Building Societies
BUILDING SOCIETIES ACT
CHAPTER 33:04
LAWS OF TRINIDAD AND TOBAGO
Act
40 of 1890
Amended by
12 of 1958
45 of 1979
47 of 1980
*20 of 1981
*24 of 1981
†18 of 1993
*See Note on Amendment on page 2
†See Note on page 2
Current Authorised Pages
Pages Authorised
(inclusive) by L.R.O.
1–37 ..
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Note on Subsidiary Legislation
This Chapter contains no subsidiary legislation.
*Note on Amendment
This Act has been amended by Act No. 20 of 1981 and Act No. 24 of 1981, but these Acts
(i.e., Nos. 20 and 24 of 1981) had not up to the date of the last revision of this Act been
brought into operation.
Note on Adaptation
1. Certain fees in this Chapter were increased by the Commission under paragraph 4 of
the Second Schedule to the Law Revision Act (Ch. 3:03). Where this occurs, a marginal
reference in the form normally indicating an amendment is made to LN 51/1980 (the Legal
Notice by which the President’s approval was signified).
2. Under paragraph 6 of the Second Schedule to the Law Revision Act (Ch. 3:03) the
Commission amended certain references to public officers in this Chapter. The Minister’s
approval of the amendments was signified by LN 52/1980, but no marginal reference is made
to this Notice where any such amendment is made in the text.
†Note on Act No. 18 of 1993
See Item 3 of Part I of the Third Schedule to the Financial Institutions Act, 1993 (Act No. 18 of
1993) for exempted societies registered under this Act.
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CHAPTER 33:04
BUILDING SOCIETIES ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
3. Fees of Registrar.
4. Incorporation of societies.
5. Purposes for which societies may be established.
6. Bonus, etc., not to be deemed usurious.
7. Limitation of liability of members.
8. Power to borrow money.
9. Matters to be set forth in rules.
10. Registration of rules.
11. Alteration of rules.
12. Change of chief office.
13. Rules may provide forms of conveyance, etc.
14. Evidence of registration and rules.
15. Rules binding on members and others.
16. Change of name.
17. Officers to give security.
18. Officers to account.
19. Protection of money or property of society in possession of officer.
20. Investment of surplus funds.
21. Powers of investment.
22. Payment of sums not exceeding $5,000 when members or depositors
die intestate.
23. Member dying intestate leaving infant next of kin.
24. Punishment of fraud in withholding money, etc.
25. Initiation of proceedings.
26. Proceedings necessary for determination or dissolution.
27. Power to dissolve society after investigation.
28. Obligations of liquidators and trustees on dissolution.
29. Liability of borrowing members on dissolution.
30. Account and balance sheet to be sent to Registrar on dissolution.
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4 Chap. 33:04 Building Societies
31. Prohibition of balloting for advances.
32. Prohibition of advances on second mortgage.
33. Limits of borrowing power.
34. Provisions as to name and deposits.
35. Societies may unite or transfer engagements to another.
36. Determination of disputes by arbitration.
Determination of disputes by Registrar.
37. Determination of disputes by Court.
38. Determination to be final.
39. Special case.
40. Definition of “Disputes”.
41. Buildings may be purchased or leased, etc., as places of business.
42. Minors may be elected members.
43. Shares may be held jointly.
44. Annual account and statement of funds.
45. Annual account and statement of funds.
Particulars as to mortgages.
Duties of auditors.
Time for sending copies of account to Registrar.
“Official year”.
46. Auditors.
47. Inspection of books.
48. Registrar may appoint inspector or call special meeting.
Powers of inspector.
Time and place of meeting.
Power in certain cases to call special meeting.
49. Cancelling and suspension of registry.
Notice of intention to suspend or cancel registry.
Appeal from Registrar.
Cancellation at request of society.
Effect of cancellation or suspension.
ARRANGEMENT OF SECTIONS—Continued
SECTION
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50. Receipt to be sufficient discharge without conveyance.
51. Application of Companies Act.
52. Penalties.
53. Penalties for neglect or refusal to comply with provisions of Act.
54. False entries.
55. Gifts, etc., not to be accepted by officials.
56. Annual report by Registrar.
57. Regulations.
SCHEDULE.
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LAWS OF TRINIDAD AND TOBAGO
6 Chap. 33:04 Building Societies
1950 Ed.
Ch. 38 No. 1
40 of 1890.
Commencement.
Short title.
Interpretation.
Ch. 32:50.
Fees of
Registrar.
Incorporation of
societies.
Schedule.
Form 1.
Purposes for
which societies
may be
established.
CHAPTER 33:04
BUILDING SOCIETIES ACT
An Act relating to Building Societies.
[31ST DECEMBER 1890]
1. This Act may be cited as the Building Societies Act.
2. In this Act—
“Registrar” means the Registrar under the Friendly Societies Act,
who shall, for the purposes of this Act, be the Registrar of
Building Societies;
“terminating society” means a society which by its rules is to
terminate at a fixed date, or when a result specified in its
rules is attained;
“permanent society” means a society which has not by its
rules any such fixed date or specified result at which it
shall terminate.
3. The Registrar shall be entitled to claim, and shall be
paid by every society under this Act, such sums as the Minister
shall fix, for any of the acts which he is required to perform
under this Act.
4. Every society registered under this Act shall, upon
receiving a certificate of incorporation in the form set out as
Form 1 in the Schedule, become a body corporate by its
registered name, having perpetual succession and a common
seal, until terminated or dissolved in manner provided herein.
5. Any number of persons may establish a society under this
Act, either terminating or permanent, for the purpose of raising by
the subscriptions of members a stock or fund for making advances
to members out of the funds of the society, upon security of freehold
or leasehold estate, by way of mortgage or any judgment or upon
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security of the withdrawal value of the shares held by members of
the said society; and any society under this Act may from time to
time raise funds by the issue of shares of one or more
denominations, either paid up in full or to be paid by periodical or
other subscriptions, and with or without accumulating interest, and
may repay such funds when no longer required for the purposes of
the society.
6. Any society registered under this Act may receive from
any member or members thereof any sum or sums of money by
way of bonus on any share or shares for the privilege of receiving
the same in advance prior to the same being realised, and also any
interest for the share or shares so received or any part thereof,
without being subject or liable on account thereof to any of the
forfeitures or penalties imposed by any law in force in Trinidad
and Tobago relating to usury.
