Co-operative Societies Act (No. 8 of 2015)

1. Shorl title and commcncc-lllCnt ........................................................................... ..2

2. A~nd~ section 2 or thc principal Act................. ............ .. ....................... .2 .l. Re ~a1s and n:places sectiol1 4 of the principa l Act .................. ,......... ..... 2

4. Amends section 7 oflh~ principal Act. .... .... .. ... .. ...3 S. Amends section 9 of lht principal AcL ................. " ,.. .. , ,....... ,...... ..3

6. Am, ,,ds sectioo IS or 0" p,i", ip,1Act............. ............................ .. .. ..3 i. Repeals ami replAces section 115 of the principal Ad ................ .................... ...... .4 R. Repeals and replaces section 117 of tIle principal Acl... ... .. .................................. .4

9. Repealssecliotl.s 119 to 142 of the principal Act.. ......... ........... ......... ....................4      (3) The O{lme of the co·operat;ve slwIJ not imply that it is connected with the GOvernment of clllC B~halllRs or ~ loc~ 1 government authority or a palticular political party. (4) Save as expressly provided in this Act or in The nahllmns Coooperative Credit Unions Act, 20 15, this Act sha ll not apply to cooopcrative eredit unions registered lmder The Bahamas Coooperative Credit Unions Aet, 20 15. (5) Section i(I)(c) of this Act shall apply to n·operative credit unions.".

4. Amends section 7 of the principal Act. Section 7 of the principal Act is amcnded- (a) ill subsection (1)- (i) hy inserting the word "and" at the end of paragraph (e); (ii) by deleting the words ";and" at the enn of paragraph (d) and substituting therefor a full stop; and (ii i) by deleting paragraph (c); (b) by deleting subsection (2) and sub~tiluting theretur the fo llowing as new subsections (2) and (3) - "(2) In thc exerc ise of his functions, the Director of Societies shall satisfy himself that regist~.fl:d soeielil';-i are complying wilh the prov isiolls or the Finandal Transac·tions Reponing Act (Ch loR). (3) The Director of Soc ieties may, in writing, delegate a function specified in subsection (I) other than the function specified in paragraph (d), to an individual or organization and a runction so delegated shall be performed in such manner as the Director of Societies may determine." ,

5. Amends section 9 of the principal Act. Section 9(3) of the prine ipal Act is amenrled by deleting the words "and in the case of a credit union, its membership must consist of at least thirty members".

6. Amends section 15 of the principal Act. Section 15(2) of the principal Act is flmended by deleting paragraph (a) and substituting therefor the following as a new paragraph (a) - "(a) at any time it is proven that tnc number of members h a~ been reduced to less than ten;". Page · 3

7. Repeals and replaces section 115 of the principal Act. Section 115 afthe principal Act is repea led and replaced by the following - "115. ~tabli s hm{'[]t and Constitution of Apex Uur.IJ. There shall be an "pex l:3ody which shall be cnlled the National League find 1,I.'h ich shall be compll~oo of such mcmber ~pn:se ntatives of co-opcrativcs registered under this Act ami under The Rahamas Co-operdlivc Credit Unions Act, 20 15,", 8, Repeals and replaces section 117 of the principal Act. Sectiun 11 7 oflile principal Act is repealed and repla\,:eu by the following- " 117. i\fanugcIDcnt. (I) The Apex Rody shall be: subje:!;'t La the provisions of sections 22(lXd) and 113 of The Bahamas Cu-uperative Credit Unions Act, 2015, (2) Section 113 of 'Ille Bahamas Co-operative Credit Unions Act, 2015 shall apply mutatis mutandis to a society which is registered under this Act. (3) Section 113 of "Ibe Hahamns Co-operative Credit UnM)IIS Act, 2015 shal l apply mutatis mutandis to the directors of a society which is regi~tered under this Acl.", 9, Repeals sections 119 to 142 of the principal Act. Sections 119 to J 42 of the principal Act art: ho:reby repealed, PaJ,oe - 4