Bahamas Co-Operative Credit Unions Regulations 2015

BAHAMAS CO.OPERATIVE CREDIT UNIONS REGULATIONS, 2015 Arrangement of Regulations Regulation PART I. PRELIMINARY PART II - LOANS 3. Payment of interest on loans...... ...................4 PART III - LOANS TO DIRECTORS, COMMITTEE MEMBERS, OFFICERS AND EMPLOYEES 6. Loans to directors, committee members, oflicers and employees, etc.................,6 PART IV - ALLOWANCE FOR DOUBTFUL LOANS 7,. Establishing and determining the rnonthly provision for doubtful |oans..............6 8. Measuring loan impairrnent............ ..............j L Accrued interest........ ........,........g 10. Loan loss allowance reversal....... .................g I l. Income recognition. ...................g 12. Valuation of mortgage security....,.. ..............g PART V . APEX BODY AND STATEMENT OF MEMBERS' EQUITY 9 13. Apex Body.... 14. Statutory rese,ve........ ....:.::..:.:...:.......::: .:...: :...::::.::.......:..::::....:. .....; I 5. Liquidity find............ .............. l0 16. Stabilization find............ .........10 l7 . Statement of members' equity........ .............10 PART VI . MISCELLANEOUS ll

FIRST SCHTIDULE SDCOND SCH[,DULD THIRD SCHEDULìI FOURI'H SCHIìDULE l2 l6 L7 t8

Ilaharnas Co-opcrative Credìt tJnions lìegul¿ìtiorls, 20 l5 IIAHAMAS CO-OPEIÌATÌVE CRI,]DIT UNIONS ÄC I, 2015 (NO. 9 OF 201s) IìAHAM-TS CO-OPERÁ'I'IVE CREDIT UNIONS IìEGUL,{TIONS, 20I5 In exelcisc ol'the powers conferred by section 124 of.ìlle Bahamas Co_ opelative c|edit uuions Act, 2015, the cenlraÌ Ilank. after consLrltation with tl.ìe Minister, rnakes the lòllowing regulatiols - PART I - PRELIMINARY C itation. 'ì-hese Regulations uray lre cited as'fhe Bahamas Co-oper.ative Credit Unions Regulations, 2015. lnterpretation. In these Regulations - "Act" ueans 'fhe Bahanias Co-oper.ative Cl.ecjit Unions Act, 2015l "associate" lneans - (a) a person who is r.clated by oonsanguinify to a director, oornlnittee rnelnber, officer or. employee of a co-operative ctedil union; or (b) a partner.ship, company, lrust or other entity in whicli a ¡tersol wlro is r.elated by consanguinity to a dir.ector, colnlllittee nernber, officer. or. enrployee ol a oo_operative credit union, has a controlling inter.est; "Bank" nreaus the Centr.al Bank of 'fhe tìahamas; "consanguinity" lneans a l.elationship by descenl and the degr.ees of c, r SângU in ily ale - (a) a lelationship within the fir.st degree by consanguinity rneans a spot_rse! child ot. par.enl; (b) a r.elationship within the second ciegr.ee by consanguinity means a sibling, grândclrild or. gr.anclparent; "deposit" inclutles cash instruments in any for.m, cxcluding qualilying shales, which ar.e lodgecl with the Apex Body by u clcdit Lurion: "o_op".átiué Page - 3