7. The liability of any member of any society under this Act
in respect of any share upon which no advance has been made
shall be limited to the amount actually paid or in arrear on such
share, and in respect of any share upon which an advance has been
made shall be limited to the amount payable thereon under any
mortgage or other security or under the rules of the society.
8. With respect to the borrowing of money by societies under
this Act the following provisions shall have effect:
(a) any society may receive deposits or loans, at
interest, within the limits provided in this section,
from the members or other persons, or from
corporate bodies, or from any terminating
building society, to be applied to the purposes of
the society;
(b) in a permanent society the total amount so
received on deposit or loan and not repaid by the
society shall not at any time exceed two-thirds of
the amount for the time being secured to the
society by mortgages from its members;
Bonus, etc., not
to be deemed
usurious.
Limitation of
liability of
members.
Power to
borrow
money.
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(c) in a terminating society the total amount so
received and not repaid may either be a sum not
exceeding such two-thirds as mentioned above, or
a sum not exceeding twelve months’ subscriptions
on the shares for the time being in force;
(d) every deposit book or acknowledgment or
security of any kind given for a deposit or loan
by a society shall have printed or written therein
or thereon the whole of section 7 and this section.
9. The rules of every society established under this Act shall
set forth—
(a) the name of the society, and the chief office or
place of meeting for the business of the society;
(b) the manner in which the stock or funds are to be
raised;
(c) the terms upon which unadvanced subscription
shares are to be issued; and the manner in which
the contributions are to be paid to the society, and
withdrawn by the members, with tables, where
applicable in the opinion of the Registrar, showing
the amount due by the society for principal and
interest separately;
(d) the terms upon which paid-up shares, if any, are
to be issued and withdrawn, with tables, where
applicable in the opinion of the Registrar, showing
the amount due by the society for principal and
interest separately;
(e) whether preferential shares are to be issued, and,
if so, within what limits;
(f) the manner in which advances are to be made and
repaid; the deductions, if any, for premiums, and
the conditions upon which a borrower can redeem
the amount due from him before the expiration
of the period for which the advance was made,
with tables, where applicable in the opinion of
the Registrar, showing the amount due from the
borrower after each stipulated payment;
Matters to be set
forth in rules.
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(g) the manner in which losses are to be ascertained
and provided for;
(h) the manner in which membership is to cease;
(i) whether the society intends to borrow money, and,
if so, within what limits not exceeding those
prescribed by this Act;
(j) the purposes to which the funds of the society are
to be applied, and the manner in which they are
to be invested;
(k) the manner of altering and rescinding the rules,
and of making additional rules;
(l) the manner of appointing, remunerating and
removing the board of directors or committee of
management, auditors and other officers;
(m) the manner of calling general and special meetings
of the members;
(n) provision for an annual or more frequent audit of
the accounts, and inspection by the auditors of
the mortgages and other securities belonging to
the society;
(o) whether disputes between the society and any of
its members, or any person claiming by or through
any member, or under the rules, shall be settled
by reference to the High Court, or to the Registrar,
or to arbitration;
(p) provision for the device, custody and use of the
seal of the society, which shall in all cases bear
the registered name thereof;
(q) provision for the custody of securities and
documents belonging to the society;
(r) the powers and duties of the board of directors or
committee of management and other officers;
(s) the fines and forfeitures to be imposed on
members;
(t) the manner in which the society, whether
terminating or permanent, shall be terminated
or dissolved.
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10. The persons intending to establish a society under this Act
shall transmit to the Registrar two copies of the rules agreed upon
by them for the government of the society, signed by three of such
persons and by the intended secretary or other officer; and the
Registrar, if he finds that the rules contain all the provisions set
forth in section 9, and that they are in conformity with this Act,
shall return one copy of the rules to the secretary or other officer
of the society, with a certificate of incorporation, and shall retain
and register the other copy. No society shall be registered under
this Act in a name identical with that in which a subsisting society
is already registered, or so nearly resembling the same as to be
calculated to deceive, unless such subsisting society is in course
of being terminated or dissolved, and consents to such registration.
The society shall supply to any person requiring the same a
complete printed copy of the rules, with a copy of the certificate of
incorporation appended thereto, and shall be entitled to charge for
every such printed copy of rules a sum not exceeding five dollars.
11. Any society established under this Act may alter or rescind
any rule or make an additional rule, in the manner its rules direct;
and every society under this Act altering or rescinding any rule, or
making an additional rule, shall forward two copies of every
resolution for rescission of rules, and of every alteration of or
addition to its rules, signed by three members and the secretary,
and a statutory declaration by an officer of the society that the
provisions of this section have been complied with, to the Registrar,
who, if he finds that such alteration, addition, or rescission is in
conformity with this Act, shall return one of the copies to the
secretary or other officer of the society with a certificate of
registration in the form set out as Form 2 in the Schedule, and
retain and register the other copy.
12. Any society registered under this Act may change its chief
office in the manner its rules direct, or if there be no such directions,
then at a general meeting specially called for the purpose, in the
manner set forth in the rules of the society; and no alteration of
rule shall be necessary upon such change, nor shall the provisions
of section 11 apply to such change. Notice of every such change
Registration
of rules.
[45 of 1979].
Alteration of
rules.
Schedule.
Form 2.
Change of
chief office.
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shall be given by the secretary of the society to the Registrar within
seven days after such change, and shall be registered by him, and
he shall give a certificate of such registration in the form set out as
Form 3 in the Schedule.
13. Any society under this Act, in a schedule to its rules, may
describe the forms of conveyance, mortgage, transfer, agreement,
bond, security for deposit or loan, or other instrument necessary
for carrying its purposes into execution.
14. Any certificate of incorporation or of registration, or
other document relating to a society under this Act, purporting
to be signed by the Registrar, shall, in the absence of any
evidence to the contrary, be received by all Courts of law and
equity and elsewhere, without proof of the signature; and a
printed copy of the rules of a society, certified by the secretary
or other officer of the society to be a true copy of its registered
rules, shall, in the absence of any evidence to the contrary, be
received as proof of the rules.
15. The rules of a society under this Act shall be binding on
the several members and officers of the society, and on all persons
claiming on account of a member, or under the rules, all of whom
shall be deemed to have full notice thereof.
