I Assent, .
J. HAYES SADLER,
7th August. 191;;.
No. 9 of l ,' .
AN ORDINANCE for the registration, en-
couiragmnent naid assistance of Agricul-
tural Crn'lit Societies under the Raiffeisen
[ 21st Augtust/ 1913. ]
Be it enacted 1ih' the G, vi.-rnor with the advice and con-
sent of the Li.gislative Council of Saint Vincent as
1. Tliis Ordiniallii: mov I e cited as The Agricultural Short Title.
Credit (oci.etics O(dinai',. 1913".
2. The Regi.trar of the Supreme Court of Judicature,
hereinifter called the Registrar, shall be the Registrar of
Agricultural Credit Societies under this Ordinance.
Registrar of S u pr: hle
Court to be Regi t ri r
of Societies under
jigri-cultirral Crcdil Socidic's 01dinanco, P13.
Ihe Agricultural Credit Societies Ordinance, 1913.
R .ie t.t ''i e r
I Ilt-tA .
N.Ako. of tegistr.&tion
3. All Agricultural Credit Societies wishing to obtain
itI w benefit of this Ordinance shall be registered thereunder.
4. Any Agricultural Credit Society desiring to be regis-
tered under this Ordinance shall through the Secretary
nm;Ike application in writing to the Registrar and shall
.-upply him with-
(a) The name and office or place of business of the
(b) The names and addresses of the Secretary and
(c The names and addresses of the Trustees,
(d) The names and addresses of all members of the
5. The Treasurer of any Society desiring to be regis-
tered must be either a Minister of Religion or a Justice 9f
tie Peace or some respectable and responsible person to
be approved by the Governor in Council.
6. The Secretary shall at the time of application for
registration of the Society pay to the Registrar a. fee of
7. Before registering any Society the Registrar shall
with the assistance of the committee to be appointed as
hereinafter mentioned satisfy himself that the Treasurer,
Secretary and Trustees of the Society are persons of good
rqpute and character and that the Society is constituted
in accordance with the rules contained in Schedule I to
8. No society shall be registered which consists of less
than twelve members.
9. Upon the Registrar being satisfied as in section 7
mentioned, he shall register the Society under this
Ordinance and shall send a certificate of such registration
to the Secretary thereof and shall cause the fact of such
registration to be notified in the Gazette.
10. (1) The Registrar shall keep a book in which shall
be entered :-
(a) The name and office or place of business of
each registered society,
(b) The names and addresses of the Secretary.
Treasurer and Trustees thereof. I
(c) The names and addresses of all member thereof.
The Agriculluril Credit Societies Ordi'nnwe, 1913.
(2) It shall be, the duty of the Secretary of every No. 9 of 1913.
Registered Society to keep the Registrar informed of any -
change in the office or place of business of the Society and
in the names or addresses of the Secretary, Treasurer or
Trustees thereof and he shall likewise notify to the
Registrar the death or withdrawal of any member of
the Society and the names and addresses of any new
members and the Registrar shall make the alterations
thereby rendered necessary in the book to be kept by him
under the provisions of this Ordinance.
The Secretary of any Registered Society who shall be
in defi.ault for a period of one month in giving to the
Registrar any inifornuiarid. or notification required by this
section slihll he li.abll o n suilniary conviction to a penalty
not exceeding forty shillilngs.
11. Very Society registered under this Ordinance shall Societies to be
hereofgoverned by rules in
be governed liy the RIule t ,ct out in Schedule I hereof, Schedule I.
and the provisions of the Friendly Societies Act 1843 shall
not apply to a Society so regi-tered.
12. A So(ietv registered under this Ordinance may sue Registered Society
or be sued in tile 'Courts ,of the Colony in the name of its name of Trustees.
13. It shnll be lawful for the Governor in Council on Governor in coun-
the application of any Regitered Society to advance by il may make loans
to registered socie-
way of loan to such a Society a sum of money out of ties provided that
i'ny .n-i plus monies of the Colony in the hands of the gateshall note xce-
Treasurer for the a.-sistance of such Society. Provided so0.
that the total :1114,I-unt of loan., to Societies under this
Ordinance out-tanding at any one time shall not exceed
the sum of ',"I.
14. The following pInvisions shall apply to loans Provisionsastoloans.
granted under this Ordinance:-
(a) The granting or refusal of a loan shall be in the
absolute discretion of the Governor in Council.
