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Co-operatives Act, 2005 (Act No. 14 of 2005)

Schedules

Schedule 1 : Special Provisions Relating to Certain Kinds of Co-operatives

Part 3 : Financial Services Co-operatives

2. Requirements of constitution

 

(1) In addition to the other requirements of this Act, the constitution of a financial co-operative must specify the precise nature of the financial service the co-operative aims to provide to its members, which may include the following:
(a) to receive and deposit money from its members;
(b) to loan money to its members;
(c) to invest money on behalf of its members, subject to such limitations regarding the nature of such investments as may be provided for in its constitution or prescribed from time to time;
(d) to stand surety on behalf of its members to any person including a body corporate to the extent of the member’s deposit in the co-operative;
(e) to provide insurance cover to its members, whether of a long-term or short-term nature;
(f) to provide medical insurance cover to its members;
(g) to provide funeral services to its members, including funeral insurance;
(h) to render any other banking or financial service.