Co-operative Societies
CO-OPERATIVE SOCIETIES ACT
CHAPTER 81:03
LAWS OF TRINIDAD AND TOBAGO
Act
22 of 1971
Amended by
7 of 1972
24 of 1976
*24 of 1981
†18 of 1993
(*/† See Note on page 2)
Current Authorised Pages
Pages Authorised
(inclusive) by L.R.O.
1–65 ..
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Index of Subsidiary Legislation
Page
Junior Co-operative Societies (Registration Fee Exemption) Order
(GN 77/1974) … … … … … … … 39
Co-operative Societies Regulations (GN 255/1971) … … … 40
Note on Act No. 24 of 1981
Sections 29 and 73(2) of this Act have been amended by Act No. 24 of 1981. However,
Act No. 24 of 1981 had not up to the date of the revision of this Act, been
brought into operation.
Note on Act No. 18 of 1993
See sections 62 and 65 of Act No. 18 of 1993 and the Third Schedule thereof.
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CHAPTER 81:03
CO-OPERATIVE SOCIETIES ACT
ARRANGEMENT OF SECTIONS
SECTION
1. Short title.
2. Interpretation.
PART I
ADMINISTRATION
3. Commissioner for Co-operative Development.
4. Powers of Commissioner.
5. Commissioner to have access to books, etc., of society.
6. Costs of inquiry.
PART II
REGISTRATION AND MEMBERSHIP
7. Restriction on use of the terms “co-operative” and “credit union”.
8. Societies eligible to be registered.
9. Conditions of registration.
10. Qualification for membership.
11. Rights and liabilities of infant members.
12. Rights of membership not to be exercised until payment made.
13. Person not to be member of more than one society.
14. Voting rights.
15. Limitation on interest of member of a society with limited liability.
16. Application for registration.
17. Registration of society.
18. Commissioner may cancel registration of society.
19. Evidence of registration.
20. Society becomes body corporate on registration, etc.
21. Amendment of bye-laws.
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PART III
DUTIES, PRIVILEGES AND BUSINESS
OF SOCIETIES
22. Constitution and management of society.
23. Certificate of registration to be displayed at registered address.
24. Act, regulations, etc., to be available for inspection at registered address.
25. Admissibility of copy of entry as evidence.
26. Production of books, etc., legal proceedings.
27. Disposal of members’ produce through a society.
28. Loans by society to member.
29. Creation of charge in favour of society.
30. Execution and registration of charges.
31. Effect of charge registered under Ordinance.
32. Claims of Government, etc., not to be affected.
33. Prior claim of society.
34. Enforcement of charge.
35. Assignment of charges.
36. Charge, lien and set off in respect of shares or interest.
37. Bond as additional security for loan to member.
38. Validity of payments.
39. Restriction on transfer of shares or interest.
40. Shares or interest not liable to attachment.
41. Transfer of share or interest on death of member.
42. Liability of past member and estate of deceased member for debts
of society.
PART IV
PROPERTY AND FUNDS OF SOCIETIES
43. Restriction on loans.
44. Society may receive deposits and loans.
45. Investment of funds.
46. Restriction on dividend.
ARRANGEMENT OF SECTIONS—Continued
SECTION
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47. Reserve fund.
48. Restriction on distribution of surplus.
49. Pension fund.
50. Contribution to charitable purpose.
51. Audit.
PART V
RECONSTRUCTION OF SOCIETIES
52. Reconstruction of societies.
53. Amalgamation of societies.
54. Transfer of societies.
55. Claims of objecting creditor to be satisfied.
56. Division of societies.
57. Effect of registration of new societies.
PART VI
WINDING UP
58. Winding up.
59. Society may be wound up if membership is reduced.
60. Power of Commissioner on issuing a winding up order.
61. Powers of a liquidator.
62. Effect of cancellation of registration.
63. Bar of action in reconstruction, winding up and dissolution matters.
64. Disposal of surplus assets.
65. Power of Commissioner to surcharge officers, etc., of registered society.
66. Attachment of property.
PART VII
DISPUTES
67. Settlement of disputes.
68. Case stated on question of law.
SECTION
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PART VIII
OFFENCES
69. Corrupt practice and bribery.
70. Falsely obtaining, withholding, or misapplying property of society.
71. Offences.
72. Dealing with property subject to a charge.
73. Penalty for offences not otherwise provided for.
PART IX
MISCELLANEOUS
74. Appeals.
75. Delegation of powers.
76. No stamp duty, etc., payable on instrument.
77. Provisions of Companies Act not to apply.
78. Act not to apply to Trinidad Co-operative Bank.
79. Saving for existing societies, bye-laws, rules, regulations, etc.
80. Power to exempt societies from provisions of Act.
81. Regulations.
ARRANGEMENT OF SECTIONS—Continued
SECTION
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Co-operative Societies Chap. 81:03 7
CHAPTER 81:03
CO-OPERATIVE SOCIETIES ACT
An Act to amend, consolidate and re-enact the laws relating
to co-operative societies, credit union societies and
agricultural credit societies.
[9TH JUNE 1971]
1. This Act may be cited as the Co-operative Societies Act.
2. In this Act—
“board” means the board of management or other directing body
to whom the management of the affairs of a society is
entrusted;
“bonus” means a share of the surplus of a society divided among
its members in proportion to the volume of business done
with the society by them from which the surplus of the
society was derived;
“Commissioner” means the Commissioner for Co-operative
Development under this Act;
“credit union” means a society which has as its objects the
promotion of thrift and the creation of a source of credit for
its members, the majority of whom are not agriculturists, for
provident of productive purposes;
“dividend” means a share of the surplus of a society distributed
to its members in proportion to the paid up share capital held
by them;
“member” includes a person or society joining in the application
for the registration of a society and a person or society
admitted to membership after registration in accordance with
the bye-laws of that society;
“officer” includes the Chairman or President, secretary, treasurer,
member of the board or other person empowered under the
regulations or under the bye-laws of a society to give
directions with regard to the business of that society;
22 of 1971.
Commencement.
Short title.
Interpretation.
[7 of 1972].
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“seal” includes a rubber stamp;
“society” means a society registered or deemed to have been
registered under this Act.
PART I
ADMINISTRATION
3. There shall be a Commissioner for Co-operative
Development hereinafter called “the Commissioner”, who shall
have general powers of supervision of the affairs of societies and
shall perform the duties of registrar of societies.
4. (1) In the exercise of his powers of supervision referred
to in section 3 the Commissioner may—
(a) on his own motion;
(b) on the application of a creditor of a society;
(c) in accordance with regulations made in that
behalf, on the requisition of a society in respect
of one of its members being itself a society; or
(d) on the application of a majority of members of
the board of management or one-third of the
members of a society,
hold an inquiry into the constitution, operations and financial
position of that society and in the course of such inquiry shall
inspect the books, accounts and other records of the society.
(2) Where having held an inquiry under this section the
Commissioner is of the opinion that the board has mismanaged
the affairs of the society or otherwise performed its duties
improperly, he may by notice to the society call upon it to remedy
the situation within three months from the date of such notice.
(3) Where a society fails to comply with the notice
referred to in subsection (2), the Commissioner may, after giving
the board an opportunity to be heard in general meeting called by
him for the purpose, order the dissolution of the board and direct
that the affairs of the society be managed by such persons as he
may appoint for a period not exceeding two years.
Commissioner
for Co-operative
Development.
Powers of
Commissioner.
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(4) Persons appointed by the Commissioner under this
section shall exercise all the powers and perform all the functions
as a duly constituted board and in particular shall make
arrangements prior to the end of their term of management for
the election of a new board in accordance with the bye-laws of
the society.
(5) The Commissioner may determine the remuneration
and expenses to be paid to the persons appointed under this section
and any moneys required for this purpose shall be payable from
the funds of the society.
(6) Nothing in this section shall derogate from the power
of the Commissioner to cancel the registration of any society should
he think fit.
(7) Where a creditor applies to have an inquiry instituted
he shall first satisfy the Commissioner that his debt is due and that
payment was demanded and not satisfied and he shall deposit as
security towards the cost of the inquiry such sum as the
Commissioner may determine.
5. The Commissioner shall at all times have access to the
books, accounts, records and securities of a society and is entitled
to inspect the cash in hand, and every officer of a society shall
furnish such information respecting the operation and transactions
of a society as the Commissioner may require.
6. (1) The Commissioner may apportion the costs of an
inquiry or any part thereof between the society and the person
requiring the inquiry but no such apportionment may be made
unless the parties liable to pay the costs thereunder are given an
opportunity of being heard.
(2) Costs may be recovered from any party liable to pay
the same on the application of the Commissioner to the Magistrate
of the district in which such party resides or carries on business
and the Magistrate may issue a warrant of distress upon and may
order the sale of any personal property belonging to such party so
however that no such property may be sold until after the expiration
of five clear days from the date of the levy.
Commissioner
to have access to
books, etc., of
society.
Costs of inquiry.
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PART II
REGISTRATION AND MEMBERSHIP
7. No undertaking may style itself a co-operative or credit
union society or have the term “co-operative” or “credit union” in
its name or hold itself out as being operated in accordance with
co-operative principles unless it is registered under this Act.
8. (1) Subject to section 9, any society established for the
promotion of the economic welfare of its members in accordance
with co-operative principles or a society established to facilitate
the operations of such a society is eligible to be registered under
this Act.
(2) A society may be established with or without limited
liability save that, unless the Minister by general or special order
otherwise directs—
(a) a society of which a member is another society
shall have limited liability;
(b) a society the primary object of which is the
creation of funds to be lent to its members, the
majority of whom are agriculturists and of which
no other society is a member shall have unlimited
liability and the members of such society shall
only on its liquidation, be jointly and severally
liable for and in respect of all its obligations.
9. (1) No society, other than a society of which another
society is a member, may be registered, under this Act unless its
membership consists—
(a) of at least twelve members of full age; or
(b) solely of members of a school, club or cultural
organisation, all under the age of twenty-one years.
(2) No society may be registered unless there exists among
its members none of whom is another society, some common bond
of occupation or association or of residence in a defined
neighbourhood or district.
Restriction on
use of the terms
“co-operative”
and “credit
union”.
Societies
eligible to be
registered.
Conditions of
registration.
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(3) The word “co-operative” shall form part of the name
of every society and a society whose membership is as described
in subsection (1)(b) shall be called a junior co-operative society.
(4) The word “limited” shall be the last word in the
name of every society with limited liability.
10. (1) Subject to subsection (2), in order to qualify for
membership in a society other than a junior co-operative society
membership, individual must—
(a) have attained the age of sixteen years; and
(b) reside or occupy land or carry on business in the
area in which the society operates.
(2) Where the society is a credit union, an individual who
has not yet attained the age of sixteen years may be admitted as a
member and may enjoy all the rights of membership save that where
such member is required to execute any instrument or give any
acquittance he may, if he has attained the age of fourteen years,
execute such instrument and give such acquittance himself and if
he has not attained the age of fourteen years he may do so only by
his parent or guardian.
11. (1) Subject to subsection (2) an infant duly admitted as a
member of a society shall enjoy all the rights and be subject to all
the liabilities of membership and notwithstanding any law to the
contrary all contracts entered into by him as a member shall be
enforceable at law.