16. A society under this Act may change its name by
resolution of three-fourths of the members present at a meeting
called for the purpose, provided that the new name is not identical
with that of any society previously registered and still subsisting,
or so nearly resembling the same as to be calculated to deceive,
unless such subsisting society is in course of being terminated or
dissolved, and consents to such registration. Notice of the change
of name shall be sent to the Registrar and registered by him, and
he shall give a certificate of registration in the form set out as
Form 4 in the Schedule. Such change of name shall not affect
any right or obligation of the society, or any member thereof, or
other person concerned.
Schedule.
Form 3.
Rules may
provide forms of
conveyance, etc.
Evidence of
registration and
rules.
Rules binding
on members and
others.
Change of
name.
Schedule.
Form 4.
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17. Every officer of a society under this Act having the receipt
or charge of any moneys belonging to the society shall, before
taking upon himself the execution of his office, become bound
with one sufficient surety at the least, in a bond in the form set out
as Form 5 in the Schedule, or give the security of a guarantee
society, or such other security as the society directs, in such sum
as the society requires, conditioned for rendering a true and just
account of all moneys received and paid by him on account of the
society, and for payment of all sums of money due from time to
time to the society at such times as its rules appoint, or as the
society requires him to do so.
18. Every such officer, his executors or administrators, shall,
upon demand made or notice in writing given or left at his last or
usual place of residence, give in his account as may be required by
the board of directors or committee of management of the society,
to be examined and allowed or disallowed by them, and shall, on
the like demand or notice, pay over all the moneys remaining in
his hands, and deliver all securities and effects, books, papers and
property of the society in his hands and custody, to such persons
as the society appoints; and in case of any neglect or refusal to
deliver such account, or to pay over such moneys, or to deliver
such securities and effects, books, papers and property in manner
mentioned above, the society may sue upon the bond, or may apply
to a Judge of the High Court in Chambers, who may proceed in a
summary way, and make such order as to him in his discretion
may seem just, which order shall be final and conclusive.
19. If any person appointed to or employed in any office in
any society established under this Act, and having in his hands or
possession by virtue of his office any moneys or property
whatsoever of such society or any deeds or securities belonging to
such society, dies, or becomes insolvent, or has any execution or
attachment or other process issued against any part of his property,
or has any action raised against his lands, goods, chattels, effects
or property or other real or personal estate, or makes any
assignment, disposition, assignation, or other conveyance for the
benefit of his creditors, the heirs, executors, administrators or
Officers to
give security.
Schedule.
Form 5.
Officers to
account.
Protection of
money or
property of
society in
possession of
officer.
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assignees of every such officer, and every other person having or
claiming right to the property of such officer, and the person
executing such process, and the party raising such action
respectively, shall upon demand in writing made by any person
authorised by the board of directors or committee of management
of such society or by some meeting of such society to make such
demand, deliver and pay over all such moneys, property, deeds
and securities belonging to such society to such person as shall
have been appointed as mentioned above to receive the same.
20. Any society under this Act may from time to time, as the
rules permit, invest any portion of the funds of the society, not
immediately required for its purposes, upon real or leasehold
securities, or in the purchase of lands, or lands and buildings, being
freehold in Trinidad and Tobago, with power to exchange the said
lands, or to sell the same together or in lots, or to erect any buildings
thereon and to sell the same, or in the public funds of Trinidad and
Tobago or in or upon any Parliamentary stock or securities or in or
upon any stock or securities, payment of the interest on which is
guaranteed by Parliament or in Inscribed Stock of Trinidad and
Tobago, or in case of terminating societies, with other societies
under this Act; and for the purpose of investments in stock or upon
security of real or leasehold estate, the society, or the board of
directors or committee of management thereof, may from time to
time appoint and remove trustees or make such investments in its
registered name.
21. The powers of investment under this Act include power to
invest in or upon any security in which trustees are for the time
being authorised by law to invest.
22. If any member of or depositor with a society under this
Act, having in the funds thereof a sum of money not exceeding
five thousand dollars, dies intestate, then the amount due may be
paid to the person who appears to the directors or committee of
management of the society to be entitled, under the law for the
time being regulating the devolution of personal estate applicable
to the case, to receive the same, without taking out letters of
Investment of
surplus funds.
[47 of 1980].
Powers of
investment.
Payment of
sums not
exceeding five
thousand dollars
when members
or depositors
die intestate.
[45 of 1979].
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administration, upon the society receiving satisfactory evidence of
death, and a statutory declaration that the member or depositor died
intestate, and that the person so claiming is entitled as mentioned
above. Whenever the society after the decease of any member or
depositor has paid any such sum of money to the person who at the
time appeared to be entitled to the effects of the deceased, under the
belief that he had died intestate, the payment shall be valid and
effectual with respect to any demand from any other person as next
of kin or as the lawful representative of such deceased member or
depositor against the funds of the society, but nevertheless such next
of kin or representative shall have his lawful remedy for the amount
of such payment against the person who has received the same.
23. Whenever a member of a society under this Act, having
executed a mortgage to the society containing a power of sale,
dies intestate leaving an infant next of kin, the society may, after
selling the premises so mortgaged to them, pay to the administrator
of the deceased member any money to the amount of five thousand
dollars, which remains in the hands of the society after paying the
amount due to the society and the costs and expenses of the sale,
any law in force in Trinidad and Tobago to the contrary
notwithstanding. The said sum of five thousand dollars shall be
considered as personal estate, and liable to duty accordingly.
24. Any person who, by false representation or imposition,
obtains possession of any moneys, securities, books, papers or other
effects of a society under this Act, or, having the same in his
possession, withholds or misapplies it, or wilfully applies any part
of it to purposes other than those expressed or directed in the rules
of the society and authorised by this Act, is liable on summary
conviction to a fine of one thousand dollars and costs, and to be
ordered to deliver up to the society all such moneys, securities,
books, papers or other effects of the society, and to repay the amount
of money applied improperly, and in default of such delivery of
effects, or repayment of such amount of money, or payment of
such fine and costs mentioned above, to imprisonment for three
months; but nothing contained herein shall prevent any such person
from being proceeded against by way of indictment if a conviction
has not been previously obtained against him for the same offence
under this Act.
Member dying
intestate leaving
infant next of
kin.
[51/1980].
Punishment of
fraud in
withholding
money, etc.
