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Credit Union Ordinance 1960

CONSOLIDATED ACTS OF SAMOA 2008

CREDIT UNION ORDINANCE 1960

Arrangement of Provisions

TITLE
1. Short title
2. Interpretation
3. Appointment of Registrar of Credit Unions
4. Register to be kept
5. Memorandum of association
6. Contents of Memorandum
7. Registration
8. Incorporation of Credit Union with limited liability
9. Publication of notice of registration
10. Restriction on name
11. By-laws
12. Capitalisation
13. Shares, how purchased
14. Dividends
15. Transfer of shares
16. Objects
17. Powers
18. Land
19. Entrance fee
20. Change of registered office
21. Meetings
22. Election of directors and committees
23. Appointment of officers
24. Remuneration
25. Returns of Registrar
26. Duties of directors
27. Jurisdiction of Credit Committee
28. Purpose of loans
29. Security of loans
30. Restrictions
31. Prohibitions
32. Interest rates
33. Repayment
34. Duties of Supervisory Committee
35. Borrowing powers
36. Powers of hypothecation
37. Reserve Fund
38. Procedure for payment of dividend
39. Members limited to groups
40. Minors
41. Register of members
42. Expulsion of members
43. Withdrawal of member
44. Payments upon death, withdrawal or expulsion of a member
45. Effect of expulsion or withdrawal
46. Officers, etc., not to withdraw or transfer shares
47. Voting
48. Fiscal year
49. Federation of Credit Unions
50. Security by officers
51. By-laws binding
52. Debts due by members
53. Annual returns
54. Other returns
55. Form of return
56. Annual examination of affairs of Credit Unions
57. Offences
58. Liability of officers and directors
59. Prohibition of use of words "Credit Union"
60. General penalty
61. Cancellation of registration
62. Dissolution by consent of members
63. Liability of members in winding up
64. Provision as to instrument of dissolution
65. Income tax
66. Appeal
67. Fees payable to Registrar
68. Disposure of fees
Schedules

_____________________________

THE CREDIT UNION ORDINANCE 1960

1960 No.22

AN ORDINANCE to provide for the formation of Credit Unions and to regulate their operations

(24 November 1960)
(Commencement date 24 November 1960)

1. Short title - This Ordinance may be cited as the Credit Union Ordinance 1960.

2. Interpretation - In this Ordinance, unless the context otherwise requires:

"Credit Union" means a Credit Union registered under this Ordinance.

"Registrar" means the Registrar of Credit Unions.

3. Appointment of Registrar of Credit Unions - The Public Service Commission of Samoa shall appoint a person to administer this Ordinance and such person shall be called the Registrar of Credit Unions.

4. Register to be kept - The Registrar shall keep a register of all Credit Unions registered under this Ordinance.

5. Memorandum of association - (1) Any 12 or more persons resident in Samoa who desire to associate themselves together as a Credit Union for the objects hereinafter set forth, may, in the presence of a witness, sign in duplicate a memorandum of association, and cause it to be filed in the office of the Registrar. Such memorandum of association, printed or typewritten, shall be in the form in the First Schedule and there shall be attached to the memorandum an affidavit verifying the signatures to such memorandum.

(2) Such persons, after signing the memorandum of association, shall appoint a provisional secretary who shall hold office until a secretary is appointed in accordance with section 23.

6. Contents of memorandum - The memorandum of association shall state:

(a) The name of the Credit Union;

(b) The group of persons to whom membership shall be limited;

(c) The address in Samoa at which the registered office of the Credit Union is to be situated;

(d) The par value of its shares;

(e) The names and addresses of the subscribers to the memorandum, the number of shares subscribed by each and the qualification of each within the group to which membership is limited.

7. Registration - On the memorandum of association being filed the Registrar, if he or she is satisfied that registration is advisable and in particular that the group to which membership is limited is such as to ensure reasonable personal contact amongst the members, shall register the Credit Union and shall issue to the provisional secretary a certificate of incorporation in the form in the Second Schedule.

8. Incorporation of Credit Union with limited liability - The registration of a Credit Union shall render it a body corporate by the name under which it is registered, by which it may sue and be sued, with perpetual succession and a common seal and with limited liability; and shall vest in the Credit Union all property for the time being vested in any person in trust for the Credit Union; and all legal proceedings pending by or against the trustees of any such Credit Union may be prosecuted by or against the Credit Union in its registered name without abatement.