(2) An individual who has not attained the age of
eighteen years shall not be an officer of a society but may be an
employee of a society; this subsection shall not apply to junior
co-operative societies.
12. A person may not exercise the rights of membership of a
society unless he has paid such membership fee or acquired such
interest as may be specified in the bye-laws.
Qualification for
membership.
Rights and
liabilities of
infant members.
Rights of
membership not
to be exercised
until payment
made.
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13. Where the primary object of a society with unlimited
liability is to grant loans to its members, no person may be a member
of more than one such society unless the Commissioner so directs;
but a person may be a member of more than one society with limited
liability unless the Commissioner otherwise directs.
14. (1) There shall be no voting by proxy and subject to any
special provisions in the bye-laws relating to the voting rights of
members who are themselves other societies, a member of a society
shall have one vote except where such member is the Chairman of
any meeting of the society in which case if there is an equality of
votes he shall have a casting vote in addition to his original vote.
(2) A society that is a member of another society shall
exercise its voting rights in that other society through one of its
members duly appointed in that behalf.
15. Where the liability of the members of a society is limited
by shares, no member not being another society, may hold more
than one-fifth of the shares of that society.
16. (1) Application for registration shall be made to the
Commissioner on the prescribed form, signed—
(a) in the case of a society of which no member is
another society, by at least twelve members of
full age;
(b) in the case of a society, the members of which
consist solely of other societies by a duly
authorised person on behalf of every such other
society;
(c) in the case of a society the members of which
consist of other societies and individuals by a duly
authorised person on behalf of each such other
society and twelve individuals of full age and
where there are less than twelve such individuals
by all of them;
(d) in the case of a junior co-operative society by
twelve of the members.
Person not to be
member of more
than one society.
Voting rights.
Limitation on
interest of
member of a
society with
limited liability.
Application for
registration.
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(2) The application shall be accompanied by three copies
of the proposed bye-laws of the society and such other information
including the address of the office of the society, as the
Commissioner may require.
(3) There shall be payable to the Commissioner on every
application under this section a prescribed fee.
17. The Commissioner may, on being satisfied that a society
has complied with the provisions of this Act and the regulations
and that its proposed bye-laws are not contrary to co-operative
principles, approve the bye-laws and register the society.
18. (1) Subject to this section, the Commissioner may, if he
thinks fit, at any time cancel the registration of a society and where
such registration is cancelled the society shall be deemed to have
been dissolved from the date on which its affairs are wound up.
(2) The Commissioner shall, before exercising the power
conferred on him by subsection (1), signify his intention to cancel
the registration of a society—
(a) by registered letter addressed to the Board; and
(b) by notice published in the Gazette.
(3) Any officer or member of a society who is aggrieved
by a decision of the Commissioner to cancel the registration of the
society, may within three months of the publication of the notice
in the Gazette pursuant to subsection (2)(b), appeal therefrom
within the periods and in the manner specified in section 74.
(4) On the expiration of the three-month period referred to
in subsection (3) or, where there is an appeal, on its determination
by means of dismissal, the Commissioner shall commence to wind
up the affairs of the society and shall issue a winding-up order.
19. The issue to the society of a certificate of registration
signed by the Commissioner, notice of which shall be published
in the Gazette, shall be conclusive evidence that the society is
duly registered unless it is proved that the registration was
subsequently cancelled.
Registration of
society.
Commissioner
may cancel
registration of
society.
[24 of 1976].
Evidence of
registration.
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20. The registration of a society shall thereupon establish it a
body corporate to be known by the name under which it is registered
and the address referred to in section 16 shall become the registered
address of the society.
21. A society may at any time amend its bye-laws by resolution
passed at a general meeting called for the purpose but no such
amendment shall be of any effect until approved by the
Commissioner, for which purpose three copies of the amendment
shall be forwarded to him and should the Commissioner approve
the amendment one copy indicating his approval shall be returned
to the society.
PART III
DUTIES, PRIVILEGES AND BUSINESS OF SOCIETIES
22. Every society shall be constituted and managed in
accordance with its bye-laws and the Regulations.
23. Every society shall have its certificate of registration
prominently displayed at its registered address.
24. (1) There shall be available at all reasonable times at the
registered address of a society—
(a) a copy of this Act and the Regulations made
thereunder;
(b) a copy of the bye-laws of the society; and
(c) the register of members and their shareholdings
and such other records as may be prescribed.
(2) A copy of an entry in the register of members shall be
prima facie evidence of the date on which the name of any person
was entered in such register as a member or the date on which
such person ceased to be a member, as the case may be.
25. A copy of any entry in any register, book or other record
kept in the course of business of a society shall, if duly certified in
such manner as may be prescribed, be admissible in evidence of
Society becomes
body corporate
on registration,
etc.
Amendment of
bye-laws.
Constitution and
management of
society.
Certificate of
registration to
be displayed at
registered
address.
Act, Regulations,
etc., to be
available for
inspection at
registered
address.
Admissibility of
copy of entry as
evidence.
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the existence of the entry and shall be admitted as evidence of the
matters and transactions recorded therein in every case where and
to the same extent as the original entry would, if produced, have
been admissible to prove such matters.
26. No officer of a society may in any legal proceedings to
which the society is not a party be compelled to produce any of
the registers, books or other records of the society, the contents
of which can be proved under section 25 or to appear as a witness
to prove the matters or transactions therein recorded, unless the
Court so directs.
27. (1) Where a society has among its objects the disposal of
any article or produce obtained by the work or industry of its
produce members, such society may by its bye-laws provide—
(a) that every member who produces any such article
or produce shall under contract in writing agree
to dispose of all or any specified amount thereof
to or through the society; and
(b) that any member who acts in breach of his contract
shall pay to the society by way of liquidated
damages a sum to be ascertained or assessed in
such manner as may be prescribed in the bye-laws.
(2) A contract entered into under this section shall not be
questioned in any Court on the ground only that it is a contract in
restraint of trade.
28. (1) A society may make advances by way of loan to its
members in accordance with its bye-laws.
(2) Notwithstanding anything to the contrary contained
in the Banking Act and the Local Savings Banks Act a society
shall not be deemed to be engaged in any business in the nature of
banking so as to be obliged to obtain a licence under either of
those Acts.
(3) A society shall not be required to obtain a licence
under the Moneylenders Act in order to carry on the business
of moneylending.
Production of
books, etc., legal
proceedings.
Disposal of
members’
produce
through a
society.
Loans by
society to
member.
Ch. 79:01.
Ch. 79:03.
Ch. 84:04.
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29. (1) A member to whom money has been lent by a society
or who is otherwise indebted to the society may be required to create
a charge in favour of the society in such form as may be prescribed.
(2) A charge shall so long as it continues in force confer
on the society the following rights and impose on the society the
following obligations, that is to say:
(a) the right upon the happening of any event
specified in the charge as being an event
authorising the chargee to seize the property
subject to the charge to take possession of any
property so subject;
(b) after an interval of five clear days or such less
time as may be specified in the charge from
the date of taking possession of any property
subject to the charge to sell such property either
by auction or if the charge so provides by
private treaty and either for a lump sum or
payment by instalments;
(c) to apply the proceeds of sale in or towards the
discharge of the debt secured by the charge and
the costs of seizure and sale and to pay any
surplus of such proceeds to the member whose
property was sold.
(3) A charge shall so long as it continues in force impose
on the member the obligation to pay to the society towards the
discharge of his indebtedness the proceeds of sale of any property
comprised in the charge or any money received under any policy
of insurance or by way of compensation in respect of any such
property, except insofar as the charge otherwise allows.
(4) It is hereby declared that a charge under this section
is not a bill of sale within the meaning of the Bills of Sale Act or a
contract within the meaning of the Agricultural Contracts Act or a
mortgage under the Mortgages of Produce Ordinance.
Creation of
charge in
favour of
society.
Ch. 82:32.
Ch. 63:50.
Ch. 27 No. 21.
(1950 Ed.).
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30. (1) A charge created under section 29 shall be duly
executed if signed by the member in duplicate in the presence of
the Chairman or the President and the Secretary of the Society.
(2) The Secretary shall file one copy of the charge at the
registered address of the society and shall forthwith transmit the
other copy to the Registrar General.
(3) The Registrar General shall keep a book to be
called “the Register Book of Co-operative Societies’ Charges”
in which he shall register every charge transmitted to him by
the Secretary of a society, and issue to the society a certified
copy of the registration.
(4) The registration of a charge under subsection (3) shall
constitute a first charge and security in favour of the society and
shall be deemed to affect with notice any person dealing with the
property comprised in the charge.
(5) As soon as the loan or other indebtedness in respect
of which a charge was created is discharged, the Secretary of the
society shall record the discharge in the file at the registered address
of the society and notify the Registrar General who shall forthwith
make an entry of satisfaction in the Register Book of Co-operative
Societies’ Charges.
(6) Any person may, on payment of the prescribed fee,
inspect the Register Book of Co-operative Societies’ Charges and
take extracts therefrom.
31. Every charge registered in the Register Book of
Agricultural Credit Societies’ Charges under the Agricultural
Credit Societies Ordinance 1954 (now repealed by this Act), and
subsisting at the date of the commencement of this Act shall be
deemed to have been registered in the Register Book of
Co-operative Societies’ Charges under this Act and such charge
shall, without prejudice to anything contained therein, have the
same force and effect as a charge created under this Act.
Execution and
registration of
charges.
[7 of 1972].
Effect of charge
registered under
Ordinance.
[6 of 1954
7 of 1972].
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32. Nothing in section 30 shall affect—
(a) any claim of the Government in respect of taxes
or money recoverable as such or of a landlord in
respect of rent or money recoverable as rent;
(b) the rights of any bona fide purchaser for value
without notice of the charge; or
(c) the rights of any prior chargee or encumbrances.
33. (1) Subject to any claim in respect of debts due to the
State or to a landlord in respect of rent or any money recoverable
as rent, any debt or outstanding demand owing to a society by a
member or past member shall notwithstanding anything contained
in section 29 be a first charge—
(a) upon the crops or other agricultural produce
whether standing or severed, raised in whole or
in part with the loan from the society by such
member or past member; and
(b) upon any cattle, fodder for cattle, agricultural or
industrial machinery or implements, or raw
materials for use in manufacture or handicraft, or
buildings used for the purposes of agriculture or
industry, or fishing or fish processing equipment
supplied to or purchased by such member or past
member in whole or in part from any loan whether
in goods or money granted him by the society.
(2) Any person dealing with any of the property specified
in subsection (1) shall be deemed to have notice of such first charge
and all such dealing shall be subject to the charge and priority
created by this Act.
34. A society may enforce a charge by applying to the
Magistrate of the district in which the member or past member
resides or carries on business or where the property subject to the
charge is situate for a warrant of distress by certifying under seal to
the Magistrate the amount due and particulars of the property so
charged and the Magistrate shall issue a warrant of distress and may
order the sale of the property by public auction or private treaty.
Claims of
Government,
etc., not to be
affected.
Prior claim
of society.
Enforcement of
charge.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 19
35. (1) A society may borrow from any other society or from
any bank approved by the Commissioner on the security of any
charge executed and registered in accordance with section 30
and may for this purpose assign any such charge to the other
society or bank.