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25. Proceedings under section 24 may be taken by or at the
instance of—
(a) the society; or
(b) any member authorised by the society or by the
board of directors or committee of management
thereof or by the Registrar; or
(c) the Registrar.
26. A society under this Act may terminate or be dissolved—
(a) upon the happening of any event declared by its
rules to be the determination of the society;
(b) by dissolution in manner prescribed by its rules;
(c) by dissolution with the consent of three-fourths
of the members holding not less than two-thirds
of the number of shares in the society testified by
their signatures to the instrument of dissolution.
The instrument of dissolution shall be in the form
set out as Form 6 in the Schedule and shall state—
(i) the liabilities and assets of the society in
detail;
(ii) the number of members, and the amount
standing to their credit in the books of the
society;
(iii) the claims of depositors and other
creditors, and the provision to be made for
their payment;
(iv) the intended appropriation or division of
the funds and property of the society;
(v) the names of one or more persons to be
appointed trustees for the special purpose
and their remuneration.
Alterations in the instrument of dissolution may
be made with the like consent, testified in the same
manner; the instrument of dissolution and all
alterations therein shall be registered in the manner
provided for the registration of rules, and shall be
binding upon all the members of the society;
Initiation of
proceedings.
Proceedings
necessary for
determination or
dissolution.
Schedule.
Form 6.
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*(d) by an order of the High Court to wind up the
society, made as is directed in regard to companies
by the Companies Ordinance, the provisions of
which except paragraph (4) of section 161 of the
said Ordinance shall apply to any such order.
Notice of the commencement and termination of every
dissolution on winding up shall be sent to the Registrar and
registered by him.
27. (1) Notwithstanding the provisions of section 26 on the
application in writing of one-tenth of the whole number of members
of any society under this Act, or of one hundred members in the case
of a society of more than one thousand members, setting forth that the
society is unable to meet the claims of its members, and that it would
be for their benefit that it should be dissolved, and requesting an
investigation into the affairs of the society with a view to its dissolution,
the Registrar may investigate the affairs of the society, but shall before
doing so give not less than two months’ previous notice in writing to
the society at its registered chief office or place of meeting.
(2) If on such investigation it appears that the society is
unable to meet the claims of its members, and that it would be for
their benefit that it should be dissolved, the Registrar may, if he
considers it expedient to do so, award that the society be dissolved,
and shall direct in what manner the affairs of the society are to be
wound up; and the Registrar may suspend his award for such period
as he may deem necessary to enable the society to make such
alterations of its rules as will in his judgment prevent the necessity
of the award being made.
(3) The Registrar shall, within twenty-one days after the
making of any award for dissolution under this section, cause notice
thereof to be advertised in the Gazette, and in some newspaper
circulating in Trinidad and Tobago.
28. Where a society under this Act is being dissolved in manner
prescribed by its rules, or in pursuance of the consent of three-
fourths of the members, the provisions of this Act shall continue
Ch. 31 No. 1
(1950 Ed.).
Power to
dissolve
society after
investigation.
Obligations of
liquidators and
trustees on
dissolution.
*See corresponding provisions of the Companies Act (Ch. 81:01).
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Building Societies Chap. 33:04 17
to apply in the case of the society, as if the liquidators or other
persons conducting the dissolution of the society, or the trustees
appointed under the instrument of dissolution, were the board of
directors or committee of management of the society.
29. When a society under this Act is being dissolved or wound
up, a member to whom an advance has been made under any
mortgage or other security, or under the rules of the society, is not
liable to pay the amount payable under such mortgage, security or
rules, except at the time or times and subject to the conditions
expressed therein.
30. If a society under this Act is dissolved in the manner
prescribed by its rules, or in pursuance of the consent of three-
fourths of the members, the liquidators, trustees or other persons
having the conduct of the dissolution shall, within twenty-eight
days from the termination of the dissolution, send to the Registrar
an account and balance sheet signed and certified by them as
correct, and showing the assets and liabilities of the society at the
commencement of the dissolution and the mode in which those
assets and liabilities have been applied and discharged and in default
of so doing is each liable on summary conviction to a fine of two
hundred dollars for every day during which the default continues.
31. A society under this Act shall not cause or permit the
applicants for advances to ballot for precedence, or in any way
make the granting of an advance depend on any chance or lot.
32. (1) A society under this Act shall not advance money on
the security of any freehold or leasehold estate which is subject to
a prior mortgage, unless the prior mortgage is in favour of the
society making the advance.
(2) If any advance is made in contravention of this
section, the directors of the society who authorised the advance
are jointly and severally liable for any loss on the advance
occasioned to the society.
Liability of
borrowing
members on
dissolution.
Account and
balance sheet to
be sent to
Registrar on
dissolution.
Prohibition of
balloting for
advances.
Prohibition of
advances on
second
mortgage.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
18 Chap. 33:04 Building Societies
33. In calculating the amount for the time being secured to a
society under this Act by mortgages from its members for the
purpose of ascertaining the limits of its power to receive deposits
or loans at interest, the amount secured on properties the payments
in respect of which were upwards of twelve months in arrear at the
date of the society’s last preceding annual account and statement,
and the amount secured on properties of which the society had
been twelve months in possession at the date of such account and
statement, shall be disregarded. This section shall not affect the
validity of any deposit or loan which was within the limit provided
by law at the time when it was received.
34. (1) A society under this Act shall not use any name or
title other than its registered name, and shall not accept any
deposit except on the terms that not less than one month’s notice
may be required by the managers of the society before repayment
or withdrawal.
(2) Any society that contravenes this section and also
every director or member of the committee of management who is
a party to the contravention, are liable on summary conviction to a
fine of four hundred dollars, and, in the case of a continuing offence,
to an additional fine of four hundred dollars for every week during
which the offence continues.
35. (1) Two or more societies under this Act may unite and
become one society, with or without any dissolution or division of
the funds of such societies or either of them, or a society may
transfer its engagements to any other society, upon such terms as
shall be agreed upon by three-fourths of the members (holding not
less than two-thirds of the whole number of shares) of each of
such societies present at general meetings respectively convened
for the purpose. Notice of every such union or transfer shall be
sent to the Registrar, and registered by him, and such registration
shall operate as an effectual conveyance, transfer and assignment,
as at the date of registration, of the funds, property and assets of
the societies so uniting to the united society or of the society
transferring its engagements to the society to which such
Limits of
borrowing
power.