9. Publication of notice of registration - The Registrar shall cause a notice of registration under the preceding section to be published in the Samoa Gazette.

10. Restriction on name - No Credit Union shall be registered under a name identical with that by which any other existing Credit Union has been registered, or so nearly resembling the same as to be likely to deceive, and the words "Credit Union", shall be the last words of the name of every Credit Union registered under this Ordinance.

11. By-laws - (1) The Registrar shall prepare and submit for approval by the Head of State, acting on the advice of Cabinet standard by-laws not inconsistent with this Ordinance, which shall apply subject as hereinafter provided to every Credit Union registered hereunder.

(2) The Registrar shall supply a copy of the standard by-laws to any person bona fide applying therefor for any purpose relating to a Credit Union or the proposed formation of a Credit Union.

(3) A Credit Union may by a two-thirds vote of the members at an annual general meeting or at a special general meeting called for the purpose make by-laws for the Credit Union to be known as supplementary by-laws. Such supplementary by-laws may be in addition to, or in amendment or repeal of, any standard by-laws but no supplementary bylaw shall be of any effect until the same has been approved by the Registrar. Supplementary by-laws may provide for fines not exceeding 1 penalty unit for failure to make repayments on loans and payments on shares when due.

12. Capitalisation - The capital of every Credit Union shall be unlimited in amount and shall be divided into shares of a par value of not less than $2 each.

13. Shares, how purchased - The shares may be purchased outright or by instalments in such manner as may be determined by by-laws.

14. Dividends - A shareholder shall receive dividends only on fully paid up shares.

15. Transfer of shares - (1) Subject to the other provisions of this section and to the by-laws, shares may be assigned, transferred, or withdrawn, by the holder.

(2) Shares may only be assigned or transferred to a member of the Credit Union.

(3) No assignment, transfer, or withdrawal shall be valid unless approved by the directors elected in accordance with section 22; but such approval shall not be unreasonable withheld.

(4) No assignment, transfer, or withdrawal shall be approved by the directors if the total number of shareholders is thereby reduced below 12.

16. Objects - The objects of a Credit Union shall be:

(a) To promote thrift among its members;

(b) To receive the savings of its members either as payment on shares or as deposits;

(c) To make loans to members exclusively for provident or productive purposes.

17. Powers - For the purpose of carrying out its objects, a Credit Union may, subject to the provisions of this Ordinance:

(a) Deposit money in any bank in Samoa or in the Post Office Savings Bank;

(b) Invest in any securities issued or guaranteed by a Government under the British Crown or in any security or local loan of the Government of Samoa;

(c) Borrow money as hereinafter provided;

(d) Insure its loans, funds, and property, against loss;

(e) Draw, make, accept, endorse, execute, and issue promissory notes, bills of exchange, bills of lading, warrants and other negotiable or transferable instruments;

(f) Do all such other acts and things as are incidental or conducive to or consequential upon the attainment of its objects.

18. Land - A Credit Union may in its own name hold, purchase or take on lease any land, and may sell, exchange, mortgage or lease the same.

19. Entrance fee - A Credit Union may charge an entrance fee not exceeding that authorised by the by-laws.

20. Change of registered office - A Credit Union may change its registered office on written notice to the Registrar.

21. Meetings - (1) There shall be an annual general meeting at such time as the by-laws may provide.

(2) Special general meetings may be called in the way and manner provided by the by-laws.

(3) Within 10 days after receipt by the provisional secretary of the certificate of incorporation, he or she shall notify each of the applicants for incorporation that the certificate has been received, and shall call a meeting of the Credit Union for the organisation thereof which shall be deemed to be the annual general meeting for that year.

22. Election of directors and committees - (1) At the first annual general meeting, the Credit Union shall elect a Board of Directors of not less than 5 members, a Credit Committee of not less than 3 members, and a Supervisory Committee of 3 members.

(2) One half of the members of the Board and of each of the Committees aforesaid shall go out of office in each year and their successors shall be elected at the annual general meeting. Where the number of members of the Board or of either of the Committees aforesaid is not evenly divisible by 2, the number of members of the Board or of such Committee to go out of office shall be half the number next below the number of members of the Board or Committee.

(3) The members of the Board or a Committee to go out of office shall be those members who have been longest in office without re-election and in the case of equality shall be determined by ballot.

(4) Any retiring member shall be eligible for re-election.

(5) No director or member of the Credit Committee shall be a member of the Supervisory Committee.