Baharnas Co-oPelative CIcdit Unions lìegu ¡atio]ìs, 20 I 5 3. "doubtful lo¿rn" rneans a loan which is irnpaired, tlìe repâylneut oi which is in doutrt; 'rirn¡railed l<lan" rnealls a loan il respeot of whioh, it is pr.obable that a co-o¡relative credit unìon will be unable to collect, on titne, the full amount c¡f ¡rlincipal ol interest due accor.ding to the contl.aotual telms o1'the Ioan agreenìenU 'þâst due loan" rneans a loan in r.espect of whicli a conttactual paynìent ofprincipal and iute¡est has not been madel "PEAIìLS' mean the finalcial per.f'or.mance monìtor.ing systern used by the 'World Council of Credit lJnions to offer managernent guidanoe Iìrl clcdir unio¡ls and orlrer savilgs ill,titutiulls: '¡rctained earnings" lneans thc :ret acoumulated ear.nings afler allocation to the statutoty reser.ve and other. lirnds; "share reclemption fund" lncans a fund established Ibr.the purpose of, ledeeming qualifying shar.es; "unlealized gain" rleans any unr.ealized gain on avaiJable-for-sale invesl¡neltls a¡ at )car r'tìd: "unrealized losses" means any unr.ealized losses on available-lor-sale irìvestrì1ctìls as at year end. PART II - LOANS Payment of interest on loans. (l) Â pelsonal loan grantcd by a co-operative credit union shall include a provision fol rnonthly pâynterÌts of pt.incipal atcl inler.est arlollizcd ovcr. a nlaximum peliod of eighty-lòur ¡nonths. (2) A mortgage loan granted by a co-oper.ative cl.edit union on tlre security of leal plopelty shall iuclude a ltr.ovision for either wcekly, bi-weekly or. rnonthly payrnents of pr.incipal and inlel.est auroÍized over a lnaxìrnurn peliod ol'three hundled and sixty rnontlrs, (3) An agricultulal loan aud othcr.br¡siness loaus grânted by a co-operative cledit r¡nion shall jnclude a provision l'or weekly, bi-weekly, lnonthly or. ple-defìncd seasonal payrnents of principâl and iulerest arnor.tized over a nraximr¡ln period of eighty-l'our tnonths. (4) The maxi¡lum iuterval at which inter.est on a loau shall be paicl is one monfh. (5) A co-o¡relative clcdit union shall not granl a c.liscount or. waivcr. ol. loan iulerest ralcs oL otheL benelìcial terms to ¡ts dil.ectors or. colnrnittee nlelnbers. Page - 4

lJahamas Clo-oPe|ativc Crodit Uniors IlcgulatioDS, 20 l-5 4. lnterest on past due loans. A oo-operative credit r¡nion shall not contiuue to accrue ilttel.est inconre on a loân that is past tlue fbr ninety days o| uror.e. PART III - LOANS TO DIRECTORS, COMMITTEE MEMBERS, OFFICERS AND EMPLOYEES Criteria for granting loans. A co-operative credit union ntay grant a single loan or aggrogate loans to its dilectols, oolnrlillee mernbers, olIìcers ol employees and their.associates sub-iecl to the lollowing lequirements (a) the tenns upon wlricli a loau is granted are in accol.dance with sections 66 and 68 of the Act, these Regulations and the bye-laws; (b) no loan shall [re gr.anled on terms nìore favoutable than t]rose exteuded to otlrer mcmbers of the co-oper.ative cr.edit union, cxcept Ioans glanted as a belelìt to tlie employees ol'the co-oper,ative credit union; (c) a directol. comlnittee lnember, ollìcer. ol. elnployee of the co￾operative credit union who makes application 1'or a per.sonal loan or. who has a coufìict ol' interest with a bor r.ower shall (i) disclose to the co-oper.atìve cl.edit union tlìe cxistence and natule o1'the conf'lict; and (ii) not palticipate in any deliberation or decision o1'the co￾operative cr.edit union wilit respect to his application or.the application of the bol'ower.; (d) the co-operative credit union shall not ¡terrnit its direotors, colnlnittee membeLs, olÏccrs, employecs or.their.assooiates to act as co-rnakels, guaratìtols or enclor.ser.s o1'loans to other. director.s, committee rnenrbels, ol1lcet.s, ernployees or theil. associâtes, cxcept where a loan is granted to lhe spouse of thc dir.ector., colnmittee nrernber. of'ficel ol ernployee; (e) a leport otì loans approved and ref'used to dir.ector.s, colnmitlee rnembers, olÍìcers ol erlployees of the co-operative cledit union and tlieir- associates, and the minutes of'the meeting wher.e the Ioans were plesented and approved or refised by the credit oolntnitlee shall be subrnitted to the su¡rervisor.y comlnjtlee and tlie f'ull Board; (1) a loan shall not be r¡ade by the co<rper.ative cr.edit union to a body colllolatc il'a nrajot ity ofthe shares o1'the body cor.¡ror.ate are held by a dileotor ol oflìcel of the oo-operative creclit union. unless the 5. Page - 5