Provisions as
to name and
deposits.
Societies may
unite or transfer
engagements to
another.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Building Societies Chap. 33:04 19
engagements may be transferred, as may be set forth in the
instrument of union or transfer of engagements, without any
conveyance, transfer or assignment whatsoever (save and except
in the case of stocks and securities requiring any special mode of
transfer). Such union or transfer of engagements shall not affect
the rights of any creditor of either or any society uniting or
transferring its engagements.
(2) Where three-fourths of the members of two or more
societies present at general meetings respectively convened for
the purpose of considering any union or transfer under this section,
agree to the union or transfer, the agreement shall notwithstanding
anything in this section, be valid if it obtains the concurrence in
writing of the holders of not less than two-thirds of the whole
number of shares of each society, whether they are present at the
meeting or not.
36. Where the rules of a society under this Act direct disputes
to be referred to arbitration, arbitrators shall be named and elected
in the manner such rules provide, or, if there be no such provision,
at the first general meeting of the society, none of the said arbitrators
being beneficially interested, directly or indirectly, in its funds; of
whom a certain number, not less than three, shall be chosen by
ballot in each such case of dispute, the number of the said arbitrators
and mode of ballot being determined by the rules of the society;
the names of such arbitrators shall be duly entered in the minute
book of the society, and, in case of the death, or refusal or neglect
of any of the said arbitrators to act, the society, at a general meeting,
shall name and elect an arbitrator to act in the place of the arbitrator
dying, or refusing or neglecting to act; and whatever award shall
be made by the arbitrators or the major part of them, according to
the true purport and meaning of the rules of the society, shall
determine the dispute; and should either of the parties to the dispute
refuse or neglect to comply with or conform to such award within
a time to be limited therein, the High Court, upon good and
sufficient proof being adduced of such award having been made,
and of the refusal of the party to comply therewith, shall enforce
Determination
of disputes by
arbitration.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
20 Chap. 33:04 Building Societies
compliance with the same upon the petition of any person
concerned. Where the parties to any dispute arising in a society under
this Act agree to refer the dispute to the Registrar, or where the rules
of the society direct disputes to be referred to the Registrar, the award
of the Registrar shall have the same effect as that of arbitrators.
37. The High Court may hear and determine a dispute in the
following cases:
(a) if it appears to the Court, upon the petition of any
person concerned, that application has been made
by either party to the dispute to the other party,
for the purpose of having the dispute settled by
arbitration under the rules of the society, and that
such application has not within forty days been
complied with, or that the arbitrators have refused
or for a period of twenty-one days have neglected
to make any award;
(b) where the rules of the society direct disputes to
be referred to the said Court.
38. Every determination of a dispute by arbitrators, or by
the High Court, or by the Registrar, shall be binding and
conclusive on all parties, and shall be final to all intents and
purposes, and shall not be subject to appeal, and shall not be
removed or removable into any Court of law, or restrained or
restrainable by the injunction of any Court of equity. However,
the arbitrators or the Registrar or the High Court, as the case
may be, may, at the request of either party, state a case for the
opinion of the Court of Appeal on any question of law, and shall
have power to grant to either party to the dispute such discovery,
as to documents and otherwise, as might now be granted by any
Court of law or equity, such discovery to be made on behalf of
the society by such officer of the society as the arbitrators,
Registrar, or High Court may determine.
39. The arbitrators, Registrar, or Court to whom a dispute is
referred in pursuance of this Act, shall not be compelled to state a
special case on any question of law arising in the case, but may do
so on the request of either party as provided in section 38.
Determination
of disputes by
Registrar.
Determination
of disputes by
Court.
Determination
to be final.
Special case.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Building Societies Chap. 33:04 21
40. The word “disputes” in this Act, or in the rules of any
society hereunder, shall be deemed to refer only to disputes between
the society and a member or any representative of a member in his
capacity of a member of the society, unless by the rules for the
time being it shall be otherwise expressly provided; and, in the
absence of such express provision, shall not apply to any dispute
between any such society and any member thereof, or other person
whatsoever, as to the construction or effect of any mortgage deed
or other security, or any contract contained in any document other
than the rules of the society, and shall not prevent any society, or
any member thereof, or any person claiming through or under him,
from obtaining in the ordinary course of law any remedy in respect
of any such mortgage or other security or other contract to which
such person or the society would otherwise be by law entitled.
41. A society under this Act may purchase, build, hire, or take
upon lease any building for conducting its business, and may adapt
and furnish the same, and may purchase or hold upon lease any
land for the purpose of erecting thereon a building for conducting
the business of the society, and may sell, exchange or let such
building, or any part thereof.
42. Any person under the age of eighteen may be admitted as
a member of any society under this Act the rules of which do not
prohibit such admission, and may, subject to the rules of the society,
enjoy all the rights of a member (save as herein provided), and
may execute all instruments and give all necessary acquittances,
but during his minority he shall not be competent to vote or hold
any office in the society.
43. Two or more persons may jointly hold a share or shares in
any society under this Act; and all shares held jointly by any two
or more persons in any society registered under this Act, the rules
whereof shall not prohibit such joint holding, shall be deemed to
be lawfully so held.
Definition of
“Disputes”.
Buildings may
be purchased or
leased, etc., as
places of
business.
Minors may be
elected
members.
[47 of 1980].
Shares may be
held jointly.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
22 Chap. 33:04 Building Societies
44. The secretary or other officer of every society under this
Act shall, once in every year at least, prepare an account of all
the receipts and expenditure of the society since the preceding
statement, and a general statement of its funds and effects,
liabilities and assets, showing the amounts due to the holders of
the various classes of shares, respectively, to depositors and
creditors for loans, and also the amount due or outstanding on
their mortgage securities (not including prospective interest), and
the amount invested on stock or other securities; and every such
account and statement shall be attested by the auditors, and such
account and statement shall be countersigned by the secretary or
other officer; and every member, depositor, and creditor for loans
shall be entitled to receive from the society a copy of such account
and statement.
45. (1) Every annual account and statement under section 44
shall be made up to the end of the official year of the society to
which it relates, and shall be in such form and shall contain
such particulars as the Registrar may from time to time with
the approval of the Minister direct, either generally or with
respect to any society or class of societies. The form of annual
account and statement prescribed for general use by the
Registrar under this section, and every alteration of that form,
shall as soon as practicable be laid before Parliament, and shall
not come into operation until the expiration of forty days from
the date at which it is so laid.
