Amendment Tracker

Gazette amendments to the Building Societies Act (2020 Revision) since the 2020 Revision.

Law 15 of 2019LG28/S6

Pending

Commencement: On publication in the Gazette

s.3amendedAmends section 3 to require the determination of fit and proper persons for directors and senior officers.

s.4amendedAdds a new paragraph (da) requiring that directors and senior officers are required to be fit and proper persons.

s.13addedInserts section 13A, which requires the approval of the Authority for changes in directors or senior officers.

s.15addedInserts section 15A, prohibiting issuance or transfer of shares without prior approval from the Authority.

s.22addedInserts section 22A, detailing obligations of auditors regarding society audits and reporting to the Authority.

s.33amendedAdds a new paragraph (aa) allowing the Authority to assess fitness and propriety of persons required under this Law.

s.34amendedAdds a new paragraph (aa) regarding building societies with directors or senior officers who are not fit and proper persons.