Section 3Part 2 — Incorporation of Building Societies
Incorporation of societies
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Any number of persons who desire to establish a building society, may on having its rules certified as by this Law provided, obtain from the Registrar a certificate of incorporation in Form A in Schedule 1:
Provided that no society shall be incorporated in a name identical with a then existing society, or so nearly resembling the same as to be calculated to deceive, unless such existing society is in course of being terminated or dissolved and consents to such registration.
A person who wishes to incorporate a society under this section shall apply to the Authority for a determination that the proposed directors and senior officers of that society are fit and proper persons.
The Registrar shall not grant approval for incorporation of a society under this section unless the proposed directors and senior officers of the society are determined by the Authority to be fit and proper persons.
An applicant for incorporation of a society under this section shall provide such information to the Authority, and within such period of time, as the Authority may require for the purpose of assessing whether the proposed directors and senior officers of the society are fit and proper persons.
The Authority shall assess whether the proposed directors and senior officers of the society are fit and proper persons and shall inform the Registrar and the applicant of its determination.
In determining for the purposes of this Law whether a person is a fit and proper person, regard shall be had to all circumstances, including that person’s —
honesty, integrity and reputation;
competence and capability; and
financial soundness.
The society shall supply to any person requiring it a complete printed copy of the rules, with a copy of the certificate of incorporation appended thereto, and shall be entitled to charge for every such printed copy a sum not exceeding one dollar.