Every such account and statement shall set forth—
(a) with respect to mortgages to the society upon each
of which the present debt does not exceed
$100,000 (not being mortgages where the
repayments are upwards of twelve months in
arrear, or where the property has for upwards of
twelve months been in possession of the society),
the number of all such mortgages, and the
aggregate amount owing thereon at the date of
Annual account
and statement of
funds.
Annual account
and statement of
funds.
[12 of 1958
51/1980].
Particulars as to
mortgages.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Building Societies Chap. 33:04 23
the account or statement, such information being
given separately in respect of each of the four
following classes:
(i) where the debt does not exceed $10,000;
(ii) where the debt exceeds $10,000 and does
not exceed $25,000;
(iii) where the debt exceeds $25,000 and does
not exceed $50,000;
(iv) where the debt exceeds $50,000 and does
not exceed $100,000; and
(b) with respect to any other mortgage to the society,
the particulars shown by the appropriate tabular
form set out as Form 7A, Form 7B or Form 7C in
the Schedule.
(2) Every auditor, in attesting any such annual account or
statement, shall—
(a) verify that it is correct, duly vouched, and in
accordance with law, or specially report to the
society in what respect he finds it incorrect,
unvouched, or not in accordance with law; and
(b) certify that he has at that audit actually inspected—
(i) the mortgage deeds and other securities
belonging to the society; or
(ii) where such mortgage deeds or securities
have been registered with the Registrar
General, copies thereof certified to be
correct by the Attorney-at-law who
prepared the same and the Registrar
General’s receipts for their registration; and
(c) state the number of properties with respect to which
he has certified in accordance with paragraph (b)
that he actually inspected the mortgage deeds and
other securities or copies thereof.
Schedule.
Form 7A.
Form 7B.
Form 7C.
Duties of
auditors.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
24 Chap. 33:04 Building Societies
(3) A copy of every such annual account and statement
shall be sent to the Registrar within fourteen days after the annual
or other general meeting at which it is presented, or within three
months after the expiration of the official year of the society,
whichever period expires first, and another copy thereof shall be
suspended in a conspicuous place in every office of the society.
(4) For the purposes of this section, the expression
“official year” shall mean, in the case of any society hereafter to
be established, the year ending on the 31st of December, and, in
the case of any existing society, the year ending on the day up to
and inclusive of which its annual account and statement is made.
46. Notwithstanding anything in the rules of any society, one
at least of the auditors of the society shall be a person who publicly
carries on the business of an accountant.
47. (1) The Registrar may, if he thinks fit, on the application
of ten members of a society under this Act, each of whom has
been a member of the society for not less than twelve months
immediately preceding the date of the application, appoint an
accountant or actuary to inspect the books of the society, and to
report thereon.
(2) The applicants shall deposit with the Registrar such
sum as a security for the costs of the proposed inspection as the
Registrar may require; and all expenses of and incidental to any
such inspection shall be defrayed by the applicants, or out of the
funds of the society, or by the members or officers, or former
members or officers, of the society in such proportions as the
Registrar may direct.
(3) The person appointed under this section shall have
power to make copies of any books of the society, and to take
extracts therefrom at all reasonable hours, at the registered office
of the society or at any place where the books are kept.
(4) The Registrar shall communicate the results of any
such inspection to the applicants and to the society.
Time for
sending copies
of account to
Registrar.
“Official year”.
Auditors.
Inspection of
books.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Building Societies Chap. 33:04 25
48. (1) The Registrar may, on the application of one-tenth of
the whole of the members of a society under this Act, or of one
hundred members in the case of a society consisting of more than
one thousand members, and with the consent of the Minister, either
appoint an inspector to examine into and report on the affairs of
the society or call a special meeting of the society.
(2) (a) The application under this section shall be
supported by such evidence as the Registrar may direct for
the purpose of showing that the applicants have good reason
for requiring the inspection to be made or the meeting to be
called, and that they are not actuated by malicious motives in
their application.
(b) Such notice of the application shall be given to
the society as the Registrar may direct.
(c) The Registrar shall require the applicants to give
security for the costs of the proposed inspection or meeting before
the inspector is appointed or the meeting is called.
(d) All expenses of and incidental to the inspection
or meeting shall be defrayed by the applicants, or out of the funds
of the society, or by the members or officers, or former members
or officers of the society, in such proportions as the Registrar
may direct.
(3) An inspector appointed under this section may require
the production of all or any of the books, accounts, securities and
documents of the society, and may examine on oath its officers,
members, agents and servants in relation to its business, and may
administer an oath accordingly.
(4) The Registrar may direct at what time and place a
special meeting under this section is to be held, and what
matters are to be discussed and determined at the meeting,
and the meeting shall have all the powers of a meeting called
according to the rules of the society, and shall in all cases
have power to appoint its own chairman, any rule of the society
to the contrary notwithstanding.
Registrar may
appoint
inspector or call
special meeting.
Powers of
inspector.
Time and place
of meeting.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
26 Chap. 33:04 Building Societies
(5) The Registrar may, without any application by members,
but with the consent of the Minister given on each occasion, exercise
the powers given by this section in the following cases:
(a) where a society has, for two months after notice,
failed to make any return required by this Act;
(b) where a society has, for two months after notice,
failed to correct or complete any such return;
(c) where evidence is furnished by a statutory
declaration of not less than three members of a
society of facts which in the opinion of the
Registrar call for investigation, or for recourse to
the judgment of a meeting of the members; and
the Registrar shall, forthwith on receipt of such
declaration, send a copy thereof to the society,
and such society shall, within fourteen days from
the sending of such copy, be entitled to give the
Registrar an explanatory statement in writing, by
way of reply thereto.
49. (1) Where the Registrar is satisfied that a certificate of
incorporation has been obtained for a society under this Act by
fraud or mistake, or that any such society exists for an illegal
purpose, or has wilfully and after notice from the Registrar violated
any of the provisions of this Act, or has ceased to exist, the Registrar
may, by writing under his hand, with the approval of the Minister,
cancel the registration of the society, or suspend the registration
thereof for any term not exceeding three months, and may, with
the like approval, renew such suspension from time to time for the
like period.
