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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 1 : Application to register, name, and fit and proper requirement

7. Requirements for registration

 

In order to qualify for registration, a proposed co-operative bank must demonstrate to the satisfaction of the Authority that—

(a) the business it proposes to conduct is that of a co-operative bank of the type to which the application relates;
(b) it has sufficient human, financial and operational capacity to function efficiently and competently as a co-operative bank;
(c) every person that is to be a director, managing director or executive officer of the proposed co-operative bank has the necessary experience, knowledge and qualifications to operate the proposed co-operative bank and is a fit and proper person as contemplated in section 9; and
(d) the composition of the board of directors of the proposed co-operative bank is appropriate having regard to the nature and scale of the business to be conducted.