23. Appointment of officers - At their first meeting, which shall be held within 10 days after their election or at any subsequent meeting in the event of a vacancy among the officers, the directors shall appoint from their own number a president and a vice-president, and shall appoint a secretary and a treasurer or a secretary-treasurer, who may or may not be a director.

24. Remuneration - No member of the Board of Directors, or of the Credit Committee, or Supervisory Committee shall, as such, receive remuneration, but the secretary and the treasurer or the secretary-treasurer may be paid such salaries as the members may determine at any annual or special meeting.

25. Returns of Registrar - A record of the names and addresses of the directors, the members of the committees, and of the officers, shall be filed with the Registrar within 10 days after election or appointment.

26. Duties of directors - Subject to the provisions of this Ordinance the directors shall have the general management of the affairs of a Credit Union and in particular shall:

(a) Act on applications for membership and on the expulsion of members;

(b) Determine the maximum individual share holdings and the maximum individual loan which may be made with or without security;

(c) Determine interest rates on loans and on deposits;

(d) Declare dividends;

(e) Fix the form and amount of the security which shall be required from officers and employees handling money;

(f) Fill casual vacancies in the Board of Directors and in the Credit Committee until the election of successors at the next annual general meeting;

(g) Perform such other duties as are required by this Ordinance or by the by-laws.

27. Jurisdiction of Credit Committee - (1) The Credit Committee shall have the general supervision of all loans to members and subject to any general order of the Board and the provisions of this Ordinance shall fix the amount of, and rate of interest on, each loan.

(2) The Credit Committee shall not consider any loan unless a majority of the Committee is present, and no loans shall be approved except by the unanimous decision of the members present.

28. Purpose of loans - Every loan shall be for a provident or productive purpose.

29. Security of loans - (1) The Credit Committee shall require security to be given on all loans in excess of an amount to be fixed by the Registrar.

(2) The Credit Committee shall determine the security and guarantors which shall be required for each loan and the conditions of repayment.

30. Restrictions - No director, officer or member of the Credit or Supervisory Committee shall be allowed to borrow in excess of the value of his shares and deposits except upon the unanimous vote of a majority of the other members of the Board of Directors, a majority of the Credit Committee and a majority of the Supervisory Committee, sitting together, the said director, officer or member, not being present when the vote is taken.

31. Prohibitions - No Credit Union shall lend money to or accept deposits from any person who is not a member of the Credit Union, but this section shall not limit the powers contained in section 17(a) and (b).

32. Interest rates - The interest rate on any loan made by a Credit Union shall not exceed one percent per month, on the unpaid balance of such loan.

33. Repayment - A borrower may repay his loan in whole or in part on any day on which the office of the Credit Union is open for business.

34. Duties of Supervisory Committee - The Supervisory Committee shall:

(a) Make an examination of the affairs of the Credit Union at least quarterly and audit its books and if deemed necessary by them, call a special general meeting of the Credit Union for consideration of the report of the Supervisory Committee;

(b) Make or provide for an annual audit and submit a report thereon to the annual meeting;

(c) Fill casual vacancies in its own membership until the next annual meeting and successors are chosen;

(d) If deemed necessary and by unanimous vote, suspend any officer, and call a meeting of the Credit Union to consider their report on such suspension;

(e) Call a special general meeting to consider any matter or matters which, in their opinion, should be placed before the Credit Union.

35. Borrowing Powers - (1) Subject to the other provisions of this section a Credit Union may borrow money for the carrying out of its objects and functions.

(2) A Credit Union shall not borrow any money so that the total indebtedness of the Credit Union in respect of borrowings exceed 50 percent of the sum of the deposits and the paid up value of the issued capital.

(3) No money shall be borrowed by a Credit Union save upon a resolution by the directors.

(4) Where any borrowing would make the total indebtedness of the Credit Union in respect of borrowings exceed 25 percent of the sum of the deposits and the paid up value of the issued capital, the resolution of the directors to borrow such money shall require confirmation either by a vote of not less than three-quarters of the members present at a general meeting duly called for considering such resolution or by the unanimous sanction in writing of the members of the Credit Union.

36. Powers of hypothecation - A Credit Union may charge, hypothecate, mortgage or pledge its real or personal property to secure any liability for the repayment of money borrowed in pursuance of a resolution passed under section 35.

37. Reserve fund - (1) Every Credit Union shall have a reserve fund into which shall be paid all entrance fees and fines.

