Regulatory Alerts1995-01-01
Building Societies Act, 1897
The Jamaican legislature enacted this Act to regulate the incorporation, governance, and operation of building societies within the jurisdiction. It mandates that societies obtain certification of their rules from the Attorney-General and secure a license from the Minister before commencing business, while establishing strict limits on fines and detailing procedures for amalgamation and dissolution. The legislation further empowers the Minister and Supervisor to intervene in societies ceasing to be viable, including the vesting of shares and restructuring of ownership to ensure financial stability.
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