(2) An assignment of a charge under this section shall be
registered in the same manner as a charge and section 29 shall
apply mutatis mutandis to an assignment so registered.
(3) An assignment of a charge when registered shall operate
as a first charge in favour of the assignee subject to section 32.
(4) Where any charge is assigned to a society established
with the object of facilitating the operations of other societies, such
society may borrow from any bank approved by the Commissioner
and for this purpose may re-assign any such charge to such bank
and subsections (2) and (3) shall apply mutatis mutandis to such
re-assignment.
36. Notwithstanding anything contained in sections 29, 30,
32, 33 and 37 a society shall have a charge or lien in respect of any
debt due from a member or past member upon his shares or interest
in the capital and on his deposits and upon any dividend, bonus or
surplus payable to him and may set off any sum payable to him in
or towards payment of any such debt.
37. (1) A society may require a member to give a bond with
or without surety as additional security for the repayment of any
loan and any condition thereby imposed on the member relating to
the payment of capital and interest shall be strictly observed and
performed and on breach of any such condition the bond shall be
forthwith forfeited.
(2) Section 35 relating to the assignment of charges shall
apply mutatis mutandis to the assignment of bonds.
38. (1) A society may receive deposits from an infant and
may pay to such infant any such deposit together with the interest
accrued thereon.
Assignment of
charges.
Charge, lien and
set off in respect
of shares or
interest.
Bond as
additional
security for loan
to member.
Validity of
payments.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
20 Chap. 81:03 Co-operative Societies
(2) Any deposit made on behalf of an infant may together
with any interest accrued thereon be paid to the parent of the infant
or, where the infant is under the care of a guardian, to such guardian
for the use of the infant.
(3) For the purposes of this section and section 10(2) the
mother of an infant born out of wedlock is the guardian of such
infant, except—
(a) there is subsisting a Court order depriving her of
the custody of such infant, in which case the
guardian shall be the person named in the Court
order; or
(b) the infant customarily resides with some person
other than the mother in which case that person
shall be the guardian.
In paragraph (b) the expression “customarily resides with” includes
“is under the care of”.
(4) The receipt of an infant or his parent or guardian, as
the case may be, for money received under this section shall be a
good and sufficient discharge of the liability of the society in respect
of that money.
(5) Where a person under disability other than an infant
is entitled to receive from a society any money whatsoever such
money shall be paid by the society to the Administrator General to
the credit of such person under disability and the receipt of the
Administrator General shall be a good and sufficient discharge of
the liability of the society to pay that money.
(6) The Administrator General may retain out of any
money so paid to him a sum not exceeding three per cent thereof
for fees of office and shall pay or apply the remainder to or for the
care, maintenance, education or benefit of such person under
disability.
39. (1) The transfer of or the creation of a charge on the shares
or interest of a member, past member or deceased member in the
share capital of a society shall be subject to the conditions as to
maximum holding as are provided in section 15.
Restriction on
transfer of
shares or
interest.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 21
(2) A member shall not transfer or create a charge on his
shares or interest in a society unless—
(a) he has held such shares or interest for not less
than one year; and
(b) the transfer or charge is made to the society or to
a person whose application for membership has
been accepted by the board.
(3) Subsection (2) does not apply to credit unions.
40. Subject to section 36, the shares or interest (excluding
deposits) of any member in the capital of a society or in any pension
fund established under this Act shall, up to a maximum of two
thousand dollars, not be liable to attachment or sale under any
Court order or decree in respect of any debt or liability incurred by
such member and subject to section 41 no person shall be entitled
to or have any claim in such share or interest.
41. (1) Where a person has been nominated as beneficiary
by a member in accordance with the bye-laws of a society and
such nominee is admitted to membership in the society, the
society shall within one year of the death of the member by
whom the nomination was made, transfer the shares or interest
of such deceased member subject to the limit specified in
subsection (3) to the nominee. Where, however, such nominee
is not admitted to membership in the society or where the
deceased member made no such nomination, the society shall
within one year of the death of such deceased member pay to
the nominee or legal personal representative of the deceased
member as the case may be, such sum, not exceeding the said
limit, representing the value or part thereof of the deceased
member’s shares or interest in the society.
(2) Nothing in this section shall be construed as
prohibiting a nominee who has been admitted to membership
from electing to receive payment representing the value of
the deceased member’s shares or interest instead of accepting
a transfer.
Shares or
interest not
liable to
attachment.
Transfer of
share or interest
on death of
member.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
22 Chap. 81:03 Co-operative Societies
(3) A society shall subject to section 30 and unless prevented
by order of a Court of competent jurisdiction pay to such nominee or
legal personal representative, as the case may be, a sum not exceeding
five thousand dollars due to the deceased member from the society.
All other moneys due to the deceased member from the society shall
fall into his estate and be subject in all respects to the laws relating to
inheritance including the requirement to pay estate duty.
42. (1) The liability of a past member for the debts of a society
as they existed at the time when he ceased to be a member, shall
continue for a period of two years from the date of his ceasing to
be a member.
(2) The estate of a deceased member is liable for a period
of two years from the date of his decease for the debts of a society
as they existed at the time of his death.
PART IV
PROPERTY AND FUNDS OF SOCIETIES
43. (1) A society may not, save with the consent of the
Commissioner, make a loan to any person other than a member.
(2) A society may not, save with the consent in writing of
the Commissioner lend its money on mortgage of real property.
(3) No loan shall be made to an officer of a credit union of
a sum in excess of the value of his shares and deposits and
accumulated dividends and interests thereon unless such loan is
approved by the vote of a two-thirds majority at a meeting of the
other members of the board, the credit committee and the supervisory
committee all sitting together or is made with the consent in writing
of all the members, other than the borrowing officer, constituting
the board, the credit committee and the supervisory committee.
*44. (1) Subject to the regulations or any bye-laws of a society
made for the purpose, a society may receive deposits and loans
from persons who are not members of the society for the purpose
of meeting any of its obligations or discharging any of its
functions under this Act.
*Deemed to have come into operation on 9th June 1971 (see Act No. 24 of 1976, s. 3).
Liability of past
member and
estate of
deceased
member for
debts of society.
Restriction on
loans.
Society may
receive deposits
and loans.
[24 of 1976].
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 23
(2) A society may by mortgage or in any other manner it
deems appropriate guarantee the repayment of any sums received
by it pursuant to subsection (1).
45. A society may invest or deposit its funds—
(a) in any bank approved by the Commissioner;
(b) in any securities issued or guaranteed by the
Government;
(c) in the shares or on the security of any other
society, provided that no such investment shall
be made in the shares of any society other than
one with limited liability; or
(d) in any other manner permitted by the
Commissioner.
46. A society may pay a dividend on share capital to its
members at a rate not exceeding that specified in the regulations.
47. (1) Every society that realises a surplus from its
transactions shall establish and maintain a reserve fund.
(2) At least one-tenth of the net surplus of the society
each year as ascertained by the annual audit shall be credited to
the reserve fund, and such reserve fund may, subject to the approval
of the Commissioner, be used in the business of the society or may
be invested in accordance with section 45.
48. Any balance of the surplus of a society, after making the
prescribed provision for the reserve fund, may together with any
available surplus of past years, be distributed among its members
to the extent and under the conditions prescribed by the regulations
and by the bye-laws of the society.
49. A society may establish a contributory pension fund for its
servants and employees and may contribute to such pension fund
from its net surplus, after the prescribed payments have been made
to the reserve fund. Such pension fund shall not be considered part
of the assets of the society but shall be invested under section 45.
Investment of
funds.
Restriction on
dividend.
Reserve fund.
[7 of 1972].
Restriction on
distribution of
surplus.
Pension fund.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
24 Chap. 81:03 Co-operative Societies
50. With the approval of the Commissioner any society after
making the prescribed payments to its reserve fund, may—
(a) set aside a sum not exceeding twenty per cent of
its net surplus; and
(b) at any time utilise that sum in contributing to any
public, co-operative or charitable purpose.
51. (1) Every society shall have its accounts audited
annually by the Commissioner or some other person authorised
by him or, in accordance with regulations made by the Minister
in that behalf, by an auditor selected by the society and approved
by the Commissioner.
(2) Each society shall pay a fee where the audit is carried
out by the Commissioner or some other person authorised by
him for that purpose and such fee shall be paid to a fund called
“The Supervisory and Audit Fund”, to be administered according
to the regulations.
(3) The audit shall include an examination of overdue
debts, if any, the verification of cash balances and securities, and a
valuation of the assets and liabilities of the society.
(4) The Commissioner or other person auditing the
accounts of any society shall have free access to the books, accounts
and vouchers of the society.
(5) The members of the board, and all officers of the
society shall furnish the Commissioner or other person auditing
the accounts with all such information regarding the transactions
and operations of the society as may be required.
(6) The Commissioner and every other person appointed
to audit the accounts of a society shall have power at the time of
the audit—
(a) to summon any officer, agent, servant or member
of the society or any other person, whom he has
reason to believe can give valuable information
regarding any transactions of the society or the
management of its affairs, to give such
information; or
Contribution to
charitable
purpose.
Audit.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 25
(b) to require any officer, agent, servant or member
of the society or any other person to produce any
book or document relating to any cash or
securities belonging to the society.
PART V
RECONSTRUCTION OF SOCIETIES
52. (1) Reconstruction of a society may be effected in any of
the following ways, that is to say, a society may:
(a) amalgamate with other societies to form a
single society;
(b) transfer its assets and liabilities to another society; or
(c) divide itself into two or more societies.
(2) The procedures to be adopted in any such case are set
out in sections 53 to 56.
53. (1) Any two or more societies may, with the approval of
the Commissioner by a resolution passed by not less than three-fourths
of all the members of each such society present and voting at a special
general meeting called for the purpose amalgamate as one society.
(2) On the passing of the resolution referred to in
subsection (1) each such society shall apply to the Commissioner
for cancellation of its registration and together make application
for the registration of the amalgamated society.
(3) Registration of the amalgamated society shall be a
sufficient conveyance to vest the assets and liabilities of the
amalgamating societies in the amalgamated society.
54. (1) Any society may, with the approval of the
Commissioner, by resolution passed by not less than three-fourths
of all the members present and voting at a special general meeting
called for the purpose, agree to transfer its assets and liabilities to
any other society which has agreed to accept them. Acceptance of
that other society shall be evidenced by a resolution of not less
than three-fourths of the members of that other society present
and voting at a special general meeting called for the purpose.
Reconstruction
of societies.
[7 of 1972].
Amalgamation
of societies.
Transfer of
societies.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
26 Chap. 81:03 Co-operative Societies
(2) On the passing of the resolutions referred to in
subsection (1) the transferor society shall apply to the
Commissioner for cancellation of its registration and the transferee
society shall submit to the Commissioner a copy of its resolution
agreeing to the transfer. Cancellation of registration and the
submission of the resolution agreeing to accept the transfer shall
be a sufficient conveyance to vest the assets and liabilities of the
transferor in the transferee.
55. Notwithstanding sections 53 and 54, no amalgamation or
transfer shall be effected unless the creditors of the societies
concerned are given three months written notice of the proposals
and where any such creditor objects in writing to the proposal his
claims against the society are first satisfied.