(2) The directors shall at the end of each financial year before declaring any dividend set aside for payment into the reserve fund not less than 20% of the net earnings for that year:

PROVIDED THAT the directors shall not be required to set aside for or to pay into the reserve fund any sum which would make the amount of the reserve fund exceed 10 percent of the sum of the deposits and the issued capital of the Credit Union for the time being.

(3) The money in the reserve fund may be invested in the same manner as other money of the Credit Union but any interest or dividend on such investments shall be paid to the general revenue of the Credit Union.

(4) The reserve fund shall be held as a reserve against bad loans or losses other than operating deficits and shall not be used for any other purpose except on liquidation.

38. Procedure for payment of dividend - After making provision for the reserve fund, as required by section 37, the Board of Directors may declare a dividend from the remainder of the net earnings and in such case shall present its resolution to the annual meeting of the Credit Union for confirmation. Any dividend authorised at that meeting shall be paid on all shares fully paid up and in the possession of the same member throughout the previous fiscal year except that shares which become fully paid up during the previous fiscal year shall be entitled to a proportionate part of such dividend from the first day of the month following such payment in full. In no case shall the dividend declared by the Credit Union exceed 6 percent per annum.

39. Members limited to groups - (1) The membership of a Credit Union shall be limited to groups of persons having a common bond of occupation or association or to groups of persons residing within a well defined neighbourhood, community, rural or urban district.

(2) A person admitted to membership shall not exercise any of the rights of a member until he has subscribed to one share and has paid an amount thereon not less than the initial instalment provided by the by-laws.

40. Minors - (1) A minor may be a member, provided that a minor shall not vote until he or she has reached the age of 16 years, nor shall he be elected as a director or as a member of the Credit Committee or Supervisory Committee until he or she has attained the age of 21 years.

(2) The minority of any person duly admitted as a member of any Credit Union shall not debar that person from executing any instrument or giving any acquittance necessary to be executed or given under this Ordinance, and shall not be a ground for invalidating or avoiding any contract entered into by any such person with the Credit Union; and any such contract entered into by any such person with the Credit Union, whether as principal or as surety, shall be enforceable at law by or against such person notwithstanding his minority.

41. Register of members - A register, or list of shareholders, shall be kept by every Credit Union. Such register shall show and shall be prima facie evidence of:

(a) The names, addresses and occupations of the shareholders, the number of shares held by them respectively, the number of such shares and the amount paid or considered as paid thereon;

(b) The date on which each shareholder was registered;

(c) The date at which any shareholder ceased to be such.

42. Expulsion of members - (1) The Board of Directors may by a two-thirds vote, at a meeting duly called, expel a member from the Credit Union.

(2) The secretary shall within 5 days from the date on which the member is expelled, notify him or her in writing of the action of the Board of Directors.

(3) An appeal from the action of the Board of Directors may be taken by the member to the next general meeting of the Credit Union:

PROVIDED THAT written notice of intention to appeal shall be given by him or her to the secretary within 30 days from the date of receipt of the notice mentioned in subsection (2).

(4) At such meeting a majority of the members present may confirm or rescind the action of the Board of Directors.

(5) The expulsion of a member shall take effect:

(a) Where no notice of appeal has been given within the time for appealing, upon the expiration of such time;

(b) Where an appeal has been made, upon the date of confirmation by the members at the general meeting.

43. Withdrawal of members - A member may withdraw from the Credit Union at any time on giving such notice of withdrawal as may be required by the by-laws.

44. Payments upon death, withdrawal or expulsion of a member - All amounts paid in on shares or as deposits by a member who is expelled or withdraws from the Credit Union or who dies and any relative dividends or interest shall be paid to him or her or in the case of death to his or her personal representative as funds become available and after deducting all amount due from him to the Credit Union. Any shares paid off under this section shall for the purpose section 63(e) be deemed to have been withdrawn by a notice given on the date of such expulsion, withdrawal, or death, as the case may be.

45. Effect of expulsion or withdrawal - A member who is expelled or withdraws shall have no further rights in the Credit Union but shall not, by such expulsion or withdrawal, be released from any remaining liability to the Credit Union.

46. Officers, etc., not to withdraw or transfer shares - No member entrusted with or participating in the direct management of the affairs of the Credit Union shall withdraw or transfer or otherwise dispose of his or her shares, during the exercise of his or her functions. In case of insolvency of the Credit Union any such withdrawal or transfer made by him or her within 4 months preceding such insolvency shall be null and void. Such member shall remain liable to creditors of the Credit Union to the extent of such shares so disposed of or transferred.

