Jamaica: The Building Societies Act

This Building Societies Act provides a regulatory framework for establishing a building society in Jamaica. The Act is organized under different sections and discusses the various aspects related to the Societies Act:

• Explains the rules for incorporation of building societies;
• Identifies rules and process for certification;
• Lists the conditions under which amalgamation of societies can take place;
• Describes the requirements for changing the name or office and in purchase of buildings for business;
• Provides information on the conditions needed for becoming a member, advances to be given to members and also on the limited liability of the members;
• Gives rules for mortgages and also on the power of society to borrow money;
• States that the annual audit and statement of accounts must be prepared and audited every year;
• Elucidates the process of resolving the disputes by arbitration;
• Details the conditions under which the society can be terminated;
• Clarifies the registration process and the documents required for registering in this Act;
• Enlists the laws concerned with the appointment of accountant or actuary to inspect books;
• Provides the laws concerned with the appointment of an inspector to examine the affairs of the society by the court or society;
• Explicates the laws pertaining to offences and penalties of the societies.