56. (1) Any society may, with the approval of the
Commissioner, by a resolution passed by three-fourths of the
members present and voting at a special general meeting called for
the purpose, resolve to divide itself into two or more societies. The
resolution (hereinafter in this section referred to as a “preliminary
resolution”) shall contain proposals for the division of the assets
and liabilities of the society among the new societies into which it is
proposed to divide the society and may specify the area of operation
of, and the members who will constitute, each of the new societies.
(2) A copy of the preliminary resolution shall be sent to
all the members and creditors of the society. A notice of the
resolution shall also be given to all other persons whose interests
may be affected by the division of the society.
(3) Any member of the society may, notwithstanding any
bye-law to the contrary, by notice given to the society within a period
of three months from his receipt of the preliminary resolution, intimate
his intention not to become a member of any of the new societies.
(4) Any creditor of the society may, notwithstanding any
agreement to the contrary, by notice given to the society within a
period of three months from his receipt of the preliminary resolution,
intimate his intention to demand the payment of moneys due to him.
Claims of
objecting
creditor to
be satisfied.
Division of
societies.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 27
(5) Any other person whose interest may be affected by
the division may by notice given to the society object to the division
unless his claim is satisfied.
(6) After the expiry of three months from the receipt of
the preliminary resolution by all the members and creditors of the
society and of the notice to other persons given under subsection (2),
another special general meeting of the society, of which at least
fifteen clear days’ notice shall be given to its members, shall be
convened for considering the preliminary resolution. If, at such
meeting the preliminary resolution is confirmed by a resolution
passed by not less than two-thirds of the members present and
voting either without changes or with such changes as in the opinion
of the Commissioner are not material, the Commissioner may,
subject to the provisions of subsection (9) and section 17, register
the new societies. On such registration, the original society shall
be deemed to be dissolved and its registration cancelled.
(7) The decision of the Commissioner as to whether or
not any changes made in the preliminary resolution are material
shall be final and no appeal shall lie therefrom.
(8) At the special general meeting referred to in
subsection (6) provision shall be made by another resolution for—
(a) repayment of the share capital of all the members
who have given notice under subsection (3);
(b) satisfaction of the claims of all the creditors who
have given notice under subsection (4);
(c) satisfaction of the claims of such of the other
persons who have given notice under subsection (5)
as the Commissioner decides, or securing their
claims in such manner as the Commissioner directs,
save that no member or creditor or other person shall be entitled to
such repayment or satisfaction until the preliminary resolution is
confirmed as provided in subsection (6).
(9) If within such time from the confirmation of the
preliminary resolution as the Commissioner considers reasonable
subsection (8) is not complied with, the Commissioner may refuse
to register the new societies.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
28 Chap. 81:03 Co-operative Societies
57. The registration of new societies established pursuant to
section 56 shall be a sufficient conveyance to vest the assets and
liabilities of the original society in the new societies in the manner
specified in the preliminary resolution as confirmed under
subsection (6) of that section.
PART VI
WINDING UP
58. If the Commissioner, after an inquiry has been held under
section 4, is of the opinion that the society ought to be wound up, he
may make an order directing it to be wound up and may appoint a
liquidator for the purpose and fix his remuneration which shall be
paid out of the funds of the society. Where no liquidator is appointed
the assets and liabilities of the society shall vest in the Commissioner.
59. Where it is a condition of the registration of a society that
it shall consist of at least twelve members who are above the age
of twenty-one years, the Commissioner may by order in writing
direct the society to be wound up, if at any time it is proved to his
satisfaction that the membership has been reduced to less than
twelve such members.
60. (1) Where, pursuant to section 18(4) the Commissioner
issues a winding up order, the assets and liabilities of the society
winding up order shall forthwith vest in him and he shall have in
respect of those assets and liabilities the powers of a liquidator
under section 61.
(2) The Commissioner may by notice published in
the Gazette delegate his power as a liquidator to an officer
of his department.
(3) Any delegation under subsection (2) shall be
revocable at will and shall not preclude the Commissioner from
exercising the power.
(4) In the exercise of his power as a liquidator, the
Commissioner or the officer delegated by him pursuant to
subsection (2) shall adopt the procedure specified in
regulation 56(b) to (f) of the Co-operative Societies Regulations
except that the provisions of regulation 56(c) thereof shall not
apply where the Commissioner exercises the power personally.
Effect of
registration of
new societies.
[7 of 1972].
Winding up.
Society may be
wound up if
membership is
reduced.
Power of
Commissioner
on issuing a
winding up
order.
[24 of 1976].
225/1971.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 29
61. A liquidator appointed under section 58 shall have
power to do all or any of the following things:
(a) to take immediate possession of all assets
belonging to the society and of all books, records
and other documents relating to the business
thereof, to carry on the business of the society so
far as may be necessary for its winding up and to
raise on the security of the assets of the society
the money requisite for this purpose;
(b) to have disputes referred to the Commissioner
with recommendations that the disputes be settled
by arbitration under section 67 and to institute
and defend actions and other legal proceedings
on behalf of the society in the name of his office;
(c) to investigate all claims against the society and,
subject to the provisions of this Act, to decide
questions of priority arising out of such claims,
and to pay rateably according to the amount of
such debts, the surplus if any being applied in
payment of interest from the date of liquidation
at a rate to be fixed by the Commissioner and not
exceeding the contract rate;
(d) to fix the time within which creditors shall prove
their debts and claims or be included for the
benefit of any distribution made before those
debts or claims are proved;
(e) make any compromise or arrangement with
creditors or persons claiming to be creditors or
having or alleging to have any claim, present or
future, for which the society may be rendered
liable;
(f) compromise all calls or liabilities to calls and
debts and liabilities capable of resulting in debts,
and all claims, present or future, certain or
contingent, subsisting or supposed to subsist
between the society and a contributory or alleged
contributory or other debtor or person
Powers of a
liquidator.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
30 Chap. 81:03 Co-operative Societies
apprehending liability to the society, and all
questions in any way relating to or affecting the
assets or the winding up of the society on such
terms as may be agreed and take any security for
the discharge of any such call, liability, debt or
claim and give a complete discharge in respect
thereof;
(g) from time to time to determine the contribution
to be made or remaining to be made by the
members or past members or by the estates or
nominees or legal personal representatives of
deceased members or by any officer, to the assets
of the society, such contribution shall include
debts due from such members or persons;
(h) to determine by what persons and in what
proportions the cost of the liquidation shall
be borne;
(i) to arrange for the distribution of the assets of
the society in a convenient manner when a
scheme of distribution has been approved by
the Commissioner.
62. When the affairs of a society for which a liquidator has
been appointed under section 58 have been wound up, or where
no liquidator has been appointed after two months from the date
of an order under section 59 or after confirmation of such order on
appeal, the Commissioner shall make an order cancelling the
registration of the society, and the society shall be deemed to be
dissolved from the date of such order.
63. Save in so far as is expressly provided in this Act, no Court
shall take cognisance of any matter connected with the
reconstruction within the meaning of Part V, winding up or
dissolution of a society under this Act, and when a society has
been reconstructed or a winding up order has been made no action
or other legal proceeding shall lie or be proceeded with against the
society except by leave of the Commissioner and subject to such
terms as he may impose.
Effect of
cancellation of
registration.
Bar of action in
reconstruction,
winding up and
dissolution
matters.
[7 of 1972].
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 31
64. After all the liabilities including the paid-up share capital
of a cancelled society have been met, any surplus assets shall not be
divided amongst its members but shall be devoted to any object
described in the bye-laws of the society, and when no object is so
described, to any object of public utility determined by the general
meeting of the society and approved by the Commissioner, or such
assets, should the members so agree, may be assigned by the
Commissioner in whole or in part to either or both of the following:
(a) an object of public utility of local interest;
(b) a charitable purpose,
or may be placed on deposit with a bank approved by the
Commissioner until such time as a society with similar objects
and bye-laws is registered when with the consent of the
Commissioner such surplus assets may be credited to the reserve
fund of such new society.
65. (1) Where, in the course of the winding up of a society, it
appears that any person who has taken part in the organisation or
management of such society or any past or present officer of such
society has misapplied or retained or become liable or accountable
for any money or property of such society or has been guilty of
misfeasance or breach of trust in relation to such society the
Commissioner may, on the application of the liquidator or of any
creditor or contributory, inquire into the conduct of such person
and make an order requiring him to repay or restore the money or
property or any part thereof with interest at such rate as the
Commissioner thinks just or to contribute such sum to the assets
of such society by way of compensation in regard to the
misapplication, retainer, dishonesty or breach of trust as the
Commissioner thinks just.
(2) This section shall apply notwithstanding that the Act
is one for which the offender may be criminally liable.
66. Where the Commissioner is satisfied that any person with
intent to defraud or delay the execution of any order that may be
made under section 59 or section 65 or any decision that may be
given in a dispute referred to the Commissioner or to any arbitrators
is about to dispose of the whole or any part of his property, the
Disposal of
surplus assets.
Power of
Commissioner
to surcharge
officers, etc., of
registered
society.
Attachment of
property.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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LAWS OF TRINIDAD AND TOBAGO
32 Chap. 81:03 Co-operative Societies
Commissioner may, unless adequate security is furnished, apply
to the Magistrate of the district in which the property is situate for
an Order for the conditional attachment of such property and the
Magistrate may where he considers it to be in the interest of justice,
make such an Order.
PART VII
DISPUTES
67. (1) If any dispute touching the business of a society arises—
(a) among members, past members and persons
claiming through members, past members and
deceased members;
(b) between a member, past member, or person
claiming through a member, past member or
deceased member, and the society, its board, or
any officer of the society;
(c) between a member and the society arising out
of or under any bye-law or bye-laws relating to
the disposal of the produce of agriculture or
animal husbandry, or under any contract, made
under section 27;
(d) between the society or its board and any officer
of the society;
(e) between the society and any other society; or
(f) between the society and any of its creditors,
the dispute shall be referred to the Commissioner for decision.
(2) The Commissioner may, before proceeding to hear or
determine a dispute, make or cause to be made a preliminary
investigation into the dispute with the object of ascertaining the
facts, defining the issues and endeavouring to bring about a
voluntary settlement between the parties to the dispute.
(3) The Commissioner may, on a dispute being referred
to him under subsection (1)—
(a) decide the dispute himself; or
(b) with the consent of the parties refer the dispute
to arbitration.
Settlement of
disputes.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 33
(4) The settlement of any dispute by an arbitration
award shall be final and shall not be called in question in any
Court of law.
(5) For the purpose of hearing and determining any
dispute the Commissioner, or the arbitrator as the case may be,
may administer oaths, and may require the attendance of all parties
concerned and witnesses, and the production of all books,
documents and things relating to the dispute.
(6) The Commissioner, or the arbitrator as the case may
be, shall also have power to order the expenses of determining any
dispute including fees to legal practitioners to be paid either out of
the funds of the society or by such parties to the dispute as he in
his absolute discretion may think fit.
(7) The decision given in respect of every dispute under
this section shall be recorded in the prescribed form or as near
thereto as the circumstances of the case may require and a copy
thereof shall be issued to every party to the dispute.
(8) Every order made by the Commissioner and any
arbitration award shall be executed by any civil Court in the same
manner as a decree or order of such Court.
