Co-operative (Seychelles Credit Union) (Establishment) Order

Date of promulgation: 
18 July 1988
In-force: 
Yes
Link to Related Consol Act: 

 

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CONSOLIDATED TO 30 JUNE 2012

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LAWS OF SEYCHELLES

CHAPTER 50

CO‑OPERATIVES ACT

SUBSIDIARY LEGISLATION

 

SI. 33 of 1988

SI. 29 of 1991

SI 33 of 2005

*CO‑OPERATIVES (SEYCHELLES CREDIT UNION(ESTABLISHMENT) ORDER

[18th July, 1988]

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Notes: (1) All credit unions established under the Co-operatives Act 1988 are deemed to be established under the Credit Union Act and the provisions of that Act shall apply to these credit unions.

(2) Regulations and byelaws of credit unions made under the Co-operatives Act 1988 to the extent that they are not inconsistent with the provisions of the Credit Union Act, continue in force until amended or replaced by regulations and bye-laws made under the Credit Union Act.

(3) The Management Committee of a credit union established under the Co-operatives Act 1988 continues in existence until it is replaced by a Board elected at the credit union’s first annual general meeting held in accordance with section 9(1) of the Credit Union Act.

*(4) Rule (4) came into operation on 4 July 2005.

1.      This Order may be cited as the Co‑operative (Seychelles Credit Union) (Establishment) Order.

2.      (1)        The Seychelles Credit Union Limited is hereby reconstituted and for this purpose there is hereby established a co‑operative by the name of Seychelles Credit Union.

(2)        The registered address of the co‑operative shall be at St. Claire Building, Olivier Maradan Street, Victoria, Seychelles.

3.      The objects of the co‑operative shall be ‑

(a)     the promotion of thrift among the members of the co‑operative;

(b)     the creation of sources of credit for the benefit of the members of the co‑operative at a fair and reasonable rate of interest; and

(c)     the use and control of the savings of the members of the co‑operative for their benefit.

4.      *The co‑operative shall have a management committee of not less than three (3) andnot more than seven (7) members.

5.      The co‑operative shall have at any one time a maximum number of 10,000 members.

6.      On the date of the coming into operation of this Order ‑

(a)     the assets and liabilities of the Seychelles Credit Union Limited reconstituted by this Order (hereinafter referred to as the "Old Co‑operative") shall be the assets and liabilities of the Seychelles Potters' Co‑operative established by this Order (herein‑ after referred to as the "New Co‑operative") and the New Co‑operative shall have all the necessary powers to take possession of, recover and deal with the assets and discharge the liabilities;

 (b)    all contracts, agreements, arrangements and undertakings entered into by the Old Co‑operative shall be deemed to have been entered into by the New Co‑operative any reference to the Old Co‑operative in the contracts, agreements, arrangements, or undertakings shall be cons‑ trued and have effect as if it were a reference to the New Co‑operative; and

 (c)    all proceedings pending to which the Old Co‑operative is a party shall be continued as if the New Co‑operative were a party to the proceedings instead of the Old Co‑operative

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