(2) The Registrar shall, before cancelling or suspending
the registry of the society under the foregoing powers, give to
the society not less than two months’ previous notice in writing,
specifying briefly the ground of the proposed cancelling or
suspension, and shall, as soon as practicable after the cancelling
or suspension takes place, cause notice thereof to be published
in the Gazette, and in some newspaper circulating in Trinidad
and Tobago.
Power in certain
cases to call
special meeting.
Cancelling and
suspension of
registry.
Notice of
intention to
suspend or
cancel registry.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Building Societies Chap. 33:04 27
(3) A society may appeal from the cancelling of its
registry, or from any suspension thereof for a term exceeding six
months, to the High Court, and thereupon the Court may, if it thinks
it just to do so, set aside the cancelling or suspension.
(4) The Registrar may also, if he thinks fit, at the request
of any society under this Act, evidenced in such manner as he may
direct, cancel the registry of the society.
(5) A society whose registry has been cancelled or
suspended shall from the time of such cancelling or suspension
(but in case of suspension only while the suspension lasts, and in
any case subject to the right of appeal given by this section)
absolutely cease to enjoy as such the privileges of a society under
this Act, but without prejudice to any liability incurred by the
society, and any such liability may be enforced against the society
as if the cancelling or suspension had not taken place.
50. When all moneys intended to be secured by any mortgage
or further charge of or upon any land not brought under the
provisions of the Real Property Act, given to a society under this
Act, have been fully paid or discharged, the society may endorse
upon or annex to such mortgage or further charge a reconveyance
of the mortgaged property to the then owner of the equity of
redemption, or to such persons and to such uses as he may direct,
or a receipt under the seal of the society, countersigned by the
secretary or manager, in the form set out as Form 8 in the Schedule;
and such receipt shall vacate the mortgage or further charge or
debt, and vest the estate of and in the property comprised therein
in the person for the time being entitled to the equity of redemption,
without any reconveyance or resurrender whatever; and if the said
mortgage or further charge has been registered under any law of
Trinidad and Tobago for the registration or record of deeds or titles
other than the Real Property Act, the Registrar under such law, or
his Deputy, or the recording officer, as the case may be, shall, on
production of such receipt verified by the oath of any person,
endorse upon or annex to such mortgage or further charge an entry
to the effect that such mortgage or charge is satisfied, and shall
grant a certificate separately to the like effect, which certificate
Appeal from
Registrar.
Cancellation at
request of
society.
Effect of
cancellation or
suspension.
Receipt to be
sufficient
discharge
without
conveyance.
[51/1980].
Ch. 56:02.
Schedule.
Form 8.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
28 Chap. 33:04 Building Societies
shall be received in evidence in all Courts and proceedings without
any further proof, and which entry shall have the effect of clearing
the register or record of such mortgage; and there shall be paid to
the Registrar or recording officer for the use of the State a fee of
one dollar for making the said entry and granting the said certificate,
and such fee shall be paid by stamps and applied as the other fees
of such registry of deeds or titles are for the time being applied.
51. Every society under this Act shall be deemed to be a
company within the meaning of the Companies Act.
52. If any society formed under this Act, or any persons
representing themselves to be a society under this Act, commence
business without first obtaining a certificate of incorporation under
this Act, or if any society under this Act makes default in inserting
in any deposit book or acknowledgment or security for loan the
matters required by section 8 to be inserted therein, the person or
persons by whom such business has been so commenced, or by
whom such default has been made, are liable, for every day business
is so carried on, or for every such default, on summary conviction,
on the complaint of the Registrar, to a fine of two hundred dollars.
If any society under this Act receives loans or deposits in excess
of the limits prescribed by this Act, the directors or committee of
management of such society receiving such loans or deposits on
its behalf are personally liable for the amount so received in excess.
53. If any society neglects or refuses—
(a) to give any notice, send any return or document,
or do or allow to be done anything which the
society is by this Act required to give, send, do or
allow to be done; or
(b) to do any act or furnish any information required
for the purpose of this Act by the Registrar or by
an inspector,
the society, and also every officer thereof bound by the rules
thereof to fulfil the duty a breach of which has been committed,
Application of
Companies Act.
Ch. 81:01.
Penalties.
Penalties for
neglect or
refusal to
comply with
provisions of
Act.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Building Societies Chap. 33:04 29
and if there is no such officer then every member of the committee
of management or board of directors of the society, unless it
appears that he was ignorant of or attempted to prevent the breach,
is for each offence liable on summary conviction to a fine of one
thousand dollars, and, in the case of a continuing offence, to an
additional fine of two hundred dollars for every week during
which the offence continues.
54. Any person who wilfully makes, orders or allows to be
made any false statement in any document required by this Act to
be sent to the Registrar, or by erasure, omission or otherwise
wilfully falsifies any such document, is liable on summary
conviction to a fine of two thousand dollars.
55. No director, secretary, surveyor, Attorney-at-law or other
officer of the society under this Act shall, in addition to the
remuneration prescribed or authorised by the rules of the society,
receive from any person any gift, bonus, commission or benefit
for or in connection with any loan made by the society, and any
person paying or accepting any such gift, bonus, commission or
benefit is liable on summary conviction to a fine of two thousand
dollars, and the person accepting any such gift, bonus, commission
or benefit shall, as and when directed by the Court by whom he is
convicted, pay over to the society the amount or value of such gift,
bonus, commission or benefit, and, in default of such payment, is
liable to imprisonment for six months.
56. The Registrar shall cause to be made an abstract and report
of the annual accounts and statements of societies and of his
proceedings as Registrar under this Act, and shall transmit the same
to the Minister to be laid before Parliament.
57. The Minister may make Regulations respecting the fees,
if any, to be paid for the transmission, registration, and inspection
of documents under this Act and generally for carrying this Act
into effect.
False entries.
Gifts, etc., not to
be accepted by
officials.
Annual report
by Registrar.
Regulations.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
30 Chap. 33:04 Building Societies
SCHEDULE
FORM 1
CERTIFICATE OF INCORPORATION
No.
The Registrar hereby certifies that the .............................. Building Society,
established at .......................... is incorporated under the Building Societies Act,
this ............. day of ....................., 20......... The incorporation of a Building
Society does not imply any approval by the Registrar of its rules or tables, or
any guarantee of its good management or financial stability.