(9) In this section “dispute” includes a claim by a
society for any debt or demand due to it from a member, past
member or the nominee, heir or legal personal representative
of a deceased member.
68. (1) Notwithstanding anything contained in section 67, the
Commissioner at any time when proceeding to a decision under
this Act or the Minister when an appeal has been referred to him
against any decision of the Commissioner under this Act may refer
any question of law arising out of such decision for the opinion of
the High Court.
(2) Any Judge of the High Court may consider and
determine any question of law so referred and the opinion given
on such question shall be final and conclusive.
Case stated on
question of law.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
34 Chap. 81:03 Co-operative Societies
PART VIII
OFFENCES
69. (1) Any member, agent or employee of a society who
corruptly accepts, agrees to accept, obtains or attempts to obtain
whether for himself or another, any gift or consideration as an
inducement or reward for doing or forbearing to do any act relating
to the business of the society or for showing favour or disfavour to
any person in relation to the business of the society and any person
who corruptly gives, agrees to give, or offers such gift or
consideration to any such member, agent or employee of a society
as such inducement or reward, is liable on summary conviction to
a fine of four thousand dollars and to imprisonment for two years
and on conviction on indictment to imprisonment for five years.
(2) In this section “consideration” includes valuable
consideration of any kind.
70. (1) Any person who obtains possession of any property
of or is granted any loan by a society by false representation or
other corrupt means or wrongfully withholds or misapplies any
such property or loan or wilfully applies any part thereof to purposes
other than those directed or expressed in the bye-laws of such
society or authorised in this Act or the Regulations, is liable on
summary conviction to a fine of two thousand dollars and to
imprisonment for one year and on conviction on indictment to a
fine or imprisonment for five years.
(2) In any proceedings under this section the person
accused may, in addition to any penalty imposed, be ordered to
deliver up any property or repay any sum of money to which the
proceedings relate and pay the cost of the proceedings.
71. (1) A society or any officer or member thereof or any
other person who fails without reasonable cause or wilfully neglects
or refuses to comply with any requirement of this Act or the
Regulations or to furnish any information or who purporting to
comply with any such requirement knowingly furnishes false
information is guilty of an offence.
Corrupt practice
and bribery.
Falsely
obtaining,
withholding, or
misapplying
property of
society.
Offences.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 35
(2) Any person who wilfully or without reasonable
cause disobeys any summons, order or direction lawfully issued
under this Act or the Regulations is guilty of an offence.
(3) Any officer or member of a society who wilfully
contravenes the bye-laws of the society relating to his duties or
functions as such officer or member is guilty of an offence.
72. (1) Any person who fraudulently or clandestinely
removes any property comprised in a charge created in favour
of a society under section 29 from the place where such property
was situate at the time of the execution of the charge or who
knowingly disposes of or deals with or attempts to dispose of
or deal with such property without first obtaining in writing
leave of the society on summary conviction is liable to a fine of
two thousand dollars and to imprisonment for one year.
(2) Where any person who has received a loan from a
society is convicted of an offence under this section there may be
imposed on him notwithstanding any penalty specified in
subsection (1) an additional penalty equal to such amount of the
loan with interest as has not been repaid to the date of the conviction
and the payment of such additional penalty shall discharge the
liability of the borrower to repay the loan.
(3) Where the Court has imposed an additional penalty
specified in subsection (2) and such penalty is not paid the Court
may order that the person convicted under this section and who
has defaulted in the payment of the additional penalty be imprisoned
for six months in respect of such default.
73. Every society and every officer or member thereof or other
person guilty of an offence under this Act for which no penalty is
expressly provided is liable on summary conviction to a fine of
two thousand dollars and in the case of a continuing offence to a
further fine of one hundred dollars for each day that the offence
continues after conviction thereof.
Dealing with
property subject
to a charge.
Penalty for
offences not
otherwise
provided for.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
36 Chap. 81:03 Co-operative Societies
PART IX
MISCELLANEOUS
74. A party aggrieved or adversely affected by any order or
decision of the Commissioner under this Act may appeal therefrom
to the Minister within two months of such order or decision, and a
further appeal may lie therefrom to a Judge in Chambers within
one month of such order or decision of the Minister.
75. The Commissioner may by instrument in writing delegate
to any person any of his powers, except this power of delegation,
and any power so delegated shall be exercised in the manner and
to the extent specified in the instrument of delegation.
76. (1) No stamp duty, registration fee nor Court fee shall
be payable on any instrument executed in pursuance of this Act
or the Regulations.
(2) No fee shall be payable for the certification by the
Commissioner or the Registrar General of any form of agreement
under this Act.
77. The Companies Act does not apply to any society not
within the meaning of this Act.
78. This Act does not apply to the Trinidad Co-operative
Bank Limited.
79. (1) Every society registered or deemed to have been
registered under any of the *Ordinances hereby repealed and whose
registration subsists at the date of the commencement of this Act shall
be deemed to have been registered under this Act and the bye-laws or
rules of such society shall, so far as they are not inconsistent with this
Act, continue in force until altered, substituted or revoked by bye-laws
made under this Act, so however, that societies registered under the
repealed Agricultural Credit Societies Ordinance 1954 shall be deemed
to have been registered with unlimited liability.
Appeals.
Delegation of
powers.
No stamp duty,
etc., payable on
instrument.
[7 of 1972].
Provisions of
Companies Act
not to apply.
Ch. 81:01.
Act not to apply
to Trinidad
Co-operative
Bank.
Saving for
existing
societies,
bye-laws, etc.
[7 of 1972].
6 of 1954.
* Former section 79 of this Act (omitted) repealed the Credit Union Societies Ordinance,
Ch. 38 No. 4; the Co-operatives Societies Ordinance, Ch. 38 No. 5; the Agricultural Credit
Societies Ordinance 1954 (6 of 1954).
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 37
(2) Sections 86 to 101 of the Credit Union Societies
Ordinance and the Trinidad and Tobago Credit Union Bank Rules
1952 shall be deemed to be the bye-laws of the Trinidad and
Tobago Credit Union Bank until altered, substituted or revoked by
bye-laws made under this Act.
(3) The Memorandum of Association of the Credit Union
League of Trinidad and Tobago filed in the office of the
Commissioner shall be deemed to be the bye-laws of the Credit
Union League of Trinidad and Tobago until altered, substituted or
revoked by bye-laws made under this Act.
(4) All regulations and rules made under any of the
Ordinances hereby repealed and in force at the time of the
commencement of this Act shall, in so far as they are not
inconsistent with this Act, be deemed to have been made under
this Act and shall continue in force until altered, substituted or
revoked by regulations made under this Act.
(5) All appointments and orders made, notifications and
notices issued, and suits or other proceedings instituted or
deemed to have been made, issued or instituted under any of
the Ordinances hereby repealed, shall, so far as may be, be
deemed to have been respectively made, issued and instituted
under this Act.
(6) Where in any law reference is made to a credit union
or to a co-operative society or to an agricultural credit society
registered under any of the Ordinances hereby repealed the
reference shall be deemed to apply to a society registered or deemed
to be registered under this Act.
80. The Minister may, by Order, exempt any society or
class of societies from any of the provisions of this Act, or
may direct that this Act shall apply to such society or class of
societies with such modifications as may be specified in the
Order; save that no order to the prejudice of any society shall
be made without an opportunity being given to such society
to represent its case.
Ch. 38 No. 4.
(1950 Ed.).
Power to
exempt societies
from provisions
of Act.
[7 of 1972].
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
38 Chap. 81:03 Co-operative Societies
81. The Minister may make Regulations to carry out the
purposes of this Act and in particular such Regulations may—
(a) prescribe all things required by this Act to
be prescribed;
(b) provide for the constitution and management of
societies, specifying the rights and obligations
of members;
(c) provide for general meetings of the members and
for the procedure at such meetings and the powers
to be exercised by such meetings;
(d) prescribe the returns to be submitted by a society
to the Commissioner, the persons by whom and
the form in which such returns shall be submitted;
(e) set out the procedure for the certification of copies
of documents or entries in the books of societies
and fix the charges to be levied for such copies;
(f) provide for the writing off of bad debts;
(g) prescribe the manner in which any question as to
the breach of any bye-laws or contract relating to
the disposal of produce to or through a society
may be determined, and the manner in which
liquidated damages for any such breach may be
ascertained or assessed;
(h) provide for the procedure to be followed by a
liquidator appointed under section 58 or by the
Commissioner under section 4;
(i) provide for the appointment of arbitrators and
the procedure to be followed in proceedings
before them;
(j) prescribe the procedure to be followed in
presenting and disposing of appeals; and
(k) specify the conditions and the rates of payment
of contributions by societies to any pension fund
which they may establish for the benefit of their
servants and employees.
Regulations.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 39
SUBSIDIARY LEGISLATION
JUNIOR CO-OPERATIVE SOCIETIES
(REGISTRATION FEE EXEMPTION) ORDER
made under section 80
1. This Order may be cited as the Junior Co-operative
Societies (Registration Fee Exemption) Order.
2. All Junior Co-operative Societies which satisfy the
registration requirements of section 16(1)(d) of the Act shall be
exempted from the further requirement of having to pay the
registration fee provided for by section 16(3) of the Act.
77/1974.
Citation.
Exemption from
registration fee.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
40 Chap. 81:03 Co-operative Societies
[Subsidiary]
CO-OPERATIVE SOCIETIES REGULATIONS
ARRANGEMENT OF REGULATIONS
REGULATION
1. Citation.
2. Register of Societies.
3. Application for registration.
4. Documents to be supplied to a society.
5. Refusal to register a society.
6. Register of members.
7. Books, accounts and forms.
8. Membership.
9. Withdrawal from society.
10. Disqualification for membership.
11. Number of members.
12. Appointment of nominees.
13. Division of surplus.
14. Limit to liability.
15. Authority of general meeting.
16. Right of member to attend general meetings.
17. First meeting of members.
18. Convening of annual general meeting.
19. Convening of special general meeting.
20. Chairman of meetings.
21. Voting at meetings.
22. Voting of resolution by show of hands.
23. Minutes of meetings.
24. Election of Board.
25. Powers and duties of the Board.
26. Meetings of the Board.
27. Failure to attend Board meeting.
28. Vacancy on Board.
29. Borrowing powers of Board.
30. Appointment of officers.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 41
Co-operative Societies Regulations [Subsidiary]
31. Security for financial officers.
32. Bad debts.
33. Preparation of balance sheet.
34. Loan to be approved by Board or committee.
35. Application for loan.
36. Approval of loan.
37. Granting of loans.
38. Purpose of loans.
39. Notification of approval to borrower.
40. Instruments to be executed.
41. Inspection of Register Book of Co-operative Societies’ Charges.
42. Restriction on loans to defaulters.
43. Extension of time on loans.
44. Misapplication of loan.
45. Recovery of loans.
46. Transfer of shares.
47. Reserve fund.
48. Audit of accounts.
49. Supervisory and Audit Fund.
50. Bye-laws.
51. Amendments to bye-laws.
52. Copies of entries.
53. Reference of dispute to Commissioner.
54. Reference to arbitration by Commissioner.
55. Proceedings before arbitrators.
56. Procedure on liquidation.
57. Liquidator to forward records to Commissioner.
FIRST SCHEDULE.
SECOND SCHEDULE.
