s.2Definitions
2
Section 2Part 1 — Introductory

Definitions

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“Authority” means the Cayman Islands Monetary Authority established under section 5(1) of the Monetary Authority Law (2020 Revision) and includes any employee of the Monetary Authority acting under the Monetary Authority’s authorisation;
“bonus” means a share of the profits of a registered society divided among its members in proportion to the volume of business done with the society by them from which the profits of the society were derived;
“committee” means the governing body of a registered society to whom the management of its affairs is entrusted;
“credit union” means a registered society which has as its objects — (a) the promotion of thrift among the members of the society by the accumulation of their savings; (b) the creation of sources of credit for the benefit of the members of the society at a fair and reasonable rate of interest; (c) the use and control of the members’ savings for their mutual benefit; and (d) the training and education of the members in the wise use of money and in the management of their financial affairs;
“credit union business”, in relation to a registered society, means the business of — (a) promoting thrift among the members of the society by the accumulation of their savings; (b) creating sources of credit for the benefit of the members of the society at a fair and reasonable rate of interest; (c) using and controlling the members’ savings for their mutual benefit; and (d) training and educating the members in the wise use of money and in the management of their financial affairs;
“dividend” means a share of the profits of a registered society divided among its members in proportion to the share capital held by them;
“financial year”, in relation to a credit union, means the period not exceeding fifty-three weeks at the end of which the balance of the union’s accounts is struck or, if no such balance is struck or if a period in excess of fifty-three weeks is employed, then a calendar year;
“Judge” means a Judge of the Grand Court;
“member” includes a person or registered society joining in the application for the registration of a society and a person or registered society admitted to membership in accordance with the rules;
“officer” includes the chairperson, secretary, treasurer, member of the committee or other person empowered under the regulations or rules to give directions in regard to the business of a registered society;
“registered society” means a cooperative society registered under this Law;
“Registrar” means the Registrar of Cooperative Societies appointed under section 3 and includes any person when exercising such powers of the Registrar as may have been conferred upon that person under that section;
“regulations” means regulations made under this Law; and
“rules” means the rules made by a society registered under this Law.

Defined Terms

Authoritybonuscommitteecredit unioncredit union businessdividendfinancial yearJudgememberofficerregistered societyRegistrarregulationsrules

Cross References