Jamaica: The Building Societies Act

Provisions governing the incorporation of Building Societies of Jamaica

This Building Societies Act provides a regulatory framework for establishing a building society in Jamaica. The Act is organized under different sections and discusses the various aspects related to the Societies Act:

  • Explains the rules for incorporation of building societies;
  • Identifies rules and process for certification;
  • Lists the conditions under which amalgamation of societies can take place;
  • Describes the requirements for changing the name or office and in purchase of buildings for business;
  • Provides information on the conditions needed for becoming a member, advances to be given to members and also on the limited liability of the members;
  • Gives rules for mortgages and also on the power of society to borrow money;
  • States that the annual audit and statement of accounts must be prepared and audited every year;
  • Elucidates the process of resolving the disputes by arbitration;
  • Details the conditions under which the society can be terminated;
  • Clarifies the registration process and the documents required for registering in this Act;
  • Enlists the laws concerned with the appointment of accountant or actuary to inspect books;
  • Provides the laws concerned with the appointment of an inspector to examine the affairs of the society by the court or society;
  • Explicates the laws pertaining to offences and penalties of the societies.

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