(b) The amount of the loan or loans to any one Society
shall not be larger than in the proportion of Five
pounds to every member of the Society.
(c) All loans shall be for not less than nine and sub-
ject to any renewal which may be permitted by
the Governor in Council for notmore than twelve
(d) The Governor in Council shall have power on
being satisfied that there is good and sufficient
reason therefore to call in a loan at any time, and
to take all such proceedings in the courts as may be
necessary to recover the full amount of that loan.
I ,..- :. ,**
" ". " :..",
rjrIASHlCIIC Ondinan ce,
No. 9 of ll13.
No [lit ofr a -.
Cp r il '.d t Ia'l a tn l t.
purp.:.-, I- ;I l,.ut la
to a ruiturl:.
l i I.. .. I ., ,..:, i
I.O'U 17 i il li l
sent ..f ,: i
C'i;.ii tir l I.
r :.'.: t.:1t. f .pppi ilit
l.it'llJl '.r[ : [,r i; it [
eIi a-ll-r.r :rnl to'
make rei'il.ii, 1 1-.
(e) All loans \haill Ibear interest at the ratc of ,' 2 per
llilillm pvlay-ab' half veairly.
(f) All li;i-, lihall ho in i'.l. "n the j.ilit niil sei er.al
li~t.,ilitl' of t .' Trlu.teC. ;all v1Orv i n\ lli .rlill i .f the
(I Thlr Tlrute on ililehailf .E :ill the leiiii'r of thih'
Siili-t **hi ill e itter Into il!l i 1:iru;eliii0nt fir thit-
rp'lyilll'int 'tf th*e l:;,iill l thLe l.ililIlnt of thti-
iilt thr ro thereon in the frnm set out in Srhe. lile 11l
of thi- I rliinliilc...
(hi) T"li I \overn'ior inl (Q'mi lil slihall h:i\mp lo-*Wer it anll
tAli, it muy inl lii-. opiiiion al.,I)eAir reqliii ,ite to d1, ...
iand -hill Ia;it l :at once ai yea:Ir in-trlUct :i Pullie
Aiuiit,'r to inve-ti,.ito ani to rei':ot t., hlil re-
,r.tliling the ior;t'miizaticla anid the ai'.niiii-tra.til'i' of
it-. b)IlSinell- iiO ny Sl city re-'i-ter'-A1 Iinlerl the
proxi-ion-; of thi- Ordiniince.
15. It "i.ll bIe ufilhrfil l for 'any liegistcrce 1 Si let' til.
hl: u-itllilli.t ; 1' h 'l l ltr' r lill' ,t i. i tl'll_, i li llill. l
i.lio ]1-'l 1N t.:, llr\ ; Jiv '(ir ,:, i l i, l,. i t I ,. o 1- 1.-li,:.l t, I
; llV I 'L I-I IlO.S1.6 I; llt tIlJi:-i, ilI,:.K ,h;lltjl t. l :I '..,'i 'i,. l t lIll' T lle.
T lln-.tq I.f ; :in -V -..l.: ty C.oIItr '. i iiii thiv I I-..,tl,-, \ ill l,.
I 1,o 1 ,l n .rl iiii. v 11111 vi.ti :I. t, 1 :1 fi l 11 n it ex, v lit x I 'i.r .
16. It shali I Tiin l.iw'fil ft' r :ial 11 -t''r: .1 I .,-itv
W iI l i : iij i C 'I Li.I I ln il OC 1 1. IUIl''l. ill hi 1:1 .ti *,- it In
I l.'i.im i, l uni i 1,.r th. puro.vi" irl. o:f lhi- i rd. li.i l, :. 1 ), h u-,.,:v
o, ta.'inel tlihe uu ent rli 'ti the (in v ,? G o\ i. In l', iilI.ll.
T hle T r.'ll -t:k-" ;of il So ?ir-' v i:cli tii n i lle tY.hi .-.. ill
\ill J"I' liN)t\ ll ri 1' II' u\iAl ti< :,l t, f' ile 1' n0t tlX-
t ?- 'ili ii 1 .t 1 20.
