Co-operative Banks Act, 2007 (Act No. 40 of 2007)Chapter II : Registration, Constitution, Functions, Management and Auditor of Co-operative BankPart 1 : Application to register, name, and fit and proper requirement7. 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. |