47. Voting - No member shall have more than one vote at any meeting and no member may vote by proxy.

48. Fiscal year - The financial year of a Credit Union shall end on the 31st day of March in each year or on such other date as the by-laws may provide.

49. Federation of Credit Unions - (1) Credit Unions incorporated or registered under this Ordinance that desire to associate as a federation for the furtherance of their common interests and the benefit of their members may execute in duplicate, under seal and attested by the hands of their proper officers, a Memorandum of Association and, if such Memorandum is approved by the Registrar of Credit Unions, cause it to be filed in the office of the Registrar.

(2) The Memorandum of Association shall state the name of the federation, the par value of the shares, the objects of the federation, the place at which its registered office will be situated, the names and addresses of the subscribers to the Memorandum of Association and the names of the Credit Unions which they respectively represent and shall be accompanied by a copy of the by-laws by which the federation is to be governed and such other documentary evidence as the Registrar may require.

(3) If the Registrar approves of incorporation he or she shall endorse upon both copies of the Memorandum of Association a certificate of incorporation and such endorsement shall be conclusive evidence of incorporation under this Ordinance.

(4) The Registrar shall cause a notice of the incorporation to be published in the Samoa Gazette.

(5) From the date of the certificate of incorporation the Credit Unions on whose behalf application has been made for incorporation in the Memorandum of Association and such other Credit Unions as from time to time become members shall be a body corporate by the name contained in the Memorandum and the provisions of this Ordinance shall apply mutatis mutandis to the Federation.

50. Security by officers - Every person appointed to an office touching the receipt, management or expenditure of money for the purposes of a Credit Union shall, before entering upon the duties of his or her office, give such security as is deemed sufficient by the Directors, which security may be varied in amount or renewed from time to time.

51. By-laws binding - The by-laws of a Credit Union shall bind the Credit Union and the members thereof to the same extent as if each member had subscribed the member’s name and affixed his or her seal thereto and there were in such by-laws a covenant on the part of the member, his or her heirs, executors and administrators to conform to such by-laws subject to the provisions of this Ordinance.

52. Debts due by members - (1) All money payable to a Credit Union by a member shall be a debt due from the member to the Credit Union and shall be recoverable as such in any Court of competent jurisdiction.

(2) The Credit Union shall have a lien on the shares and deposits of a member, past member, or deceased member from any sum due from the member to the Credit Union, and for any loan endorsed by him or her.

53. Annual return - Every Credit Union shall:

(a) Not later than 2 months after the end of each financial year send to the Registrar an audited statement of the receipts and expenditures, assets and liabilities of the Credit Union, and such other information as may be required by the Registrar;

(b) Supply gratuitously to every shareholder on his or her application, a copy of the last annual return.

54. Other returns - Every Credit Union shall furnish the Registrar with such information as the Registrar may from time to time require.

55. Form of return - Every document and return required for the purposes of this Ordinance and the books of accounts kept by Credit Unions shall be in such form as the Registrar may prescribe.

56. Annual examination of affairs of Credit Unions - The affairs of every Credit Union shall be examined at least annually by or under the direction of the Registrar and the Credit Union shall produce all books, documents and other papers required by the person conducting the examination.

57. Offences - It shall be an offence against this Ordinance if any Credit Union:

(a) Fails to give any notice, send any return or document, or do or allow to be done any act or thing which the Credit Union is by this Ordinance required to give, send, do or allow to be done;

(b) Wilfully neglects or refuses to do any act or to furnish any information required for the purposes of this Ordinance by the Registrar or any other official or person whose duties require him or her to obtain the information; or does any act or thing forbidden by this Ordinance;

(c) Makes a return or wilfully furnishes information in any respect false or insufficient.

58. Liability of officers and directors - Every offence by a Credit Union shall be deemed to have been also committed by every officer of the Credit Union who is bound by the by-laws thereof to fulfill the duties whereof such an offence is a breach or, if there is no such officer, then by each of the directors and members of the Credit and Supervisory Committees, unless such officer, director or member of Committee is proved to have been ignorant of or to have attempted to prevent the commission of such offence.