Ila¡ramas Co-opcrâtive C|cdit [.]nions Iìegulations. 20I 5 application fòr the loau has been approved by the credil comlnittee and the su¡rer.visory oontnrittee without the par.ticipation oi'tlie dilcctol or olficer in the deliberations or decision o1,the application. Loans to directors, committee members, off¡cers and employees, etc, A co-opelative cledit union shall develop, and the Eloar.d shall adopt a policy on loans to direclors, colntxittce'rernbeLs, ollìcers, e'rployees ancl tJreir associatcs irrd sr¡ch ¡olicl shall hc in ¿cctl.Jancc \ itlr thc Act. PART IV -ALLOWANCE FOR DOUBTFUL LOANS Establishing and determ¡ning the monthly provision for doubtful loans. (l) l-he Boaltl and mauagerrent ofa co-oper.ative creclit uuion shall assess, at the end of each month, whether. a loan or gr.oup oi loans is impair.ed. (2) Wlrele thele is evidence that a lÕalì or group of loans is irnpair.ed, then the carlying atnount of a loan shall lre r.eduoed either. dir.ectly as an expense or through the use o1'a reserve by cstablisliing an allowance for. àoubtful Ioans- (3) 'l-he alnount ofthe allowance shalÌ be reoognizecl in the calcL¡lation of the co-opelative credit union's pÌofit ol. Ioss lòr. lhe month in wiiich the assessment lefen.ed 1o under. paragr.aph (l) is carried où1, as a lno¡ìthly plovision for doubtlirl loans. (4) A co-operative oredit rurion shall cstablish the lbllowing allowances for doubtf'ul loans - (a) whele the alrear.s of payment with l.espect to the contractual tern.ìs ol'a loau - (i) do not exceed tlìirty days in arrear.s, an allowance of zero per cent; (ii) exceed thirty days but do not exceed three hunched and sixty￾livc tìays in arrear.s, except wlìere tlle loan is fìrlly securccl, an allowance of thilty-live per cent; (iii) exceed three hundt.ed and sixty,live days in arr.ears, except in the case ol' a l'ully secur.ed loan, an allowance of one hulrdl.ed pcroerlt; (b) wher.e - (i) a loan amount exceeds appr.oved lilnits; (iD a debt is assigned to a collection agcncyi 7. Page - 6

Ilahâr)ras Co-operativc Clredit t.lnions lìegulafior)s, 20 l5 8. (iii) a meulber.has abscondecl, become a bankr.Lrpt ol.entelecl into ân arl.arìgcrnerlt or-cornposilion with, or.i'or.thc benelìt of, his creditor.s; (iv) a loan has been postponed antl the r.ecover.y of pr.incipal and interest is dolèr.r.ed by mor.e than six rnonths beyoncl the loan's original teun; (v) a cl.edit card paymenl is one hundr.ed and eighty days in afLears, ¿ut alÌowance ol'one hundred per cent. (5) The aunual audited finaucial slatements of a co-o¡ler.ative cl.edit unio' shall

• (a) indicate the âlnoì.tnt of outstatrding loans to rnernber.s, net of the allowance 1br. doubtlil Ioans; (b) include a note wliich pr.ovicles infol.¡nation on 1he progr.ession ol.the alìowance for.doubtfil loans in the tratlne¡ set oui in Fonn 2 iu the F'ilst Schedule; and (c) inclLrde a note that l.elales to the lnovelnent _ (i) on tlie specific provision for doubtful loans riLrr.ing the year.in tl'ìe malìlìet set out in l.'ol.ln 3 in the Irirst Schedulé; and (ii) in loans receivable dur.ing the year., excluding r.efìnance ârrot¡tìts aud Ìoatìs tl.ìat ar.c rolled ovet in the lnâr]ner sef ou1 in lror.m 4 in the First Schedule. (6) Iìor the purpose of this r.egulation
• "calrying amoL¡nt of a loan', mcans the outstâ¡.ìdiug balance of. a loan, inclusive of interest due anrJ payable on the loãn. on lhe books ol a c()-opurAl iVe Crcd¡l Un i()rì; "fully sccured loan" is a loan whicli is fully secur.ed by cash, charges on reaÌ ploperty sr¡ch as land aud buildings, or. secur.ity intelest in personal ¡rr.operty such as an automobile ot.secur.ities wher.e the làir value of the security ot. esfimated net realizable atnount is sufficient to dischar.ge the outstanding ¡tr.incipal and interest in lirll. Measuring loan impairment. ( l) No co,opelative credit union shall assign a v¿rlue to a secul.ity intel.est in a tangible ploper.ty r¡nless the co-operative oredit union possesscs a duly legister.ed clìat1el morlgage. (2) No vaiue may lre givcu to secLrr.ity inter,ests in intangibles such as goodwill. quot¿ìs, wage assignrnents, ¡:ersotral or.thircl_¡rarty gual.antees exoluding govemlnenf guâta¡ttecs, or lodgernent of titlc. Page - 7

