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Co-operative Banks Act, 2007 (Act No. 40 of 2007)

Chapter II : Registration, Constitution, Functions, Management and Auditor of Co-operative Bank

Part 2 : Constitution and functions of co-operative bank

15. General functions of co-operative bank

 

A co-operative bank may, in addition to the functions referred to in section 19 of the Co-operatives Act —

(a) receive grants and donations;
(b) in relation to a secondary or tertiary co-operative bank, apply for registration as a representative body under section 31 or accreditation as a support organisation under section 36;
(c) be a member of and enter into an agreement with a representative body or support organisation;
(d) together with other co-operative banks of the same type establish a dispute resolution scheme within the meaning assigned to it in the Financial Services Ombud Schemes Act, 2004 (Act No. 37 of 2004); and
(e) subject to any conditions specified by the Authority, act as an agent of its members or act in the interest of its members as an intermediary of a banking institution, other co-operative bank, co-operative, pension fund, provident fund, medical scheme, or insurance business as defined in the Long-term Insurance Act, 1998 (Act No. 52 of 1998), or the Short-term Insurance Act, 1998 (Act No. 53 of 1998).