Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter V : Amalgamation, Division, Conversion, Transfer, Judicial Management and Winding-Up of Co-operative Banks28. Conversion of primary savings co-operative bank |
| (1) | A primary savings co-operative bank may convert to a primary savings and loans co-operative bank. |
| (2) | A primary savings co-operative bank that wishes to convert to a primary savings and loans co-operative bank must— |
| (a) | apply to the Authority to convert to such a primary savings and loans co-operative bank in accordance with this Act; and |
| (b) | request the Authority to cancel its registration as a primary savings co-operative bank and to record its conversion. |