lJahamas Co-operativc Credit [Jniolìs lìcgulations, 20 l5 9. (3) Each outstanding loan shall be assessed against the taugible realizable sccurity, cash deposit or assigned co-oper.ative cr.edit Llniou sha¡es ltclcl âud the Ílet arnount shall be decrned to be the impair.erl loan allount against which the co-operative cl.edit r¡nion sliall establish au allowance for cloubtlìl loars. (4) 'l'he calculation l.elating to the irnpair.rneut ol a loan sliall not be basccl on consequential pâymetìts but or.ì contractual rnissed payrnents. (5) A co-operâfive credit Liniolr shall asscss whether.or not a loan is cur.r.ent in the rnanner set out in Fol.ln I in the Fil.st Schedule. Accrued interest. (1) An iuterest incoule on impair.ed loans which are past due f,or.mol.e thau ninety days shall not be r.elìected in lhe co-opel.ative cl.edit union,s allowanoc fol. dou btf'ul loans. (2) A ¡rayment leceived frour a l.nember of a co-o¡rerative cl.edit üniur on tl.ìat rrelnber's irnpaired loan shall lìrst be allocatecl against the accrued intelesl on the loalr, then against the pr.incipal untjlsucll tine as lhe loan is tÌade current. Loan loss allowance reversal. A loan shall not lre ct¡nsider.ed irnpaired if the [rorr.owel.'s financial cilcumstances change to the extent tlìât fiture lepaylnent is not in cloubt antl the loan does not satisfy a'y o1'the cor.rditions ol' irnpai'ment l.elèrred to under. regulation 7(4). lncome recognition. ( f ) Wl ite<lffs and r.ecoveries re lated to impaired loans shall be r.ecol.deti in the loan allowance acoount râthet. than in the incolne statement. as ¿Ì chalgc ol urcdit againsl Ioan irnprirrìtcnl. (2) Each subsequent payntetìt, wbether. designated as intel.est or.¡tr.inoipal, on an irnpailed loan shall be r.ecorcled as the reduction nf tie ,eco,id"rl iuvestrnent iu a loan. (3) Whe¡e the l.ecor.ded iuvestlnent in a loan is completely written ofIì subscquent paymer'ìts shall be cl.eclited to the allowancà for.doubtfil loans. Valuation of mortgage security. (l) Whele a co<rper.ative cr.edit uuion sceks to establish the value ol pr.o¡terty held as security for.a mortgage, the co-oper.ative creclit uniou shali use tllL v¿rlr¡atìon lòrm set out in the Second Scheclule, 10. 11. 12. Page - 8

Bahalnas Co<tperalive Credit UDious lìegulatiolìs, 20 l5 (2) Whcre the total value of cncumbrarrces on rnorlgaged pro¡terty exceed seventy-fìve per.cent ol the value ofthe propet-ty, the dìlïèr.ence, in excess of the seventy-lìve perceut value, shall be included in the calculation ol" the allowance f'or doubtlìl loans. PART V -APEX BODYAND STATEMENT OF MËMBERS' EQUITY Apex Body. (1) T'he Apex Body shall maintain the noney il receives fì.oln its rlembers in scglcgatcJ pools ol frrnJs. (2) 'l'he finds refeu.ed to under ¡raragraph (1), ar.e

