Cooperative Societies Regulations (Cap. 81:03)

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. Book s, accounts and form s.

8. Membership. Q. Withdrawal from society .

10. Disqualification for membership.

11. Number of members.

12. Appointment of no minees.

13. Division of surplus.

14. Limitto liability.

15. Authority of genera l meeting.

16. Right of member to attend general meetings.

17. First meeting of members.

18. Co nvening of annual general meet ing.

19. Convening of special general meeting.

20. Chairman of meeting s.

21. Voting at meetings.

22. Voting of resolution by show of hands.

23. Min utes of meeti ngs.

24. Election of Board.

25. Powers and duties of the Board.

20. Meetings of the Hoard.

27. Failure to attend Board meeting.

28. Vacancy on Board.

29 . Borrowi ng powcn; of Board .

30. Appointment of officers. UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 41 Co -operuu ve Socteue s R egulu stons [S u haldl ary ] REGULAll0N

32. Bad debts.

33. Preparation of balance sheet.

34. Loun to be approved by Board or committee.

35. Application for loan.

36. Approval of loan.

37. Grunting of loans.

38. Purpose of loans.

39. Notification of approval to borrower.

40. Instruments to be executed. 4 1. Inspection of Register Book of Co-operative Societies' Charges.

42. Restr iction on loans to defaulters.

43. Extension of time on loans.

44. Misapplication of loan.

45 . Recovery of loans.

