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  • 1 L.R.O. 1995 Co-operative Societies CAP. 378A

    CHAPTER 378A

    CO-OPERATIVE SOCIETIES

    ARRANGEMENT OF SECTIONS

    Citation

    1. Short title.

    Interpretation

    2. Definitions.

    3. Application of Act.

    4. Co-operative principles.

    5. Societies to conform to co-operative principles.

    PART I

    Registration

    6. Application for registration.

    7. Conditions for registration.

    8. Registration of societies.

    9. Effect of certificate of registration.

    10. By-laws.

    10A. Amendment of by-laws of a registered society.

    11. By-laws binding.

    12. Reservation.

    13. Required name. 14. Prohibited name.

    15. Deceptive or inaccurate name.

    16. Name on amalgamation.

    17. Undertaking not carried out.

    18. Use of name.

    19. Seal.

    20. Personal liability.

    THE LAWS OF BARBADOS F’rintcd by fhz Gwemmnt Rinw. Bay Shut. St. Michael

    by the .uthorhy of tlx GoKrmncrn of Barbada

  • CAP. 378A Co-operative Societies L.R.O. 1995 2

    SECTlON

    21.

    22. 23. 24.

    25. 26. 27.

    28. 29.

    PART 11

    Capacity and Powers

    Capacity of a society. Restrictions on business. No constructive notice. Authority of directors, officers and agents.

    PART III

    Registered Office and Records

    Registered office. Corporate records. Access to corporate records. Members basic list. Form of records.

    PARTIV

    Finance

    30. Shares.

    3 1. Share capital. 32. Issue of shares.

    33. Limited shareholding. 34. Allocation of surplus.

    35. Payment of dividend. 36. Purchase of shares or compulsory loans. 37. Deductions applied to loans and shares. 38. Non-payment of small dividends.

    39. Purchase of shares. 40. Limitations on purchase.

    4 1. Alteration of authorised capital. 42. Prohibited loans and guarantees.

  • 3 L.R.O. 1991 Co-operative Societies CAP. 378A

    SECTION

    43.

    44.

    45.

    46.

    47.

    48.

    49.

    50.

    51.

    52.

    53.

    54.

    55.

    56.

    57.

    58.

    59.

    60.

    61.

    Money owing a debt.

    Lien on member’s interest.

    PARTV

    Certificates, ikfemberships and Transfers

    Personal property.

    Financial certificate.

    Membership certificate.

    Transfer of shares.

    Dealings with registered holder.

    Joint membership.

    Variation of joint membership.

    Restriction on membership.

    PART VI

    Directors, Oflcers and By-laws

    First Directors.

    Directors’ powers.

    Committees.

    Election of directors.

    Qualifications of directors.

    Borrowing powers.

    Meeting by telephone etc.

    Minutes of directors.

    Ceasing to hold office.

    62. Removal of directors.

    63. Attendance at meeting.

    64. Number of directors.

    65. Notice of change of directors.

    66. Meeting of directors.

    67. Validity of acts of directors and officers.

    THE LAWS OF BARBADOS Rinted by the Government F%n&g Dcputmcns Bay SW St. Michael

    by the authmity of the Government of B&ados

  • CAP. 378A Co-operative Societies L.R.O. 1991 4

    68.

    69.

    70.

    71.

    72.

    73.

    74.

    75.

    76.

    77.

    78.

    79.

    80.

    81.

    82.

    83.

    84.

    85.

    86.

    87.

    88. 89.

    90.

    91.

    92.

    93.

    94.

    95.

    Remuneration of directors.

    Remuneration of officers and employees. Duty of care of directors and officers.

    Misuse of confidential information.

    Liability of director.

    Indemnification of directors.

    Duty of director not to be limited.

    Material contracts.

    Officers.

    Bonding.

    Declaration by directors and officers.

    Organisation meeting.

    PARTvn

    Members

    By-laws to govern.

    Eligibility.

    Eligible age for membership.

    Place of meetings.

    Members not to exercise rights until due payment.

    First general meeting.

    Annual meetings.

    Special meetings.

    Notice of meetings. Fixing record date.

    Quorum.

    Delegates.

    Voting rights.

    Proposals.

    Power to make by-laws.

    Effective date of by-law.

