Co-operative Societies
The Co-operative Societies Act makes provision for the registration of co-operative societies, including credit unions. The Act requires that a society shall conform to co-operative principles which include the principle that its business is carried on primarily for the benefit of its members and that membership is voluntary and available without any artificial restriction or any unlawful basis of discrimination, to any person who can use its services and its willing to accept the responsibility of members.
The Commissioner of the Financial Services Commission is the Registrar of Co-operatives.
All societies that regulated under the Co-operative Societies Regulations 2006 and societies that are credit unions are required to submit quarterly prudential returns.
The functions of Co-operative Societies are governed by the Co-operative Societies Act, the Co-operative Societies Regulations, and the Society’s own by-laws.