46. Trans fer 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.

511. Reference to arbitration by Commissioner.

55. Proceedings before arbitrators.

56. Procedure on liquidation. 5? Lj4.UjUUtUl tu rUl wanl reconls tu C ou uuissi un er.

FIRST SCHEDULE. SECOND SCHEDULE. LRD.l/2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 42 Chap. 81:03 Co-operative Societies [S u h sl d lar-y] 255/1971. 120I/19971. CO-OPERATI VE SOCIETIES REGULATIONS made under section 81 Citation. 1. These Regulations may be cited as the Co-operative Societies Regulations . Register of 2. (I) The Commissioner shall keep or cause to be kept at Societie-s. 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 . Application for 3. Every application for the registration of a society shall be registration. Form I. made to the Commissioner on the form set out as Form I in the Second Schedule. Second Schedule and shall be accompanied by the fee specified in First Schedule. the First Schedule. Documents to 4. Upon the registration of a society, the Commissioner shall be supplied to a society. 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 Reg ulations. Refusal to 5. Where the Commissioner refuses to regis ter a society or register a society to approve its bye-laws he shall furnish the society with his reasons therefor. UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 43 C o -op e ru u ve S oc teues R egulu stons [S u haldl ary ] 6. Every society shall keep a register to be called "The Re gister of members. Regi ster of Members" in which shall be entered (a) the name , addre ss 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, accounts .uul f U J JJl 1>. books and forms as may from time to time be approved by the Commissioner. 8. The admiss ion of persons as members of a society other Membership. 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 writte n Withdrawal from society. 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 Disqualification for membership. 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 liabi lity of the jJelSlJU under section 42 of the Act. 11. No society shall fix a limit to the number of its members Number of members. without the approval of the Commi ssioner. 12. (I) Every appoin tment of a nominee by a member of a Appointment of nominees. society shall be made in writing and signed by the member in the presence of two attesting witnesses. LR D . l /2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 44 Chap. 81:03 Co-operative Societies [S u h sl d lar-y] C o -op e ru u ve Societies Reguluuons (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 cas e 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 appoin tment. (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 receip t given by the infant or by his parent or guardian as the case IIlay be, shall be a good and sufficient discharge of the liability of the society in respect of that money. Divi ..inn of surplus. 13. (I) No dividend or payment on account of surplu s shall 120I/19971. 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 20111997). (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 . Limit to 14. (I) Every society shall, from time to time, fix at a general liability . meeting the maximum liab ility it may incur in respect of loans or deposits whether from members or non-members. UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 45 C o -op e ru u ve S oc teues R egulu stons [S u haldl ary ] (2) The maximum liability fixed under subregu lation (I ) shall be subject to the approval of the Commi ssioner, 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 Authority of mee ting general meeting of the society. Hi. Ever y member of a society has a right to attend and vote Right of member to at all general meetin gs of the society. attend gene ral meetings. 17. Every society shall hold its first general meeting within First meetin g of members. uuc 111lHlll1 uf receiving its certificate uf regisu a tio u an d the l ights and powers exercisable at the meeting shall be the same as those exercisable at an annual general meeting. 18. (I) The annual general meeting of a society, of which at Convening of annual general least seven days' notice shall be given to the members , shall be meeting . 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 (I ) the Commissioner may, if he thinks fit, at any time after the audit of the accounts has be en completed convene the annua l gene ral meeting and the meeting shall proceed as if it had been convened by the Board . 19. (I) The Board may convene a special general meeting Convening of spe cial ge neral at any time and shall do so on receipt of a demand for the meeting. meeting from the requisite number of members as prescribed by the bye-laws . The demand shall state the object of the meeting and sha ll be signed by such members . (2) Notwith standing subregulation (I ) 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. LR D . l /2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 46 Chap. 81:03 Co-operative Societies [S u h sl d lar-y] C o -op e ru u ve S ocieties Reguluuons Chairman of 20. (1) The President of the Board, or in his absence the Vice- meetin gs. 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. Votin g at 21. Any question other than t hose specified in t hese meetings. Regulations submitted for the decision of the members presen t at a meeting shall be decided by a majority of votes. Voting of 22. (I) A resolution put to the vote at any meeting shall be resolu tion by show of hands. 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 majorit y, and in respect of all such decl arations , the min utes shall be conclusive evidence thereof. Minutes of 2 ~. M inute s of the meetings sha ll h e f':ntf':rf':o in th e min ute meet ings. 