17. T i,- full 'h.t: -il f 10',l V l i.:an nit? to ;iiyn S-. ,lic-t "
tre' t_'i-t-r>t l iiili l r li i.)r liiiCiiet -bh ll W ithlii '- I li'i.i.is
O. ti lt? .ii I..Liill 1ii. th.; e I.)L ,]l.il d i' c.,rilt. c ll .,v t i. T i'lu-l-Iu--
(of tlie l.iety ill thle leilt1r'- ltT :ni si.l rV iikrt
i'l nl' op' I n' to Ti l'l i t i tpe hetin. Any Tri. i't't c'l
i S,"-Iit- t failiiln to ci?; rTy o:lit tlil pr',-vi'i.:- i I .f thi-.
:.c tii, ll l.1:111 he litl.,l oni ll tniillit c,: ,oi0 1,:t i, to be t ft ili.
iot 1 \ix-.' aiil," .t3).
18. T i I l_,\ -T ii' h' (',:,In Cllv? ,i m. I1 ; -i',:,IIt 1i C'oin1iii k-,.
to n --lt the ILf ,'iL-tr 'r in lii.- e 'il:luirit:- ulI.l ->;,:.tioll 7 of
tlii- tl ',.l ilillicO in'l I ;iri1 Irl.il:e re.'itLhttiOii< t-i. to, ti, .S-O o00 1
.111l nIllitliller olif i 14 Ic li fii tlt, n1i'l ',I i ll:ra ly ilni.v ii ;-ikte
',giulatl,_,ins for thle Carrl'yinl ou-It of tile' lrovi' i,.ln thii
77,' Agricultural Credit Societies Ordinance, 1913. 39
Ordinance. The Governor in Council shall also have No. 9 of 1913.
power to repeal, amend or to add to the rules set out in
Schedule I and to the forms set out in Schedules II, III
,1nd IV hereof.
19. The Registrar shall not be bound to give any
reasons whatsoever for any refusal to register a Society
inder this Ordinance, but an appeal shall lie from any
-uch refusal to the Governor in Council whose decision
-hall be final.
20. The Governor in Council shall have power for such
reason as may appear good and sufficient to him, at any
rime, to cancel the registration of a Society registered
,inder the provisions of this Ordinance. Provided that
-i ch cancellation shall not be taken to affect the joint and
-Overal liability of 'the Trustees and every member of the
Society at the time'of its dissolution, for the repayment
.,if all outstanding.loans made to the Society during its
rerm of registration. A notification of any such cancella-
tion shall without undue delay be published in the
Government Gazette and in one at least of the local
21. This Ordina'ce shall come into force on a day.to be commencement.
1iroclaimed by the Governor in the Gazette.
Rides for, the government of Agrieultural Credit Societies
registered under this Ordinance.
I.-NAME AND OBJECT or TME SOCIETY.
(a.) The Society shall be called the Agricultural
Credit Society". Its registered office is St. Vincent, B.W.I.
(b.) Its object is to improve the situation of its members, both
materially and morally, to take the necessary steps for the same, to
obtain through means of the common guarantee the necessary capital
for granting loans to members for the development of their lands and
business, and to brig small capital into productive use.
The great underlying principle of the Society is mutual co-operation
and mutual liability on the part of the members, borrowing and lend-
ing being confined to the meinbers themselves, all of whom belonging
to one particular village' or district being well known to each other
and therefore mutually interested in the fulfilment of each others
-ngagements and obligations on which the success of the Society
A great educational influence is desired to be exercised by the
Society in its insistence upon good character, upon proper investments,
punctuality of repayment and by the instruction it gives as to the
proper value of money.
The Society rests on a chris-tian and patriotic foundation. At
meeting's and in all the activities of a society, opinions and measures
of a religious or political character are absolutely prohibited.
(c.) Loans to members shall only be made on condition that the
40 The Agriculltural Credit Soceiehes Ordinance, 1913.
No. 9 of 1913. purpoxe for which nimnov is .orri,wo.l i stuch that there is a sufficient
prop~,r ~it' the repnvnipnt ot -line t-y the, production or business
whiili it will liablele ihe l ,orriwer r.t oil-,t. The object of a soci-ty
is not to ftrnili tl, en tire ,'r maj.ir part of a member's working
capit Il hit t.. ul l.'rni.nt it
,d. The -i'i iot: -hall not ti.,nit of le-' thin 12 Members.
II --Bi, )n-w[sV'i PwrElis.