• (a) the co-operative credit unions,r.eser.ve fìnd; (b) the co-opet.ative cl.edit unions'liquidity deposit funtl; ancl (c) the co-opelative cr.edit unions' stabilizatioli lì¡ncl. (3) 'l'lie Apex lSody shall assess sucll fee against each lìnd as its board rnay applove, to covel.its adlniuistrative costs. (4) 'fhe refuln olr investrìre't in trre funds shal be disbru.secr o' a quaÍerly basis, pro rata to each co-operative cr.edit union, basecl on their r.espective eontribut io¡rs to thc lìtnds. (5) A co-opetative cr.edit union,s annual regulator.y acl.iùstlÌtenfs to a fund sliall be cornpleted within ninety days of its yeat. encl, and the adjustments shall be based on year end r.esLrlts. Statutory reserve, (1) Whele a co-operatìve credit union is unable to tneet its statutorv reserve allocalion requir.erneuts unclcr. section 65 of the Act. the co_äpcrative credit union shall, ilnmediately. notify the Cc,nt¡.al Bank. and the Central Ilank shall, by notice in wr.iting, specify a tirre period f'or the co_o¡terative credit union to meet i1s statutor.y l.esewc allocation recluiremenf. (2) I'he statutol.y l.eserve shall be a part of the co-operative credit union,s mernbels'equity. (3) The statutoly lesel.ve shall be tlepositetl witli, antl adtninistered bv fhe Âpcx l3rrdy. (4) SLrbject to thc appr.oval o1, the Centr.al l3ank, a co-oper.ative cr.cdit ultion rnay apply fincls lì.oln the stâhttory reserve -- (a) to lneet occasiolâl delìciencies lncur.red by the co_opol.ative credit ru n ion;

Page - 9

llalrarnas Co-o¡tcrative Cr.edit Unions Iìegulations, 20 l5 (b) to recoup losses on tlle co-operalive credit uniolt,s o¡tcr.atiorrs, loans or investlrlenlsl and (o) fbr. the itlprovernent of the co_opet.ative cl.edit Llnion's pl.odr¡cts, ser.vices, technology and hLunan r.esoul.ces. (5) 'l'he Central Ilank may, in appr.oving the ufilisation or.application oflhc statutory r.eser.ve o1. a co-o¡rerative cr.edit union, impose suoh exemption, lest.ictions, terrns and condìtions as it conside¡s necessar.y to eusure the co-opelative credit union lìlcets tl.ìe ninimun capital requiiernent. (6) rhe statutory .eserve of a co-operative cl.ecrit u'i.n shall not constitute any part oftlìe liqLridity deposit of the co_operative credit uniou. (7) 'l'he statrtory lese.ve shal not be appried f'or distr.ibution to'embers by way of dividends, patronage r.cbale, l¡ollus or any var.iation thereof. 15. Liquidity fund. (1) A co-operative credit ¡lnio' shall rlainlain lìnds of' 'o lcss tl.ì¿'.ì ten perce't of its me'rbe's' deposits ìn a liquidity deposit fìnd acrrninister.ed by the Apex Body. (2) Ihe liquidity deposit fi,d shall be a par.t ofthe co_operative cr.etlit unio,,s assets. (3) A co-oper.ative cr.edit unjon shall niaintai:r operational liquidity in colnpliance witli the t equ ir.enrents uucler. pE,ARLS. (4) A co-operative credit uuion shall maintain a li'e of cr.edit, in an aurouul sullÌcient to enalrle it to r¡eet its normal cash llow r.equir.ements, includìng withdrawals aud disbursernents, as cstimaled by thà co_operati,r" union. "."dñ Stabilization fund. (l) A co-operative oredìt union r.egister.ed uncler 1he Act, shall cotìtribute to the stabilization filnd such amoùnts, ând at such iutervals, as the Apex Iìody may defer.urine.. (2) A co-ope'ative cledit union's aunual co'tribution to the statrilization f'und shall be ttcated as atr opet.ational cxpense. Statement of members' equ¡ty. A slalelìent of'Lhe lìuancial position of a co-opel.âtive cl.edit ,'io¡.r shall present the co-opetative credil u'ion's lnellbeLs, "qLiity in tlre lnallner set oul in the 'l'hird Schetlu le, 16. 17. Page - l0

Ilahauras Co-o¡rerativg Credjt Unions Iìegulatioìts. 20 l5 PART VI - MISCELLANEOUS 18. Fees. I'he f'ees payable to the Centl.al lìank by a co-operalivc cr.cdit union ale set out in the Fc¡urth Schedule. 19. Fit and proper criteria. PLrrs.a't to the Aot, the Cenh.al Bank shall, in deter.mìnìng whether a person is o' rernains a lit and ploper perso., have 'ega'cl k¡ all tlre circ'mstarces. inc lrrding - (a) tlìat pel.son's integrily, pr.obity, cotnpetence ancl soutclness of judgment lor 1ìrllÌlling the rcsponsibilities ofthat position; (b) the diligence with whicli thaf per.son is fLrlfilling oL is likely to lirlfìl the lesponsibilities of that position; (c) whether tlte intel.ests of tlte co-opel.ative cleclit union are likelv to be threatened by that ¡rerson liolding tliat positiolr; (d) whether that pcr.son has engaged iu any âotivity or. business plactices which would discredit that ¡terson,s methotl oi. conducting business; and (e) whcther there has been irlpropr.iety in hanclling an empÌoyers, business. Page - II