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 ; UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 47 C o -op e ru u ve Socteues Regulustons [S u haldl ary ] (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 ) th e resolutions passe d o r decisions made at the meeting . 24. The Board shall be elected at the annual general meeting Ele ctio n of of the society in accordance with the bye-laws of the society. Board. 25. (I) The Board shall represent the society before all Powers and du ties o f t he competent public authorities and in all dealings and transactions Board. wi th third persons , and shall carry o ut such duties in the management of th e affairs of the society as have not been specifically assigned by thes e 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 Meeting, ofthe Board . may req uire. 27. A member of the Board who, without its approval, fails to Failure to attend R"'lrd m"""tin e attend three consecutive meetings ot the Hoard shall be deemed to have vacated his office and the office shall there upon be filled as provided in regulation 28. 28. Whenever a vacancy occurs on the Board, the remain ing Vacan cy on Board. 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. LRD .l/2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 48 Chap. 81:03 Co-operative Societies [S u h sl d lar-y] C o -op e ru u ve Societies Reguluuons Borr owing 29. The Board may borrow money on behalf of the society to powers of Board . an amount not exceeding the maximum liability fixed in accordance with regulation 14. Appointm en t of 30. (1) The Hoard shall appoint 0 Secretary whose duties shall officers. be prescribed by the bye-laws. (2) The Board may appoint such officers and employees as it considers necessary. Security for 31. An officer or employee whose duties involve the handling financial officers. of the: funds of a society shall give: security ill such amount as lllay be determined by the Board and approved by the Commissioner. Bud dcbta. 32. The Board may, with the approval of the general meeting, cause bad debts to be written off the books of the society. Pr ..paratinn of 33. The Board shall in every year within such time as the balan ce sheet. Commissioner may direct- (aJ cause to be prepared and sent to t he 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 preced ing financia l 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 ; (cJ prepare a report on the work of the society during the preceding financial year for presentation to the annual general meeting . UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 49 C o -op e ru u ve S oc teues Regulustons [S u haldl ary ] 34. In the case of a society whose primary object is the granting Lo an to be app roved by of loans to its members and in which name the words "Credit DU d!U OJ comm ittee . 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 loan. Application for shall s ub m it an application to the Board or co u uniuee , as the case may be, which shall state- (a) the amount of money required; (h ) the purpose for which it is req uired; (c) the period for which it is required; (d) whether it is des ired to repay the loan by instalments; and (e) the nature of any security that is offered or the names , addresses and oc cupations of the proposed sureties. 36. (I) T he Board or the committee, as the case may be, shan Approv al of loan. consider at a meeting every application for a loan and if it is satisfied with the trustworthiness of the applicant , the sufficiency of any secunty 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 commi ttee, 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. LR D . l /2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 50 Chap. 81:03 Co-operative Societies [Suhsl dlar-y] C o -operuu ve Societies R eg ulu uons (5) The proceedings at a Board or committee meeting wit h re gard t o loan s sha ll be kept secret, and wh ere thi s provision is infringed- (a) by a mem ber of the Board or comm ittee, that member is liable to expulsion from the Board or com mittee, as the case may be; and (h ) by an officer of the society, that officer is liable to dismissal from office. G ranting of 37. Loans, when approved, shall be granted to members in loans . accordance with regulation 40. Purpose of 38. (I ) No loan shall be made without the approval of the loans. Board or committee, as the case may be. (2) A loan shall be applied only TO such purpose for which it was granted. Notification of 39. When " loon i, ap p ro ved hy the Hoard or committee " approval TO borrower. notice to that effect shall be sent to the borrower. Instruments to be executed . 40. Where a loan is made the borrower and his sureties, if any, shall exec ute an instrument in writing containing the term s 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 Form 2. charge in the form set out as Form 2 in the Second Schedule. Second Schedule. Inspection or 41. Any person may, on payment of the fee specified in the Register Book of Co-operative First Schedule, inspect the Regi ster Book of Co-operative Societies' Societies' Charges. Charges and take extracts therefrom. P ir"t ., ...h",dll I", Restriction on 42. Where a member- loans to defaulters. (a) is in default in the repayment of a loan or the payment of an instalment in respect of a loan: and (h) does not satisfy the Board or committee that his defa ult is due to a good cause, that member shall not be grante d a further loan until he has repaid the existing loan. UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 51 C o -ope ruu ve S oc teues R egulu stons [S u haldl ary ] 43. Where, owing to sickness or some other cause, a member Exte nsion of time on loan s. 