The Society may receive deposits or borrow money at interest from
persons other than members. The unlimited liability of all and ovtr.T-
member of the Society, shall be the guarantee for the repayment of
such deposits or of such Loans borrowed by the Society. (See alao
Should the Society however h'ive contracted a loan or loans from
the Governor-in-Council it shall not he lawful for the Society to
borrow in addition from private sources without having first obtained
the consent thereto of the Governor-in-Council videe Section 16 of the
(1) The Society shall consist of-
(a.) Original members, being householders or occapiers of land
resident in the District of who have united
together to form the Society.
(b.) Any person of good character, resident in the District of
who is a householder or an oceuuier or
owner of land in the said district, and whose liability is no: already
pledged l.y Membership in a similar association, who may he 6lMAt-d
at a general meeting to be a member of the society on his or her
(2.) Any person desirous of becoming a Member must fill up and
sign a Form (see Form I, Schedule II) and forward the same to the
(3.) Any member may retire after giving at least six months
notice in writing of his intention so to do to. the Secretary of the
Society and upon payment of all moneys due by him to the Society.
Any member so retiring remains liable in respect of all loans
made to the Society during his membership so long as any part
thereof or interest thereon remains unpaid. .
(4.) The Committee of management videe Rule VII) shall have the
power to exclude any member who may become insolvent, or be in
arrears for unduly long periods with payments on share capital of
interest due or of capital borrowed or who may in any serious way
impair the general interest or prestige of his society. Provided
however that such member, after exclusion, shall. continue to be
responsible for any loans made to his society during the terms
of his membership.
IV.-SHARES AND ENTRANCE FEES.
Every Member on joining the Society must hold a sharp, such
share shall not be less than four Shillings, the amount and time
for payment of same to be determined by the General Meeting
of the Members of the Society. Any person joining a society after
its formation shall in addition to the aforesaid shai e pay an entrance
fee of two shillings. No dividend shall be payable upon such
shares and entrance fees nor shall they be repaid to the Members,
such shares and entrance fees being deposited as a Reserve or
Guarantee Fund. (Vide Rule XIII.)
o77 Agricullural 'Oreit Sieielieie Ordizance, 1913. 41
VY.7-RIGHTS AND LIABILIxES OP MEMBERS. No. 9 of 1913.
(a.) Every Member of the Society shall be entitled to ob'ain a loin
from the Society for specified and approved purposes in avoordance
with Rule XI. Eveiy member shall he eOtitled to attend the Gea-
eral Mleeungs in 'which the full p',wers of the Society are ve-t. to
vote for the election of the Comnmittee 'and certain otlicors and to
claim all information required concerning the solvency and good
management of the Society.
(b.) All money. payable by a Member t) the Society )r; deemed t
be a debt due from such M [ember and are recoverable ai such in
the Civil Courts of Law.
(e.) If any claim on the Society made' under Rule XII, which the
Society is unable to sati-fy, or if a Aleomb r fails t,) pay any
Ioin and the Reserve Fund is not sufficient to meet the deficiency,
an equal levy shall be m tle on every Member for the purpose
of raising the amount required. The Members of the Society are
jointly and severally responsible as such for the inaymient of
all tmoieyvs borrowed by the Society and may be sued in the Courts
of Law for thesame but each MXember of the society slilil b6- liabl'i
only for Loans advanced to the Society during his membership.
(d.) In theeveit of the death of a member, the liability-of his heirs,
executors and. administrators shall extend only to such loans as may
have been conttrneted with the Society by him and Which remain
unpaid at his death, together with the interest thereon, and to such
loai.s as may have been madu to thi, Society during his membership.
VI.-GENERAL MEt'IINGS OF MEMBERS.
(.) Theo first Meeting of Members shall have the same powers as
are herein g ven to the annual General Meeting.
(b.) An annual (ipenral Meeting of thle Me:miners of the Society
shall be hold in the month of May each year. At such Meeting
at which three quarters of the members of a' society shall form
a quorum the Chairman of the Committee shall preside and shall
present a Report and full Statement of accounts for the preceding
year and the audited Balance Sheet which it shall be the first
business of the Meeting to consider, and if satisfactory, to approve.
The Chairman shall al- report upon the other transactions of the,
Committee. The Meeting shall then decide any appeal referred
to it against any decision of the Committee, brought by a member.
The meeting shall then proceed to elect the Conunittee, Trustees,
Auditors, and appoint a Treasurer and Secretary.