Iìaharnas Co-operativc C'redit Unions llegul¿tions, 2015 FIIìS'T SCI{EDULtr FORM 1 (r'cgulation 8(5)) LOAN IMPÂIIIMT]NT ASSESSMENT FORM l I ,Account #l lli ]ï. Yea i 'Ierrn ofloan .. I /t rnonths rt-.---.- Nurrbel ofpaynrcnls duc si¡tcc inceptiori , tl p yrDcnts ] Nunbcr of payments made sìllce incepliõii "- 'i # .-lryrnents Nutrbcr ofpaynrcnls ourstauding ll - la)tncnls ì ] Nunbcr ofpayments made sìnce incepliõii ] Nurnber ofpayments outstanding ù ..i Q i$ l i ì Page - 12

Ilahamas Co'operative Cr.edit Unions lìcgLrlations, 2015 FORM 2 (regulation 7) PROGIItrSSION OF TIItr ALLOWANCII F'OR DOUIìTFUL LOANS i;i;il ;;;;; loâns I hcltl , t . ooo ' , ;,": I 1500 6'i1: -i li"'j-l Morths N-umbel. lofal ARgrcgate 1 lÌxposurc l)crccntagc arr('ars of loans âÊgregatc value of ^llol1ance ] iffi;üi irnpaircd Sccur.ity ï:ïti I ] loâns I 'cld o9o "il [)agc - l3

Ilahaüas Co{¡rclatiye CIedit tJnions lìeguhliors, 2015 FORM 3 (regulation 7) SPECTFIC PROVISION nOR DOUBTFUL LOANS (yR) Current yeaÌ i l I I --. J Ì L Prcvious year l 1 I l i l -..--i

llahanas Co^oper.ative CÌ.edit tJnions llegulations, 201 5 FOIIM 4 (rrcgulation 7) LOANS IItrCtrIVABLE (YTì) l I l l Page - l5

Ilahamas Clo-operative C'redit Unims lìegulatjolrs, 20I5 SI,COND SCHEDULE (rcgulation l2(1)) VALUATION OF MORTGAGtr SECUIIITY Value of'plopelty Irirsl mortgage Second rnot.tgage Oulsfauding property taxes Outstanding condolninium fèes 'lbtal encuurbrances 750lo value of propetty Allowance factor ('lbtal encurnblances - 750% value) $ $ $ $ $ $_- $ Pâge - 16

Bahanras Clo{pcr.ative C'r.cdit tJnjous Iìegulafions, 20 I 5 TITIIìD SCHtrDUI,tr (r.egulation 17) S'TATEMtrNT OF MtrMBtrIìS' IIQUITY Me rn bels ' Ilq uily QLralifying shales Equity shales Statutory lesewe fund Share redemption fìnd Olher fr¡nd Unlealizedgain (losses) Retained ealnìngs (defìcit) Total Member's trquity Culrent ycar f, $ $ $ $ $ $ Previous year $ l)age - l7

Ilahaluus (lÒ-opcriìtivc Clcciit Unìons lìcgLrlrtions, 201 5 FOUIì.TII SCI'IEDULE (rcgula tion 1B) (b) (r) (c) FtrI'S I{egistlation o1' a co-opela tirrc oleclit ur.rion by thc Cen(r'al I3anl< Clonlinuanoc in being on the fìrsl tla¡,ol JanLraly in an¡, ycar as a pclson rcgistolccl as tnenl ioned in palagraph (a) a bovc Continuance in being on the Iìrst day ol January in any year' âs a persorl deemcd to be r-cgisterocl pulsuânt 10 scction 126( 1) of the ^ol 50 Ma<le this {t ' cln¡,6¡ ùUt-^/rt ,2015. The Ccntral Pagc - l8