    /

  • 5 L.R.O. 1991 Co-operative Societies CAP. 378A

    96. Representative of member who is not an individual.

    97. Voting procedure.

    98. Resolution in lieu of meeting.

    99. Meeting calkd by the Registrar.

    100. Compulsory sale of shares.

    101. Withdrawal of members.

    102. Termination of membership by directors. 103. Termination of membership by members.

    104. Suspension of membership.

    105. Appeal. 106. Re-admittance.

    107. Payment of interest of deceased members.

    108. Contracts.

    PART VIII

    Financial Disclosure and Audit Financial Statements

    109. Annual financial statements.

    110. Approval of financial statements.

    111 Furnishing financial statements.

    112. Auditor’s qualifications.

    113. Disqualifying auditor.

    114. Appointment of auditor.

    115. Willingness to serve as auditor.

    116. Cessation of office.

    117. Removal of auditor.

    118. Filling vacancy of auditor.

    119. Registrar appointed auditor.

    120. Auditor’s rights to notice,

    121. Required attendance.

    122. Auditor’s right to comment.

    THELAWSOFBARBADOS F’rinted by the Government Riming llqm-tmatt, Bay Straet. St. Mch=L

    by the authority of the G~vemmcnt of Batados

  • CAP. 378A Co-operative Societies L.R.O. 1991 6

    SECllON

    123. Examination by auditor.

    124. Right to inspect.

    125. Error or mis-statement .

    126. Privilege of auditor.

    PART IX

    &mud and Special Returns

    127. Annual and special returns.

    PART X

    Fundamental changes

    Reorganisation

    128. Methods of reorganisation.

    129. Conversion.

    130. Effect of certificate.

    131. Amalgamation of societies a

    132. Transfer of assets of societies.

    133. Claims of objecting creditors.

    134. Division of society into two or more societies.

    135. Effect of registration of new societies.

    PART XI

    Receivers and Receiver-Managers

    136. Appointment by Registrar.

    137. Functions of receiver.

    138. Functions of receiver-manager.

    139. Director’s powers cease.

    140. Receiver’s duty.

    14 1. Directions by Court. 142. Directions by Registrar.

    143. Required actions of receiver.

  • 7 L.R.O. 1995 Co-operative Societies CAP. 378A

    144. 145. 146.

    147. 148. 149. 150. 151. 152.

    153. 154. 155. 156.

    157.

    158. 159.

    160. 161. 162. 163.

    164.

    PART XII

    Dissolution

    Application of Part. Dissolution by members. Notice of dissolution by members.

    Dissolution by Registrar. Dissolution for failure to account for business transacted. Dissolution by co@ order. Revival of dissolved society. Appointment of liquidator. Commencement of liquidation.

    Cessation of business. General provisions respecting liquidators. Duties of liquidator. Powers of liquidator. Limitation on liability of liquidator.

    Costs of liquidation. Closure of liquidation.

    Custody of records. Remuneration of liquidator. Continuation of actions. Unknown claimants or members.

    PART XIII

    Examination.

    Investigations

    MA. Power of Registrar to inspect societies books.

    165. Investigations.

    166. Court order.

    167. Powers of inspector.

    168. Hearing in camera.

    THE LAWS OF BARBADOS Printed by th: Gwcmnrnt Primer. Bay Sheet, St. Mchacl

    by the dmity of tbz Govenrmcm of Butaim

  • CAP. 378A Co-operative Societies L.R.O. 1995 8

    SEClTON

    169. Incriminating statements. 170. Absolute privilege defamation.

    PART XIV

    Disputes

    17 1. Settlement of disputes.

    172. Co-operatives Societies Appeals Tribunal. 173. Case stated on questions of law. 174. Enforcement of award.

    PARTXV

    Civil Remedies

    175. Interpretation. 176. Derivative action.

    177. Oppression. 178. Evidence of member approval not decisive. 179. Rectification of recoms. 180. Compliance or injunction.

    181. Summary application. 182. Appeal.

    PART XVI

    Administration

    183. Registrar and staff. 184. Service of documents. 185. Documents under former-Act.

    186. Right to inspect and obtain copies.

    187. Form of copies. 188. Certificate of Registrar.

    189. Power to refuse document. 190. Form of documents filed. 191. Proof required by Registrar. 192. Register.

  • 9 L.R.O. 1991 Co-operative Societies CAP. 378A

    SECTION

    PART XVII

    Credit Unions

    General

    193. Interpretation.

    194. Application of thi

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