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 requirement8. Registration of co-operative bank |
| (1) | The Authority must grant an application for registration on payment of a fee prescribed by the Authority, if the Authority is satisfied that— |
| (a) | the application has been made in accordance with this Act; |
| (b) | the proposed co-operative bank complies with the requirements for registration referred to in section 7; |
| (c) | the establishment of the proposed co-operative bank will be in the public interest; |
| (d) | the constitution of the proposed co-operative bank complies with section 13; and |
| (e) | the proposed name of the proposed co-operative bank complies with section 10. |
| (2) | The Authority may grant an application for registration subject to any condition he or she may determine. |
| (3) | The Authority must, on registration, issue a certificate of registration to a co-operative bank and publish a notice of the registration in the Gazette. |