59. Prohibition of use of words "Credit Union" - (1) No person other than a Credit Union shall trade or carry on business under any name or title of which the words "Credit Union" is part:

PROVIDED THAT nothing in this section shall apply to the use by any person or his or her successors in interest of any name or title under which he or she traded or carried on business at the commencement of this Ordinance.

(2) Any person who contravenes the provisions of this section shall be guilty of an offence and liable on conviction to a fine not exceeding 1 penalty unit and in the case of a continuing offence to a further fine not exceeding one-half of a penalty unit for each day during which the offence continues.

60. General penalty - Any person guilty of an offence against this Ordinance for which no specified penalty is provided shall be liable on conviction to a fine not exceeding 1 penalty unit.

61. Cancellation of registration - (1) Subject to the approval of the Head of State, acting on the advice of Cabinet the Registrar may by order cancel the registration of a Credit Union if satisfied that:

(a) The incorporation of the Credit Union was obtained by fraud or mistake; or

(b) The Credit Union exists for an illegal purpose; or

(c) The number of members has been reduced to less than 12; or

(d) The Credit Union is not carrying on business or is not in operation; or

(e) The Credit Union has wilfully, after notice by the Registrar, violated any of the provisions of this Ordinance.

(2) The Registrar shall give the Credit Union not less than 2 months' notice of proposed cancellation, specifying the reason therefor and stating that, unless cause is shown to the contrary within the said period, the registration will be cancelled.

(3) At the expiration of the time mentioned in the notice the Registrar may, unless cause to the contrary is previously shown by the Credit Union, cancel the registration. In such case the Registrar shall publish notice thereof in the Samoa Gazette or Savali, whereupon the Credit Union shall be dissolved.

(4) A Credit Union whose registration has been cancelled shall from the date of publication in the Samoa Gazette or Savali of the notice of cancellation absolutely cease to enjoy as such the privileges of a Credit Union but without prejudice to any liability incurred by such Credit Union which may be enforced against the same as if such cancellation had not taken place.

62. Dissolution by consent of members - A Credit Union may be dissolved:

(a) By an order to wind up the Credit Union or a resolution for the winding up thereof made as directed in regard to companies by the Companies Act the provisions where of shall apply to any such order or resolution except that the term "Registrar" shall for the purposes of such winding up have the meaning given to it by this Ordinance; or

(b) By the consent of three-fourths of the members testified by their signatures to an instrument of dissolution.

63. Liability of members in winding up - Where a Credit Union is wound up in pursuance of an order or resolution the liability of a present or past member of the Credit Union to contribute for payment of the debts and liabilities of the society, the expenses of winding up, and the adjustment of the rights of contributories amongst themselves, shall be qualified as follows:

(a) No person who has ceased to be a member for 1 year or upwards prior to the commencement of the winding up, shall be liable to contribute;

(b) No person shall be liable to contribute in respect of any debt or liability contracted after the person ceased to be a member;

(c) No person, not a member, shall be liable to contribute unless it appears to the Court that the contributions of the existing members are insufficient to satisfy the just demands on the Credit Union;

(d) No contribution shall be required from any person exceeding the amount, if any, unpaid on the shares in respect of which he is liable as a past or present member;

(e) A person shall be taken to have ceased to be a member, in respect of any withdrawable share withdrawn, from the date of the notice or application for withdrawal.

64. Provisions as to instrument of dissolution - Where a Credit Union is terminated by an instrument of dissolution:

(a) The instrument of dissolution shall set forth the liabilities and assets of the Credit Union in detail, the number of members and the nature of their interests in the Credit Union respectively, the claims of creditors (if any) and the provisions to be made for their payment, and the intended appropriation or division of the funds and property of the Credit Union, unless the same be stated in the instrument of dissolution to be left to the award of the Registrar;

(b) Alterations in the instrument of dissolution may be made with the like consents as hereinbefore provided, and testified in the same manner;

(c) A statutory declaration shall be made by the President and the secretary of the Credit Union that the provisions of this Ordinance have been complied with, and shall be sent to the Registrar with the instrument of dissolution; and any person knowingly making a false or fraudulent declaration in the matter shall be guilty of an offence and liable on conviction to imprisonment for a period not exceeding 2 years;

(d) The instrument of dissolution and all alterations therein shall be binding upon all the members of the Credit Union;

(e) The Registrar shall cause a notice of the dissolution to be advertised at the expense of the Credit Union in the Samoa Gazette; and unless, within 3 months from the date of the Gazette or Savali in which such advertisement appears, a member or other person interested in or having any claim on the funds of the Credit Union commences proceedings to set aside the dissolution of the Credit Union and such dissolution is set aside accordingly, the Credit Union shall be legally dissolved from the date of such advertisement, and the requisite consents to the instrument of dissolution shall be considered to have been duly obtained without proof of the signatures thereto;

(f) Notice shall be sent to the Registrar of any proceeding to set aside the dissolution of a Credit Union, not less than 7 days before it is commenced, by the person by whom it is taken, or of any order setting it aside, within 7 days after it is made, by the Credit Union.