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 pay ment of the instalment, as the case may be, on such conditions as it think s fit. 44. Where the Board or committee is satisfied that a member Misapplication of loan. of the society who has obtaincd a loan has applied the loan or any part thereof to a purpose other than the purpose lor which it was granted, the Board or the commi ttee, 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- Recovery of loans . (Ll ) un the due da te a luau has Hut been repaid or any instalment in respect of a loan has not been paid ; and (b) no extension of time [or the repaymen t of the loan orthe payment of the instalment, as the case may be , ha s been sought or given under reg ulation 43, the Board or committee, as the case may be , may take steps forthe recovery of the loan or instalment by referring the matter to the Comm issioner as prescribed in section 67 01 the Act. 46. (I) Any share ma y be transferr ed with the approval of Transfer nf ·' to aHy utuei LIe B uaiu 1 1 111t:Ul 1J ei at LI 1 e uVl1U11 . 1 u aus [ er or , ,11,,,,,. u [ LIe 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-law s relating to the admi ssion of members, before the transfer can be registere d; and if the bye-laws req uire a mem ber to hold more than one share the tra nsferee must acq uire by the tran sfer, or by the tran sfer and allotment, the number of shares required to be held before the transfer can be registered. LR D . l /2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 52 Chap. 81:03 Co-operative Societies [Suhsl dlar-y] C o -operuu ve Societies R eg ulu uons (2) An application to transfer shares shall be in such form us approved by the Commissioner. (3) No tran sfer 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 again st the transferor be affected thereby. Reserve fund. 47. The reserve fund of a society, established under section 47 of the Act, may with the approval of the Commi ssioner be applied to meet bad debts or losses sustained through extraordinary circ umstances over which the society has no control. Audit of 48. (I ) The account s of every society shall bc audited within accoun ts. two months of the end of the financial year by the Commissioner or a person authoris ed by the Commissioner. (2) Where a person is authorised by the Comm issioner 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 account s and vouchers relating thereto and if they are found to be correct and In accordance With the Act and these Regulations he shall so certi fy at the foot of the balance sheet, but if they are found to be otherwise he shall report to the Commissionerthe respects in which he finds any of them incorrect or not in accordance with the Act or these Regulati ons and the Commissioner shall forward the report to the Board together with such comments as he considers necessary. Supe rvisory and 49. (I) There shall be constituted a fund to be called "The Audi t Fund. S uper visory and Audi t Fund" , (hereinafter called "the Fund" ) and every society, the accounts of which have been audited by UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 53 C o -op e ru u ve S oc teues R egulu stons [S u haldl ary ] the Comm issioner 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 o f the contributing societies ; (h) 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 wor king cap ital of th e society w hic he ver is less but shall not in any case be less than ten dollars . (3) So long as the Commis sioner admini sters the Fund he shall furnish the Minister with an annual report showing the income derived from contribut ions, 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 obje cts and bye-laws. 50. (I) The bye-laws of a society shall contain provis ions in Bye-laws. r201 !l9971. respec t of the following matters: (a) the name of the society; (h) 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 admiss ion to membership ; U) the manner and te rms of withdrawal from the society ; LR D . l /2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 54 Chap. 81:03 Co-operative Societies [S u h sl d lar-y] C o -ope ru u ve S ocieties Reguluuons (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 ra is in g funds , includin g the maximum rate of Interest on deposits; (j) the pr oce d ur e at g ener al meetings and at mee tings of t he Board, and th e 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; ( fl ) the 111a1l1H~1 of the investment of the f unds of the society; and (0) the financial year of the society. (2) If the objects of a society include the creation offunds to be lent to its members, the bye-laws shall contain, in addition to the matters specified in subregulation (I) 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 ofloans 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 otherw ise pledged to the society on de ma nd ex r-f':pt that the Hoa rd m :lY f f': C]1lire noti c e for a period not exceeding six months; UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 55 C o -ope ruu ve S oc teues R egulu stons [S u haldl ary ] (c) in addition to the Board, two committees shall be elected annually by the members, namely - (i) a credit committee for the granting ofloans 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 orto the credit committee; (e) deposits may be received from members only. (/) (De leted by I"N 20 11 1997). (4) Subregulation (3) does not apply to a society whose object is to assist or foster Credit Union s and whose member ship is composed entirely of Credit Unions . 51. (I) A resolution to amend the bye-laws of a society in Amendment to bye-laws. 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 subregulatio n (J) is not passed by the required majority the same resol ution 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 (I) and (2) shall be forwarded to the Commissioner togethe r with three copies of the amendment. 