Regulatory Alerts2019-06-26
Bahamas Co-Operative Credit Unions Act 2015
Enacted by the Parliament of The Bahamas and administered by the Central Bank, this Act establishes a comprehensive regulatory framework for the registration, supervision, and management of co-operative credit unions. It mandates that registered entities operate as non-profit bodies corporate adhering to strict governance principles, including one-member-one-vote voting rights, minimum membership thresholds, and defined capital structures. The legislation grants the Central Bank extensive supervisory powers to assess financial soundness, enforce compliance through examinations, and oversee critical operations such as lending limits, deposit protection, restructuring, and winding-up procedures.
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