REGULATION
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
42 Chap. 81:03 Co-operative Societies
[Subsidiary]
CO-OPERATIVE SOCIETIES REGULATIONS
made under section 81
1. These Regulations may be cited as the Co-operative
Societies Regulations.
2. (1) The Commissioner shall keep or cause to be kept at
his office a register to be called “The Register of Societies” wherein
he shall register societies in accordance with section 17 of the Act
and enter particulars relating to such societies and their bye-laws.
(2) All entries in the Register of Societies shall be made
by, or under the direction of the Commissioner and shall be
signed by him.
(3) Every alteration, interlineation or erasure in the
Register of Societies shall be initialled by the Commissioner.
(4) The Register of Societies shall be open to inspection
by the public at all reasonable times.
3. Every application for the registration of a society shall be
made to the Commissioner on the form set out as Form 1 in the
Second Schedule and shall be accompanied by the fee specified in
the First Schedule.
4. Upon the registration of a society, the Commissioner shall
forward to the society, free of charge—
(a) a certificate of registration;
(b) a copy of the bye-laws of the society as approved
by him and certified under his hand as having
been approved by him;
(c) a copy of the Act and of these Regulations.
5. Where the Commissioner refuses to register a society or
to approve its bye-laws he shall furnish the society with his
reasons therefor.
255/1971.
[201/1997].
Citation.
Register of
Societies.
Application for
registration.
Form 1.
Second
Schedule.
First Schedule.
Documents to
be supplied to a
society.
Refusal to
register a
society.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 43
Co-operative Societies Regulations [Subsidiary]
6. Every society shall keep a register to be called “The
Register of Members” in which shall be entered—
(a) the name, address and occupation of each member
and the number of shares held by him;
(b) the date on which the name of each member was
entered therein;
(c) the date on which a member ceased to be a
member;
(d) the name and address of every nominee appointed
under regulation 12; and
(e) the number of shares transferred to each nominee.
7. Every society shall keep such account and shall use such
books and forms as may from time to time be approved by the
Commissioner.
8. The admission of persons as members of a society other
than original members shall be in such manner and on such
conditions as prescribed by the bye-laws.
9. A member may withdraw from a society by giving written
notice to the Secretary but the withdrawal shall be without prejudice
to section 42 of the Act.
10. Where a member ceases to qualify for membership in a
society, under the Act or these Regulations or the bye-laws, the
board shall cause his name to be struck off the Register of Members,
but the striking-off of the name shall be without prejudice to any
liability of the person under section 42 of the Act.
11. No society shall fix a limit to the number of its members
without the approval of the Commissioner.
12. (1) Every appointment of a nominee by a member of a
society shall be made in writing and signed by the member in the
presence of two attesting witnesses.
Register of
members.
Books, accounts
and forms.
Membership.
Withdrawal
from society.
Disqualification
for membership.
Number of
members.
Appointment of
nominees.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
44 Chap. 81:03 Co-operative Societies
[Subsidiary] Co-operative Societies Regulations
(2) A member of a society with a share capital is not
entitled to appoint more than one nominee in respect of each
share he holds.
(3) In every case where more than one nominee is
appointed by a member the number of shares or the exact proportion
of the shares to be transferred to each nominee shall be specified
at the time of the appointment.
(4) For the purpose of a transfer to a nominee, the value
of any share or interest shall be represented by the sum paid for
that share or interest by the member holding it.
(5) Where any money is paid to a nominee who is an
infant, a receipt given by the infant or by his parent or guardian as
the case may be, shall be a good and sufficient discharge of the
liability of the society in respect of that money.
13. (1) No dividend or payment on account of surplus shall
be made by a society with unlimited liability until the reserve fund
has reached a proportion of not less than one-tenth of the total
liabilities of the society.
(2) (Revoked by LN 201/1997).
(3) At the end of a financial year, a bonus based on wages
or on the value of the products of a member, or a bonus or rebate
on patronage calculated in proportion to the amount of the business
done by each member with the society may be distributed among
its members from any balance of the surplus of the society, after
making the prescribed provision for the reserve fund, and from
any available surplus of past years.
(4) A bonus or rebate may be paid to the members
before the end of a financial year only where the Commissioner
so authorises.
14. (1) Every society shall, from time to time, fix at a general
meeting the maximum liability it may incur in respect of loans or
deposits whether from members or non-members.
Division of
surplus.
[201/1997].
Limit to
liability.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 45
Co-operative Societies Regulations [Subsidiary]
(2) The maximum liability fixed under subregulation (1)
shall be subject to the approval of the Commissioner, who may at
any time reduce it.
(3) No society shall receive loans or deposits in excess of
the maximum liability approved or fixed by the Commissioner.
15. The supreme authority in a society shall be vested in the
general meeting of the society.
16. Every member of a society has a right to attend and vote
at all general meetings of the society.
17. Every society shall hold its first general meeting within
one month of receiving its certificate of registration and the rights
and powers exercisable at the meeting shall be the same as those
exercisable at an annual general meeting.
18. (1) The annual general meeting of a society, of which at
least seven days’ notice shall be given to the members, shall be
convened by the Board not later than one month after the report on
the audit of the accounts of the society is received by the Board.
(2) Notwithstanding subregulation (1) the Commissioner
may, if he thinks fit, at any time after the audit of the accounts has
been completed convene the annual general meeting and the
meeting shall proceed as if it had been convened by the Board.
19. (1) The Board may convene a special general meeting
at any time and shall do so on receipt of a demand for the
meeting from the requisite number of members as prescribed
by the bye-laws. The demand shall state the object of the meeting
and shall be signed by such members.
(2) Notwithstanding subregulation (1) the Commissioner
or a person authorised by him in writing may at any time, summon
a special general meeting of a society in such manner and at such
time and place as the Commissioner or that person may direct.
Authority of
general meeting.
Right of
member to
attend general
meetings.
First meeting of
members.
Convening of
annual general
meeting.
Convening of
special general
meeting.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
46 Chap. 81:03 Co-operative Societies
[Subsidiary] Co-operative Societies Regulations
20. (1) The President of the Board, or in his absence the Vice-
President, or in the absence of both, any other person elected by a
majority of the members present, shall preside at the annual or
special general meeting.
(2) The Commissioner or a person authorised by him in
writing shall preside at any meeting convened by the Commissioner
or at his demand.
(3) The Chairman may, by a decision of the meeting,
adjourn the meeting from time to time and from place to place but
no business shall be transacted at any meeting so adjourned other
than the business left unfinished at the meeting from which the
adjournment took place.
(4) The Chairman shall have the right to order the closure
of a discussion and put the matter to the vote.
21. Any question other than those specified in these
Regulations submitted for the decision of the members present at
a meeting shall be decided by a majority of votes.
22. (1) A resolution put to the vote at any meeting shall be
decided on a show of hands, unless the bye-laws otherwise provide.
(2) In respect of every resolution put to the vote the
Chairman shall declare—
(a) whether it has been carried or lost;
(b) whether the voting was by show of hands; and
(c) whether the decision was unanimous or by a
particular majority, and in respect of all such
declarations, the minutes shall be conclusive
evidence thereof.
23. Minutes of the meetings shall be entered in the minute
book and shall be signed by the Chairman and the Secretary. The
minute book shall contain—
(a) the names of the officers and the number of
members present at the meeting;
Chairman of
meetings.
Voting at
meetings.
Voting of
resolution by
show of hands.
Minutes of
meetings.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 47
Co-operative Societies Regulations [Subsidiary]
(b) the time fixed for the meeting and the time the
meeting commenced;
(c) the membership of the society on the date of the
meeting; and
(d) the resolutions passed or decisions made at
the meeting.
24. The Board shall be elected at the annual general meeting
of the society in accordance with the bye-laws of the society.
25. (1) The Board shall represent the society before all
competent public authorities and in all dealings and transactions
with third persons, and shall carry out such duties in the
management of the affairs of the society as have not been
specifically assigned by these Regulations or the bye-laws to
general meetings or to an officer.
(2) The Board may institute suits in the name of the
society and defend suits brought against the society.
(3) The Board shall keep conspicuously displayed at the
registered office of the society—
(a) a copy of the latest annual balance sheet of the
society; and
(b) a copy of the latest annual report on the audit of
the accounts of the society.
26. The Board shall meet as often as the business of the society
may require.
27. A member of the Board who, without its approval, fails to
attend three consecutive meetings of the Board shall be deemed to
have vacated his office and the office shall thereupon be filled as
provided in regulation 28.
28. Whenever a vacancy occurs on the Board, the remaining
members of the Board shall, within fourteen days of the occurrence
of the vacancy fill the vacancy by appointing a substitute elected
at the last annual general meeting in accordance with the bye-laws.
Election of
Board.
Powers and
duties of the
Board.
Meetings of the
Board.
Failure to attend
Board meeting.
Vacancy on
Board.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
48 Chap. 81:03 Co-operative Societies
[Subsidiary] Co-operative Societies Regulations
29. The Board may borrow money on behalf of the society to
an amount not exceeding the maximum liability fixed in accordance
with regulation 14.
30. (1) The Board shall appoint a Secretary whose duties shall
be prescribed by the bye-laws.
(2) The Board may appoint such officers and employees
as it considers necessary.
31. An officer or employee whose duties involve the handling
of the funds of a society shall give security in such amount as may
be determined by the Board and approved by the Commissioner.
32. The Board may, with the approval of the general meeting,
cause bad debts to be written off the books of the society.
33. The Board shall in every year within such time as the
Commissioner may direct—
(a) cause to be prepared and sent to the
Commissioner—
(i) the audited balance sheet as at the end of
the preceding financial year;
(ii) a detailed statement of the profit and loss
account for the preceding financial year;
(iii) a statement of the receipts and payments
for the preceding financial year; and
(iv) a statement containing the name and
address of every member in default and the
amount he is owing as at the end of the
financial year;
(b) prepare and send to the Commissioner such
statistical information as he may require;
(c) prepare a report on the work of the society during
the preceding financial year for presentation to
the annual general meeting.
Borrowing
powers of
Board.
Appointment of
officers.
Security for
financial
officers.
Bad debts.
Preparation of
balance sheet.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 49
Co-operative Societies Regulations [Subsidiary]
34. In the case of a society whose primary object is the granting
of loans to its members and in which name the words “Credit
Union” appear, loans shall be approved by the credit committee
(hereinafter called “the committee”). In all other cases loans shall
be approved by the Board.
35. Every member who desires to obtain a loan from his society
shall submit an application to the Board or committee, as the case
may be, which shall state—
(a) the amount of money required;
(b) the purpose for which it is required;
(c) the period for which it is required;
(d) whether it is desired to repay the loan by
instalments; and
(e) the nature of any security that is offered or the
names, addresses and occupations of the
proposed sureties.
36. (1) The Board or the committee, as the case may be, shall
consider at a meeting every application for a loan and if it is satisfied
with the trustworthiness of the applicant, the sufficiency of any
security offered (if required) and the prospects of advantage to the
borrower in the way of increased production or economy or
otherwise, it may approve the loan.
(2) The only persons who may be present at a meeting of
the Board or committee when an application for a loan is being
considered are the members of the Board or the committee, as the
case may be, the Secretary and the Commissioner and his staff.
