Co-operative Societies Act 1979 · 2020 Revised Edition · Part 3 · Privileges and Duties of Societies
27. Deposits by or on behalf of minors
Feedback & supportA credit society may receive deposits from or for the benefit of minors and it is lawful for a credit society to pay them the interest which may become due on the deposits.
credit society
“credit society” means a society which is registered as a credit society;
A deposit made by a minor may, together with the interest accrued thereon, be paid to that minor; and a deposit made on behalf of a minor may, together with the interest accrued thereon, be paid to the guardian of that minor for the use of the minor.
deposit
“deposit” means money received on current or deposit account and includes subscription capital, but does not include —(a)a deposit that is paid pursuant to a hire-purchase agreement, or that is referable to the provision of services or to the giving of security; and(b)such other deposit as may be prescribed;
The receipt of a minor or guardian for money paid to the minor or guardian under this section is a sufficient discharge of the liability of the credit society in respect of that money.