Registrar

Part 9

Miscellaneous

Schedules