'She meeting will also fix at each n/i,,m. general imeetingf by resolution,
the total amount of savings deposit. /.. Wi may/ be accepted, the total
amount of loans that niaij be, contracted and the maximum of the total
adrances that any member of the society may hold at any one time during
the next year.
,(c.) A special A-Gneral Meeting of members may be called at any
time by the Committee; or on receipt of a demand signed by not less
than one-fourth'of the members stating their reasons for calling a
Special Gefneral Meeting.
(d.) No mnlm-er whatever his interest may be shall be entitled to
more than one vote upon every matter submitted for consideration at
any General Meeting.
'(a.) The Society, at its annual General Meeting, shall elect a
Cou)mittee of Management, consisting of not less than five nieimb(rs,
who shall be eligible for re-election on the expiry of their term of
office. No member of the Committee or Office Bearer shall receive salary
or any other remuneration under any conditions whatever.
The, Aigrieui~i' Jdlaa ltio .Soiecties Ordinanct. 1.913.
Ni i" .'t t'Jul.. ab. litie.,, It,, r'oi,,,iltee.-The Committee shall elect its own
S Chirmann, wL hi hall presidl, at the Geniieal and Committee Meetings
t'f it.- fiity anrd ra ho shall have in divisions, only one vote. The
.'.nnmiittei,' lall im.-It n. oilten is tile necessary business of the
Scj(-iety shlil require; thi-re to torli a quorum., It shall arrange for
..t lea-t Iuo of its itinimlr- to atti-l in rotation upon.every occasion
mii whit:h the registi.red oflite is open for the transaction of the
bh-iin.ir t" the Sutiiety
I r. I Ir h-liall dlarn uip l l lrospoecti,, of the Society, record the. names
.I the ('omnliiittmti. Tru-.l..-, Treamurtir, and Secretqry; the Registered
..ffics. tihe dao iiod tini..- it ordiiiin Conmittee meetings, fix the
intelri-t anil e l,,.l-pio i. h.- charged for lomns; and the terms and
adlvaltaigr, ,ftlmPl tip ,IPlm itors.
It shall lSmi lime power to deilde questions concerning (a) the
luhilhIar inl cnimmIon oft fnriming ii.iuisites ani (b) the sale in
(iinntiiii ot larm piodluti.
ii., Tii t /iO11itduti of Orid,nary Ci .ittee eetinge.-lrhe Secretary
.hall read the Miiiiute- f tihe previu., meeting. The Treasurer shall
tlihi lrs..-l.t a -.tntei-nrt of Aciouiint. showingg the loans outstanding,
hi-1'.o-its on a.nil, andl the annount iI the Hoserve l'und together
iti the i niler oit ienint.ers. Thi. statement shall be checked and
Ai.an'-d hy tilh,' miiemir-rs nit thi Commruittee.
The Secienarv shall ri..in report as in the instalments or repayments
Il111 ,and inpaiiiil mild the action tI be taken in each case will there-
Ulin he detmiiillit-ed.
I lie tSei '-t.iry shall then present any applications for loans and the
C'uiniitltre uill ileitrmine wiich c. n i.- granted.
An3 special quemtioinit shmitted for the nonsiderationt of the
Committee 'hall then h l disuiisiel.
.Sp ial DItieis oft It, (',,,llr'.nr-'l'-h,' Committee shall s ati4ly itself
thlt all inles have been vmnipli. d % ith; consider whether there has been
i1,U/ alleratfonuii i fl' tie it'u of i'ny horr,,mwer or his sureties, iI aun,, wirlch
,I uid jiftifl/ ipleial action beiiiny ilen lor thetermnation of n.i Loan ;
aiipoifti any person tiey !liik diir-iabl, in order to ascertain irhlieder
oil Loafia rntiuld art beneiq used .ior //ie purposes for wchicr I/,tJy ere
obtained or are intended.
i he ('CoImnittee ,hall lix. the late if interest for all Loans and
have power to alter the rame alter giving 3 months notice to the
Thie C'ommittee mf Management shall direct the Secretary to supply
all Return'- rcquitied iy the legistrnr.
It shall niso bli the dity of the Committee of Management to keep
open at nil times, a copy of the last annual balance sheet of the
,o<.iety fur the time being together with the Report of the Auditors,
tl.r the in p,-ction of the Members of the Society, or of the Registrar
or of any per-mn appointed by him f.,r that purpose.