52. (I) A copy of an entry in any register, book or other record Copies of kept in the course of business of a society may be certified by a e ntnes. certificate affixed at the foot of thc 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. LR D . l /2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 56 Chap. 81:03 Co-operative Societies [Suhsl dlar-y] C o -op e ru u ve S oc ieties R eg ulu uons (2) Any person may, on payment of the fee specified in F irst Sche dule. 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 co urse of business of the society. Reference of 53. (I) A dispute may be referred to the Commissioner under dispute to Commissioner. section 67(1) of the Act - (a) by the Board; (b) by the society in pursuan ce of a resolution in that behalf taken in general meeting; (e) by any pany 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 patty referring the dispute. Reference to 54. (I) Where by section 67(3) of the Act, the Commi ssioner arbitration by 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 (I) shall- (a) specify the name, surname, place of abode and occupation of the arbitrator or arbitrators; (b) set out the dispute and f ull parti culars thereof; and (e) specify the time within which the award shall be forwarded by the arbitrat or or arbitrat ors to the Commissioner. (3) Notwithstanding subregulation (2)(e) , 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. UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 57 C o -op e ru u ve Socteues Regulustons [S u haldl ary ] (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 dis pute fails to nominate an arbitrator within such t i m e as the Commissioner may spec ify, the Comm issioner may make the nomination ; (h) 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. (I) The proceedings before the Comm issioner or the Procee dings before arbitrator or arbitrators, as the case may be, shall be conducted as arbitrators. 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 partie s to the dispute at least ten days before the date of the hearing ; LRD.l/2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 58 Chap. 81:03 Co-operative Societies [S u h sl d lar-y ] C o -op e ru u ve S ocieties Reguluuons (h) 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 part y to a disp ute is entitled to appear at th e hearing thereof and may be represent ed by an Attorney -at -law or an y pe rson who in the o pinion of the Commissioner or arbitrator or arbitra tors , as the case ma y be , is competent to ass ist such party in t h e presentation o f his case; (d) documentary exhibits shall be marked, dated and initialled by the Commissioner or arbitrat or or arbitrators, as t he c a se may b e, a n d shall b e attached to the record of the proceedings; (e) where a party is duly served and he fails to attend at the hearing, the dispu te IIlay be heard und determined ex parte. (2) The decision given in respect of every dispute shall Form 3. be recorded in the form set out as Form 3 in the Second Schedule Se cond Schedule. and shall be dated and signed by the Commissioner, or arbitrator or arbitrators, as the case maybe. (3) Upon the conclus ion of the proceedings the arbitrator or arbitrators shall immed iately forward to the Commissioner the record of the proceedings including the notes of evidence, documentary exhibits and the award. Pro cedure 0 11 56. Where a liquidator has been appointed under section 58 liquida tion. of the Act the following procedure shall be adopted: (a ) the appo intme nt of the liq uidator sha ll be puhlished hy the Commissioner in the Ga zette; (h ) the liquidator shall at once take charge of the books and property and asse ts of the society and publish by such means as he may think proper a notice requiring all claims against the UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 59 C o -op e ru u ve Socteues Regulustons [S u haldl ary ] society to be noti fied to him within two months of the publication of the notice. He shall thereafter proceed to tak e such furth er action as he is empowered to take under the Act. All liabilities recorded III the account books of a society shall be deemed to have been duly notified to the liq uidator; (c) the liquidator shall make separate orders against the various members and pa st members of the soc ie t y, notin g th e am o unt to h e r~:l l is~rl fro m each as a contribution under section 61 of the Act and the cost of liquidation under the said section. These orders shall b e s ubmitted 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 mem ber 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 suc h form as the Commissioner may requi re; (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. LRD.l/2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 60 Chap. 81:03 Co-operative Societies [S u h sl d lar-y] C o -ope ru u ve S ocieties Reguluuons Liq uidator to 57. Where the affairs of a society for which a liquidator has for ward records to been appointed have been wound up and an order cancelling the Commissione r. 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 accoun t 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. Reg ulations 3 FIRST SCHEDULE and 4 1. FEES PAYABLE TO THE COMMISSIONER For the registration of a societ y under the Act $10.00 FEES PAYABLE TO THE REGISTRAR GEN ERAL For inspection of the Register Book of Co-operative Societies' Charges and taking extracts therefrom $1.00 FEES PAYABLE TO A SO CIETY In respect of a certi fied copy of an entry in any register, book or othe r recor d kept by a socie ty. for every 100 wor ds or part thereof $1.00 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 61 C o -op e ru u ve S oc teues R egulu stons [S u haldl ary ]

