Credit Unions - Guide to Registration - The registration process

1. The Financial Services Commission will analyse the application and inform the promoters of any corrections to the by-laws that may be required.

2. The Financial Services Commission will meet with the promoters to sensitize them of the benefits of cooperative activity and the requirements of the Act and the Regulations.

3. If the registration of the society is approved, a fee of $500 is payable for the certificate of registration. 

5. Section 53(1) of the Act states:

On registration of the society, the individuals whose names appear in the application for registration as having been appointed and have consented to act as provisional directors

(a) Are deemed to have all the powers and duties of directors; and 

(b) Shall hold office until the first general meeting.

6. Upon approval of the application, the Financial Services Commission will issue a registration certificate to the society together with a copy of the registered by-laws.

7. The Financial Services Commission will publish at the expense of the society, a notice of the registration in the Official Gazette.

8. Unsuccessful applicants will be notified in writing.