(3) A member of the Board or committee who applies for
a loan or who is proposed as a surety for a loan must withdraw
while the relevant application is being considered.
(4) If there is a difference of opinion concerning the
granting of a loan, the voting shall be taken by ballot.
Loan to be
approved by
Board or
committee.
Application for
loan.
Approval of
loan.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
50 Chap. 81:03 Co-operative Societies
[Subsidiary] Co-operative Societies Regulations
(5) The proceedings at a Board or committee meeting
with regard to loans shall be kept secret, and where this
provision is infringed—
(a) by a member of the Board or committee, that
member is liable to expulsion from the Board or
committee, as the case may be; and
(b) by an officer of the society, that officer is liable
to dismissal from office.
37. Loans, when approved, shall be granted to members in
accordance with regulation 40.
38. (1) No loan shall be made without the approval of the
Board or committee, as the case may be.
(2) A loan shall be applied only to such purpose for which
it was granted.
39. When a loan is approved by the Board or committee a
notice to that effect shall be sent to the borrower.
40. Where a loan is made the borrower and his sureties, if
any, shall execute an instrument in writing containing the terms of
repayment of the loan and such other terms and conditions as the
Board or committee may consider necessary, but if he is required
to provide security for the loan he shall execute an instrument of
charge in the form set out as Form 2 in the Second Schedule.
41. Any person may, on payment of the fee specified in the
First Schedule, inspect the Register Book of Co-operative Societies’
Charges and take extracts therefrom.
42. Where a member—
(a) is in default in the repayment of a loan or the
payment of an instalment in respect of a loan; and
(b) does not satisfy the Board or committee that his
default is due to a good cause,
that member shall not be granted a further loan until he has repaid
the existing loan.
Granting of
loans.
Purpose of
loans.
Notification of
approval to
borrower.
Instruments to
be executed.
Form 2.
Second
Schedule.
Inspection of
Register Book
of Co-operative
Societies’
Charges.
First Schedule.
Restriction on
loans to
defaulters.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 51
Co-operative Societies Regulations [Subsidiary]
43. Where, owing to sickness or some other cause, a member
finds that he will be unable to discharge his obligations to the society
in respect of any loan made to him and notifies the Secretary in
writing before the time fixed for repayment of the loan or the
payment of any instalment, the Board or committee, as the case
may be, may extend the time fixed for repayment of the loan or
payment of the instalment, as the case may be, on such conditions
as it thinks fit.
44. Where the Board or committee is satisfied that a member
of the society who has obtained a loan has applied the loan or any
part thereof to a purpose other than the purpose for which it was
granted, the Board or the committee, as the case may be, may by
notice in writing to the member demand repayment of the loan
before the agreed date of repayment.
45. Where—
(a) on the due date a loan has not been repaid or
any instalment in respect of a loan has not been
paid; and
(b) no extension of time for the repayment of the
loan or the payment of the instalment, as the case
may be, has been sought or given under
regulation 43,
the Board or committee, as the case may be, may take steps for the
recovery of the loan or instalment by referring the matter to the
Commissioner as prescribed in section 67 of the Act.
46. (1) Any share may be transferred with the approval of
the Board to any other member at the option of the transferor,
but if the transferee is not a member, he must be approved as a
member by the Board, or the general meeting in accordance with
the bye-laws relating to the admission of members, before the
transfer can be registered; and if the bye-laws require a member
to hold more than one share the transferee must acquire by the
transfer, or by the transfer and allotment, the number of shares
required to be held before the transfer can be registered.
Extension of
time on loans.
Misapplication
of loan.
Recovery of
loans.
Transfer of
shares.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
52 Chap. 81:03 Co-operative Societies
[Subsidiary] Co-operative Societies Regulations
(2) An application to transfer shares shall be in such form
as approved by the Commissioner.
(3) No transfer of a share shall be valid and effective
unless and until the transfer has been registered by the Secretary
on the direction of the Board.
(4) No transfer of a share shall be registered if made by a
member indebted to the society without special order of the Board,
and until the transfer of a share is registered no right shall be
acquired against the society by the transferee, nor shall any claim
of the society against the transferor be affected thereby.
47. The reserve fund of a society, established under section 47
of the Act, may with the approval of the Commissioner be applied
to meet bad debts or losses sustained through extraordinary
circumstances over which the society has no control.
48. (1) The accounts of every society shall be audited within
two months of the end of the financial year by the Commissioner
or a person authorised by the Commissioner.
(2) Where a person is authorised by the Commissioner
to audit the accounts of a society that person shall, in addition to
complying with the requirements of section 51(3) of the Act,
examine the annual statement of receipts and expenditure, the
profit and loss account and the balance sheet and verify them
with the accounts and vouchers relating thereto and if they are
found to be correct and in accordance with the Act and these
Regulations he shall so certify at the foot of the balance sheet,
but if they are found to be otherwise he shall report to the
Commissioner the respects in which he finds any of them incorrect
or not in accordance with the Act or these Regulations and the
Commissioner shall forward the report to the Board together with
such comments as he considers necessary.
49. (1) There shall be constituted a fund to be called “The
Supervisory and Audit Fund”, (hereinafter called “the Fund”)
and every society, the accounts of which have been audited by
Reserve fund.
Audit of
accounts.
Supervisory and
Audit Fund.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 53
Co-operative Societies Regulations [Subsidiary]
the Commissioner or a person authorised by him shall when
called upon to do so by the Commissioner, make annually a
contribution to the Fund.
(2) Until such time as a society for supervision and audit
has been established and registered—
(a) the Fund shall be held by the Commissioner and
administered by him on behalf of the
contributing societies;
(b) the Commissioner shall fix the amount of the
annual contribution to the Fund. The amount shall
be subject to a maximum of either ten per cent of
the net annual surplus of the society or one per
cent of the working capital of the society
whichever is less but shall not in any case be less
than ten dollars.
(3) So long as the Commissioner administers the Fund
he shall furnish the Minister with an annual report showing the
income derived from contributions, the expenditure he has
sanctioned from the Fund and the balance in hand.
(4) As soon as a society for supervision and audit has
been established and registered, the Fund shall be credited to the
society and shall be utilised by the society in accordance with its
objects and bye-laws.
50. (1) The bye-laws of a society shall contain provisions in
respect of the following matters:
(a) the name of the society;
(b) the registered address of the society and its area
of operations;
(c) the objects for which the society was established;
(d) the purposes to which the funds may be applied;
(e) the qualifications for membership and the terms
of admission to membership;
(f) the manner and terms of withdrawal from
the society;
Bye-laws.
[201/1997].
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
54 Chap. 81:03 Co-operative Societies
[Subsidiary] Co-operative Societies Regulations
(g) the grounds and manner of expulsion of a member
from the society;
(h) the nature and extent of the liability of members;
(i) the manner of raising funds, including the
maximum rate of interest on deposits;
(j) the procedure at general meetings and at
meetings of the Board, and the manner of
convening the meetings;
(k) the number of members to constitute a quorum;
(l) the composition of the Board and the mode of
election thereto;
(m) the duties of the officers and the manager;
(n) the manner of the investment of the funds of the
society; and
(o) the financial year of the society.
(2) If the objects of a society include the creation of funds
to be lent to its members, the bye-laws shall contain, in addition to
the matters specified in subregulation (1) provisions in respect of
the following matters:
(a) the conditions on which loans may be made to
members including the rate of interest, and the
manner of recovery; and
(b) the consequence, if any, of default in payment of
any sum due on account of shares.
(3) A society whose primary object is the granting of loans
to its members and in which name the words “Credit Union” appear,
shall provide in its bye-laws that—
(a) the liability of the members for the debts of the
society shall be limited by shares;
(b) a member may withdraw any portion of his share
capital not otherwise pledged to the society on
demand except that the Board may require notice
for a period not exceeding six months;
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 55
Co-operative Societies Regulations [Subsidiary]
(c) in addition to the Board, two committees shall be
elected annually by the members, namely—
(i) a credit committee for the granting of loans
to members; and
(ii) a supervisory committee for purposes of
supervision;
(d) a member of the supervisory committee shall not
be eligible for membership to the Board or to the
credit committee;
(e) deposits may be received from members only.
(f) (Deleted by LN 201/1997).
(4) Subregulation (3) does not apply to a society whose
object is to assist or foster Credit Unions and whose membership
is composed entirely of Credit Unions.
51. (1) A resolution to amend the bye-laws of a society in
accordance with section 21 of the Act shall not be valid unless it
was passed by a majority of not less than three-fourths of the members
present at the general meeting at which the resolution was proposed.
(2) If a resolution referred to in subregulation (1) is not
passed by the required majority the same resolution may unaltered
be proposed at another general meeting convened for the purpose,
not earlier than one month nor later than two months after the
general meeting at which it was first proposed and if it is then
passed by a majority of members the resolution shall be valid for
the purposes of section 21 of the Act.
(3) A copy of every resolution passed under
subregulations (1) and (2) shall be forwarded to the Commissioner
together with three copies of the amendment.
52. (1) A copy of an entry in any register, book or other record
kept in the course of business of a society may be certified by a
certificate affixed at the foot of the copy declaring that it is a true
copy of the entry and that the register, book or other record, as the
case may be, containing the entry is still in the custody of the
society; the certificate being dated and signed by the Secretary
and one member of the Board.
Amendment to
bye-laws.
Copies of
entries.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
56 Chap. 81:03 Co-operative Societies
[Subsidiary] Co-operative Societies Regulations
(2) Any person may, on payment of the fee specified in
the First Schedule, obtain from the Secretary of a society a certified
copy of an entry in any register, book or other record kept in the
course of business of the society.
53. (1) A dispute may be referred to the Commissioner under
section 67(1) of the Act—
(a) by the Board;
(b) by the society in pursuance of a resolution in that
behalf taken in general meeting;
(c) by any party to the dispute; or
(d) where the dispute concerns a member of the Board
and the society, by any member of the society.
(2) Every dispute shall be referred to the Commissioner
by a statement in writing addressed to the Commissioner. The
statement shall specify the nature of the dispute, set out full
particulars of the dispute and shall be dated and signed by the
party referring the dispute.
54. (1) Where by section 67(3) of the Act, the Commissioner
refers a dispute to arbitration, the reference shall be embodied in
an order of reference under his hand.
(2) Every order of reference under subregulation (1) shall—
(a) specify the name, surname, place of abode and
occupation of the arbitrator or arbitrators;
(b) set out the dispute and full particulars
thereof; and
(c) specify the time within which the award shall be
forwarded by the arbitrator or arbitrators to the
Commissioner.
(3) Notwithstanding subregulation (2)(c), where the
Commissioner is satisfied that there is good cause for doing so he
may, by a further order, extend the time within which an award
shall be forwarded to him.
First Schedule.
Reference of
dispute to
Commissioner.
Reference to
arbitration by
Commissioner.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 57
Co-operative Societies Regulations [Subsidiary]
(4) Where the Commissioner considers it fit to refer a
dispute to more than one arbitrator, the reference shall be to three
arbitrators of whom one shall be nominated by each party to the
dispute and the third shall be nominated by the Commissioner and
shall act as Chairman.
(5) Where there is more than one party on any side, the
Commissioner shall determine which of them is the principal party
and that party is entitled to nominate an arbitrator.