SECOND SCHEDULE Regu lations 3. 40 and 55. REPUBLIC OF TRINIDAD AND TOBAGO FO RM THR CO-OPRRATIVR SOCIF.TIF.S ACT APPLICATION FOR REGISTRATION To : The Commissioner for C o -o p e r ati ve Development, Port -of-Spain. 1. App lic ation for re gistra tion of the undcrmcn tion cd socie ty under the C o o pcrnt.ivc Soci ctica Act ia hcrcb y mndc b)' the pcmon~, whose ai gno.turc« appea r hereu nder : 2. The name of the socie ty is . 3. The registered addre ss is at. 4. The area of operations of the society is . . 5. The objects otthc society arc as stated in the bye -laws. b. rn c bond ot memb er ship IS . 7. Th e fin an ci al year w ill termin ate on th e . day of in eac h year. 8. T he l i a b il it y of t he m emb e r s f or th e de b ts o f t he s o c ie ty i s limi ted/unlimi ted. *' 9. T !JI.; MJl.il.;ly w ax l.;1'llaL li1'l !Jl.; u UII l !J1.; d ay u l 20 .. and at the date of this application there are mem ber s in the society. 10. Herewi th encl osed are three copies of the propose d bye-laws. I I. The sum of S is enclosed, being regi stration fcc. *D ele te wha t is not applicable. LR D . l /2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 62 Chap. 81:03 Co-operative Societies [S u hsl dlar-y ] Co -o peruu ve Societies R eg ulu uons FORM 1- Continued 1:2. Particul ars relating to the app licants arc giv en her eunder : Nam e (please Print) Age Occ upation Address Signature 13. The full name and address of the Secretary arc as follows: Dated the day ot .in the year otOur Lord two thousand and. Secret ary UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www.legalaffairs.gov.tt Co-operative Societies Chap. 81:03 63 Co -operuuve Socteues Regulustons [S u haldl ary ] REPUBLIC OF TRINIDAD AND TOBAGO FORM 2 Regu lation 40. TilE CO·OPERATIVE SOCIETIES ACT INSTRUMENT OF CHARG E I. of.. (hereinafter called "the Borrower") , being owner of the property described in the Schedule hereto . and bein g a member of the . (hereinafter calle d "the Soci ety"). in consider ation 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 Schedu le here to, in favour of the Society (W nc ou r i tv for the rcp nymon t to the So c.ict.y of the an i d au m of ...... dollars together with interest thereon at the rate ot per cent a year, by instalments ot 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 su bjeet to the follow ing cove nants and conditions, that is to say: (I ) T hat he will repay the princ ipal togeth er with interest thereon on the .................... day of 20 .. (2) That he will not, at any time while any mon ey s rem ain owin g hereund er, do or allow to be done any act whereby the property may become prejudicially affecte d. (3) Th at he is entitled to retain possession and use of the prop erty unless he makes default- (a) in the payment of any instalment or of the principal or interest thereon ; or (11) in th C' nh <'; C'T\l::lnr C' nr pC'Tfnrm ::lnr C' nf ::I ny r-rwo na n t nr r n n rl it in n herein expressed in which case the Society may immediately upon suc h default or at anytime thereafter, throu gh an age nt authorised by the Society in that behalf- (i) seize and take possession of the prop erty or any p art thereof; and LRD.l/2006 UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt 64 Chap. 81:03 Co-operative Societies [S u h sl dlar-y] C o -op e ru u ve S ocieties Reguluuons (ii) sell the prop erty so seized and take n possess ion of either at auction or by private treaty and ineither case the property may be sold separately or together or in lots or for a lump sum paym ent or for payment by instalments as the Society m ay deem e xpe dient. (4) Th at up on a sale of the prope rty or of any part thereof by the Societ y the following pro vision s shall have effect, that is to say: (a) the proceed s of sale shall be applied in accordanc e with section 29(2)( c) of the C o operative Societies Act; (h) no pur chaser of such pro perty shal l be bound to inquir e as to the propriety or re gularity 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 otherw ise for any loss occ asio ned to the Borrower by the sale or for any act, neglect or default of the Society or of its authorised age nt, THE SCHEDULE (Add additional sheel ifspace aliened is 100 small) Executed in duplicate at . thi s day of 20 .. Signat ure of Borrowing Member Siglll.:L! i ll UUI IJI t: St:IH: t: LJy the xaid . whu is personally known to us. of the .. UPDATED TO DECEMBER 31ST 2009 LAWS OF TJUNlDAD AND TOBAGO MINISTRY OF LEGAL AFFAIRS www. legalaffairs.gov.tt Co-operative Societies Chap. 81:03 65 C o -op e ru u ve Socteues R egulu stons [S u haldl ary ] REPUBLIC OF TRINIDAD AND TOBAGO FORM 3 Regulation 55. TilE CO·OPERATI VE SOCIETIES ACT DETERMINATION A N D ORDER IN THE MATTER OF A DISPUTE BETWEEN .....................................................................................................................(Complainant) AND ......................................................................................................... ..(Respondent] referred to me pursuant to section 67 of the Co-operative Societies Act L Commissioner for Co-operative Development. do order and dctcnnin c as follows: (I) (2) (3) The east and expenses of hearing and determining the dispute are S. (4) I direet that costs and expenses in the amount of S be paid by .. to .. Given u nder my hand this day of 20 .. Commissionerf or Co-operative Development N .B. - Thi s Form is to be adapted in the case of an awa rd by an arbitrator or arbitrators under section 67. LRD.l/2006 UPDATED TO DECEMBER 31ST 2009