Registrar of Building Societies.
FORM 2
CERTIFICATE OF REGISTRATION OF
ALTERATION OF RULES
The Registrar hereby certifies that the foregoing alteration of (or addition to)
the rules of the ...................................................... Building Society, established
at ....................................................... , is registered under the Building Societies
Act this ............... day of ......................, 20........ The registration of rules or
alterations does not imply any approval of them by the Registrar, or any guarantee
of the good management or financial stability of the society.
Registrar of Building Societies.
Section 4.
Section 11.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Building Societies Chap. 33:04 31
FORM 3
CERTIFICATE OF ALTERATION OF CHIEF OFFICE
The Registrar hereby certifies that the registered chief office of the Building
Society, established at ............................., is changed from the date hereof to
the office or place following:
This ............ day of ................................................, 20...........
Registrar of Building Societies.
FORM 4
CERTIFICATE OF REGISTRATION OF
CHANGE OF NAME
The Registrar hereby certifies that the registered name of the .........................
Building Society, established at ....................., is changed from the date hereof
to the name following:
This ............ day of ................................................, 20...........
Registrar of Building Societies.
Section 12.
Section 16.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
32 Chap. 33:04 Building Societies
FORM 5
BOND
KNOW ALL MEN by these presents that we, .................. of .............. one of
the offficers of the ................... Building Society established at ................... in
the ........................ of .......................... and ............... of ......................................
(as surety on behalf of the said..............................) are jointly and severally
held and firmly bound to the said society in the sum of ..................... to be paid
to the said society, for which payment well and truly to be made we jointly and
severally bind ourselves, and each of us by himself, our and each of our heirs,
executors and administrators, firmly by these presents.
Dated the ............... day of ..................................., 20..............
Whereas the above bounden .................... has been duly appointed to the Office
of ......................... of the .................................. Building Society, established as
aforesaid, and he, together with the above bounden ................. as his surety,
have entered into the above-written bond subject to the condition hereinafter
contained.
Now, therefore, the condition of the above-written bond is such, that if the said
......................... shall and do render a just and true account of all moneys received
and paid by him, and shall and do pay over all the moneys remaining in his
hands, and assign and transfer or deliver all securities and effects, books, papers
and property of or belonging to the said society in his hands or custody, to such
person or persons as the said society shall appoint according to the rules of the
said society, together with the proper or legal receipts or vouchers for such
payments, then the above-written bond shall be void and of no effect, otherwise
shall be and remain in full force and virtue.
Section 17.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Building Societies Chap. 33:04 33
FORM 6
CERTIFICATE OF REGISTRATION OF
INSTRUMENT OF DISSOLUTION
The Registrar hereby certifies that the foregoing instrument of dissolution of
the ........................... Building Society, established at ..................., is registered
under the Building Societies Act.
This ............ day of ................................................, 20...........
Registrar of Building Societies.
Section 26.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
34 Chap. 33:04 Building Societies
Section 45. FORM 7A
Pa
rti
cu
la
rs
to
b
e
se
t f
or
th
in
th
e
ca
se
o
f a
m
or
tg
ag
e
w
he
re
th
e
re
pa
ym
en
ts
ar
e
no
t u
pw
ar
ds
o
f t
w
el
ve
m
on
th
s i
n
ar
re
ar
, a
nd
th
e
pr
op
er
ty
h
as
n
ot
b
ee
n
up
w
ar
ds
o
f
tw
el
ve
m
on
th
s i
n
po
ss
es
sio
n
of
th
e
so
ci
et
y,
a
nd
w
he
re
th
e
pr
es
en
t d
eb
t e
xc
ee
ds
$
10
0,
00
0.
Date of Advance.
Whether subject to any
prior mortgage or charge.
If so, what amount.
Whether Freehold or
Leasehold.
Original Valuation of
Property.
Amount of Advance.
Present Debt.
Amount of Payments in
Advance.
Amount of Payments in
Arrear.
O
bs
er
va
tio
ns
.
To
ta
l
…
$
$
$
$
$
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
Building Societies Chap. 33:04 35
LAWS OF TRINIDAD AND TOBAGO
L.R.O.
FORM 7B
Pa
rti
cu
lar
s t
o b
e s
et
for
th
in
the
ca
se
of
pro
pe
rty
of
w
hic
h t
he
so
cie
ty
ha
s b
ee
n u
pw
ard
s o
f t
we
lve
m
on
ths
in
po
sse
ssi
on
.
Date when possession was
taken.
Whether subject to any
prior mortgage or charge. If
so, what amount.
Whether Freehold or
Leasehold.
Amount of Advance.
Original Valuation of
Property.
Present amount included in
assets.
Gross income for the year.
Outgoings for the year.
Ob
ser
va
tio
ns
.
To
tal
…
Date of Advance
Roll Numbers.
$
$
$
$
$
$
Section 45.
Debt when possession was
taken.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
36 Chap. 33:04 Building Societies
Section 45.
Pa
rti
cu
la
rs
to
b
e s
et
fo
rth
in
th
e c
as
e o
f a
m
or
tg
ag
e w
he
re
th
e r
ep
ay
m
en
ts
ar
e u
pw
ar
ds
o
f t
w
el
ve
m
on
th
s i
n
ar
re
ar
, a
nd
th
e p
ro
pe
rty
h
as
n
ot
b
ee
n
up
w
ar
ds
o
f t
w
el
ve
m
on
th
s i
n
po
ss
es
sio
n
of
th
e
so
ci
et
y.
Date of Advance.
Whether subject to any prior
mortgage or charge.
If so, what amount.
Whether Freehold or
Leasehold.
Number of months in arrear.
Original Valuation of
Property
Amount of Advance.
Present Debt.
Amount of Payments in
Arrear.
O
bs
er
va
tio
ns
.
FORM 7C
To
ta
l
…
$
$
$
$
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Building Societies Chap. 33:04 37
FORM 8
RECEIPT TO BE ENDORSED ON MORTGAGE OR
FURTHER CHARGE
The .................................................... Building Society hereby acknowledge
to have received all moneys intended to be secured by the within written Deed.
In witness whereof the seal of the society is hereto affixed this .............. day
of ...................................., 20......., by order of the Board of Directors in presence
of .........................................................................................................................
Section 50.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