(6) Where a reference is made to three arbitrators, the
following provisions shall have effect:
(a) if any party to the dispute fails to nominate
an arbitrator within such t ime as the
Commissioner may specify, the Commissioner
may make the nomination;
(b) if an arbitrator nominated by one of the parties to
the dispute dies, or refuses or neglects to act, or
by absence or otherwise becomes incapable of
acting, the Commissioner shall call upon the party
concerned to nominate a new arbitrator and if a
new arbitrator is not nominated within such time
as the Commissioner may specify, the
Commissioner may make the nomination;
(c) if an arbitrator nominated by the Commissioner
dies, or refuses or neglects to act, or by absence or
otherwise becomes incapable of acting, a new
arbitrator may be nominated by the Commissioner;
(d) the opinion of the majority of the arbitrators
shall prevail.
55. (1) The proceedings before the Commissioner or the
arbitrator or arbitrators, as the case may be, shall be conducted as
nearly as possible as proceedings before a Court of law and in
particular the following shall have effect in respect thereof:
(a) written notice of the time and place at which the
proceedings are to be held shall be served upon
the parties to the dispute at least ten days before
the date of the hearing;
Proceedings
before
arbitrators.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
58 Chap. 81:03 Co-operative Societies
[Subsidiary] Co-operative Societies Regulations
(b) the evidence adduced at the hearing shall be
reduced in writing and shall be dated and signed
by the Commissioner, or the arbitrator or
arbitrators, as the case may be;
(c) every party to a dispute is entitled to appear
at the hearing thereof and may be represented
by an Attorney-at-law or any person who in
the opinion of the Commissioner or arbitrator
or arbi t ra tors , as the case may be, i s
competent to ass is t such par ty in the
presentation of his case;
(d) documentary exhibits shall be marked, dated and
initialled by the Commissioner or arbitrator or
arbitrators, as the case may be, and shall be
attached to the record of the proceedings;
(e) where a party is duly served and he fails to attend
at the hearing, the dispute may be heard and
determined ex parte.
(2) The decision given in respect of every dispute shall
be recorded in the form set out as Form 3 in the Second Schedule
and shall be dated and signed by the Commissioner, or arbitrator
or arbitrators, as the case may be.
(3) Upon the conclusion of the proceedings the arbitrator
or arbitrators shall immediately forward to the Commissioner the
record of the proceedings including the notes of evidence,
documentary exhibits and the award.
56. Where a liquidator has been appointed under section 58
of the Act the following procedure shall be adopted:
(a) the appointment of the liquidator shall be
published by the Commissioner in the Gazette;
(b) the liquidator shall at once take charge of the
books and property and assets of the society
and publish by such means as he may think
proper a notice requiring all claims against the
Form 3.
Second
Schedule.
Procedure on
liquidation.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 59
Co-operative Societies Regulations [Subsidiary]
society to be notified to him within two months
of the publication of the notice. He shall
thereafter proceed to take such further action
as he is empowered to take under the Act. All
liabilities recorded in the account books of a
society shall be deemed to have been duly
notified to the liquidator;
(c) the liquidator shall make separate orders against
the various members and past members of the
society, noting the amount to be realised from
each as a contribution under section 61 of the
Act and the cost of liquidation under the said
section. These orders shall be submitted for
approval to the Commissioner, who may modify
them or refer them back to the liquidator for
further inquiry or other action;
(d) if the sum assessed against any member is not
recovered, the liquidator may frame a subsidiary
order or orders against any other member or
members to the extent of the liability of each for
the debts of the society, until the whole amount
due from members is recovered, and these orders
shall be dealt with in the same way as orders under
subregulation (c);
(e) the liquidator shall submit a monthly report to
the Commissioner in such form as the
Commissioner may require;
(f) all funds in charge of the liquidator shall be
deposited in a recognised bank, and shall stand
in his name as liquidator;
(g) the Commissioner shall fix the amount of the fee,
if any, to be paid to the liquidator, which may be
by way of commission.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
60 Chap. 81:03 Co-operative Societies
[Subsidiary] Co-operative Societies Regulations
57. Where the affairs of a society for which a liquidator has
been appointed have been wound up and an order cancelling the
registration is made under section 62 of the Act, the liquidator
shall forward all the books and records of the cancelled society,
and all his own papers and proceedings to the Commissioner,
together with an account of his expenses, showing how the surplus
assets, if any, have been disposed of, and attaching the receipt of
the person to whom it was handed over.
FIRST SCHEDULE
FEES PAYABLE TO THE COMMISSIONER
For the registration of a society under the Act … … $10.00
FEES PAYABLE TO THE REGISTRAR GENERAL
For inspection of the Register Book of Co-operative Societies’
Charges and taking extracts therefrom … … … $1.00
FEES PAYABLE TO A SOCIETY
In respect of a certified copy of an entry in any register, book
or other record kept by a society, for every 100 words or part
thereof … … … … … … $1.00
Liquidator to
forward
records to
Commissioner.
Regulations 3
and 41.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 61
Co-operative Societies Regulations [Subsidiary]
SECOND SCHEDULE
REPUBLIC OF TRINIDAD AND TOBAGO
FORM 1
THE CO-OPERATIVE SOCIETIES ACT
APPLICATION FOR REGISTRATION
To: The Commissioner for Co-operative Development,
Port-of-Spain.
1. Application for registration of the undermentioned society under the
Co-operative Societies Act is hereby made by the persons whose signatures
appear hereunder:
2. The name of the society is .........................................................................
................................................................................................................
3. The registered address is at .......... ............................................................
................................................................................................................
4. The area of operations of the society is .........................................................
................................................................................................................
5. The objects of the society are as stated in the bye-laws ..............................
................................................................................................................
6. The bond of membership is .......................................................................
7. The financial year will terminate on the ........... day of .................... in
each year.
8 . The l i ab i l i ty o f the members fo r the deb t s o f the soc ie ty i s
l imited/unl imited.*
9. The society was established on the ..........day of ............................ 20........
and at the date of this application there are .............................members in
the society.
10. Herewith enclosed are three copies of the proposed bye-laws.
11. The sum of $ .........................is enclosed, being registration fee.
*Delete what is not applicable.
Regulations 3,
40 and 55.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
62 Chap. 81:03 Co-operative Societies
[Subsidiary] Co-operative Societies Regulations
13. The full name and address of the Secretary are as follows:
......................................................................................... ........................
................................................................................................................
Dated the ..................... day of ...................................in the year of Our Lord two thousand
and ........................................
.....................................................................
.....................................................................
Secretary
FORM 1—Continued
Name
(Please Print) Age Occupation Address Signature
............................................................................................................................................
............................................................................................................................................
...............................................................................................................................................
............................................................................................................................................
.............................................................................................................................................
............................................................................................................................................
..............................................................................................................................................
.................................................................................................................................................
..............................................................................................................................................
............................................................................................................................................
...............................................................................................................................................
12. Particulars relating to the applicants are given hereunder:
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 63
Co-operative Societies Regulations [Subsidiary]
REPUBLIC OF TRINIDAD AND TOBAGO
FORM 2
THE CO-OPERATIVE SOCIETIES ACT
INSTRUMENT OF CHARGE
I ..............................................................................................................................................
of................................................................................................................................
(hereinafter called “the Borrower”), being owner of the property described in the Schedule
hereto, and being a member of the ......................................................................................
.................................................................................................................................................
(hereinafter called “the Society”), in consideration of the sum of ........................................
...................................................................................................................................... dollars
lent to me this day by the Society, the receipt whereof is hereby acknowledged, I do
hereby create a charge on the property described in the Schedule hereto, in favour of the
Society as security for the repayment to the Society of the said sum of
............................................................................................ dollars together with interest
thereon at the rate of ............................. per cent a year, by ................................. instalments
of .......................................................................... dollars as from the ................... day of
........................................., 20..........
Now these presents witness that in consideration of the sum lent to the Borrower as
aforesaid the Borrower hereby agrees that the charge hereby created is subject to the
following covenants and conditions, that is to say:
(1) That he will repay the principal together with interest thereon on the
.................... day of ........................................ 20.........
(2) That he will not, at any time while any moneys remain owing hereunder,
do or allow to be done any act whereby the property may become prejudicially
affected.
(3) That he is entitled to retain possession and use of the property unless he
makes default—
(a) in the payment of any instalment or of the principal or interest
thereon; or
(b) in the observance or performance of any covenant or condition
herein expressed in which case the Society may immediately upon
such default or at anytime thereafter, through an agent authorised
by the Society in that behalf—
(i) seize and take possession of the property or any part
thereof; and
Regulation 40.
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
LAWS OF TRINIDAD AND TOBAGO
64 Chap. 81:03 Co-operative Societies
[Subsidiary] Co-operative Societies Regulations
(ii) sell the property so seized and taken possession of either
at auction or by private treaty and in either case the property
may be sold separately or together or in lots or for a lump
sum payment or for payment by instalments as the Society
may deem expedient.
(4) That upon a sale of the property or of any part thereof by the Society the
following provisions shall have effect, that is to say:
(a) the proceeds of sale shall be applied in accordance with
section 29(2)(c) of the Co-operative Societies Act;
(b) no purchaser of such property shall be bound to inquire as to the
propriety or regularity of the sale or shall be affected by any
impropriety or irregularity of or at such sale;
(c) the Society shall not be answerable to the Borrower in damages
or otherwise for any loss occasioned to the Borrower by the
sale or for any act, neglect or default of the Society or of its
authorised agent.
THE SCHEDULE
..........................................................................................................................
................................................................................................................................
...........................................................................................................................................
.............................................................................................................................................
...............................................................................................................................................
.............................................................................................................................................
Executed in duplicate at .......................................................................................................
this ............................... day of ....................................., 20..............
.........................................................
Signed in our presence by the said .................................................................. who is
personally known to us.
...........................................
...........................................
of the...........................................
(Add additional sheet if space allotted is too small)
Signature of Borrowing Member
President/Chairman
Secretary
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt
L.R.O.
LAWS OF TRINIDAD AND TOBAGO
Co-operative Societies Chap. 81:03 65
Co-operative Societies Regulations [Subsidiary]
REPUBLIC OF TRINIDAD AND TOBAGO
FORM 3
THE CO-OPERATIVE SOCIETIES ACT
DETERMINATION AND ORDER
IN THE MATTER OF A DISPUTE
BETWEEN
.....................................................................................................................(Complainant)
AND
..........................................................................................................................(Respondent)
referred to me pursuant to section 67 of the Co-operative Societies Act
I, ......................................................................................................... Commissioner for
Co-operative Development, do order and determine as follows:
(1) ..................................................................................................................
..................................................................................................................
..................................................................................................................
(2) ..................................................................................................................
..................................................................................................................
..................................................................................................................
(3) The cost and expenses of hearing and determining the dispute are
$ .................................................................................................................
(4) I direct that costs and expenses in the amount of $ .................... be paid
by ...................................................................................................................
to ....................................................................................................................
Given under my hand this ......................... day of ........................., 20..........
.............................................................................
N.B.—This Form is to be adapted in the case of an award by an arbitrator or arbitrators
under section 67.
Regulation 55.
Commissioner for Co-operative Development
UNOFFICIAL VERSION
UPDATED TO DECEMBER 31ST 2014
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