65. Income tax - The income of a Credit Union shall not be liable to income tax.

66. Appeal - If the Registrar refuses to approve of any application for incorporation or of any proposed bylaw or amendment of any standard by-laws, the provisional secretary or the Credit Union as the case may be may appeal from such refusal to a Judge of the Supreme Court. The decision of the Supreme Court shall be final.

67. Fees payable to Registrar - The Head of State, acting on the advice of Cabinet may from time to time by Order, prescribe the fees payable to the Registrar for services under this Ordinance. Pending such prescription the fees payable to the Registrar for services under this Ordinance shall be:

68. Disposal of fees - All fees received by the Registrar under or by virtue of this Ordinance shall be paid by the Registrar into the general revenue of Samoa.

SCHEDULES

FIRST SCHEDULE

THE CREDIT UNION ORDINANCE [1960]

Memorandum of Association

1. The undersigned are desirous of being incorporated under the provisions of the Credit Union Ordinance [1960].

2. The group of persons to whom membership is limited [insert group of persons to whom membership limited].

3. The corporate name of the Credit Union is to be [insert name proposed] Credit Union.

4. The Registered Office of the Credit Union is situated at:

5. The par value of each share is [$].................

6. The names and addresses of the undersigned, the number of shares for which each has subscribed, and the qualification of each within the group to which membership is limited, are as follows:

..................................................................................................................
will be provisional Secretary of the proposed Credit Union.

Dated at ..................... this ............ day of .................... 20 ..................

SECOND SCHEDULE

THE CREDIT UNION ORDINANCE [1960]

Certificate of Incorporation

The..............................Credit Union, having filed a duly executed Memorandum of Association, is incorporated under the Credit Union Ordinance [1960]

...........................Registrar of Credit Unions.

In these Schedules, in the references to the Ordinance, the correct year 1960 has been substituted for 1959 pursuant to s.3(f) of the Reprint of Statutes Act 1972.

The Credit Union Ordinance 1960 is administered in the Public Service Commission of Samoa.

REVISION NOTES 1997

The Credit Union Ordinance 1960 appearing in this reprint comprised that Ordinance as it appears in the 1977 reprint together with the addition of fees to section 67 by the Schedule to the Omnibus fees and Charges Amendment Act 1988.

REVISION NOTES 2008

This law has been generally edited as provided for by section 5 of the Revision and Publication of Laws Act 2008. The following general revisions have been made –

(a) References to Western Samoa have been amended to Samoa in accordance with an amendment to the Constitution of Samoa in 1997.

(b) The fines have been amended and are stated as penalty units as provided for by the Fines (Review and Amendment) Act 1998.

(c) All references to the male gender have been made gender neutral.

(d) Amendments have been made to conform to modern drafting styles and to use modern language as applied in the laws of Samoa.

(e) Amendments have been made to up-date references to offices, officers and statutes.

(f) Other minor editing has been done in accordance with the lawful powers of the Attorney General.

The following amendments have been made to specific sections of the Act to incorporate amendments made by Act of Parliament passed since the publication of the Western Samoa Statutes Reprint 1978-1996 –

Revised and consolidated by Graham Bruce Powell
Under the supervision of Teleiai Lalotoa Sinaalamaimaleula Mulitalo
(Parliamentary Counsel)

REVISION NOTES 2008 No. 2

Section 4 (general powers of the Attorney General) of the Revision and Publication of Laws Act 2008 is used to insert the commencement date. By virtue of section 8 of the Acts Interpretation Act 1974, in the absence of an expressed commencement date, the date of assent is the commencement date.

There were no amendments made to this law since the publication of the Consolidated and Revised Statutes of Samoa 2007.

Revised and consolidated by the Legislative Drafting Division under the supervision of Teleiai Lalotoa Sinaalamaimaleula Mulitalo (Parliamentary Counsel)

The Credit Union Ordinance 1960 is administered
in the Public Service Commission.