I'ma,,,iiir.-Vacancies oe-turring on the Committee through death,
resignation or removal, hall be filled at a Special General Meeting
of the '-otitly whim h shall lorthuith be summoned to elect a member
it till tie vacannev. The Meniber .4, elected shall remain in office
until the mtceeeding annual General Meeting and will then be eligible
The General Meeting r-hall elect two Trustees to hold the property
of the Society. The 'rustses shall place any money belonging to
the Society inot r-1jiiired lor Loans on deposit in the Government
Saviniigs Batik or in any Joint Stock Bank. No Trustee shall receive
any renuniinration for berv'ces rendered.
NorE.-It is rccummenided that where the Society is not larger in number
than 12 all Membeibm, should be on or form the Committee of Management.
"The Agriculluril Creddt SoeOier Ordrin 'ne, 1913. 43
Each Trustee shall give security in his own personal' bond and in No. 9 of 1913.
one solvent surety f)r the funds of the Society in the possession of --
the T'rartee". in such sum as the C )mmittee if Management may
decide is rea- oa3l,?.
Th- annual GenPral Me. ting shall alpoint a Treasurer who shall be
eithe-r t. Miiitr' .it PR.-ligirn or a Justice of the Peace or some
respe, til..l and r.~r.1,,1 ill pfer-rn approved by the Governor in
Coniu0 il anl Ohl shiinll Iv \irin oi' h nl o(thi., be a Member of the
onmuiiiitt,'? l H1 'i-hll r., -iire frim the Secretary all moneys paid
to hin ,,n r ,r.half of ih., S.i i.i-ty. IVlhii the sum deposited with the
Tr,*-nsriir <.:.,,-'-l an anmrinlt fixPil by the Committ,.e such exce-s
shall ,. paid to th* f1'rii-'te-" f,, investment in the Government
Savijg-s Bink ir any J.:nt Sitokl Bank (See Rule VIII). If the
TratIiI.l wi-.hli.s t, i4ign thie Ow.. -it;in a Specal General Meeting
of MAlI:'e!l-'' lill I, ,. :'ilIl-l t'. -lei.t arinther Treasurer. The Treasurer
may al..' hlI thi' p.tAiti *n of .Se. rerary. The office of Treasurer
shall he purl.y :iiL hionrn r;" i.. ani. lie may or may not be a
menih'tr itf th,, S 'ii-t'v.
The Tr,.-aisurrr -hill give ",.nurity in his owa personal bond and in
one -.ilv-ait uir.-tv i' r tli- tuivis nt the society, in his possession, in
suc'i sumn a' th, i tmniitt ..:- .f inan';nient may decide is reasonable.
X -T'lt SEL'IETARY.
The anliilmal (.;i,-w-ial ,Mc--ting -l.all ilppoint a Secretary. The duties
of thi.'-e,.retnlv shi.ill hi --(i 'I .-) ati.-nd all mnetings of the General
Soci.lty ,r (_'iiiitt.-e ofl Miurig.-ueut. (b) To keep a Regist-r of
nanme- ,ini nl'r.-.i. of all MI mui- r- (c) 'To supply Forms, Balance
-heet- ir o(li.r p.,rti.nulji r.-liuired by Members. (d) To record
Minutes of Mleotirns and the win,,: If the transactions of the Society
in the book p.roviled. ir) To i.-,nuduct all correspondence. (f) To
re e-ive an.l del.1.,it with the Tr-a-ur,-r all moneys received on behalf
of the -ol ietY. q. 'IJo r.-i ei\v. all applications for Loans or notice of
withdrawals, of Depor.it. auid to bring the same before the Committee.
(A) To prepare re,.rip'i anid othir d,,iinments in the form arranged for
the signature ot -iinowe-rs prior to t hi-ir taking the Loans sanctioned.
(;) T'1 pay to nTleimb-Ti:ri or others amounts authorized to be paid by
In addition to thi-ic- gpin-zral duti'--s, the Secretary shall prepare the
annual Finania: Rtrulo' mid Baainne Sheet and shall attend upon the
Auditors when nmakiiin- 7le udit, producing for their inspection
vouchers fur all pamni.% ts \vwhih have been made on behalf of the
The Secrotuy shall Ie an HIorianary Officer, and may be the Trea-
surer also in whii h littFr r.u,: he muay or may not be a member of
The Committep n my i immediately suspend the Secretary for any
irregularity in the |iprf,..iliane..' otf his duties, and appoint a substi-
tute. The Secretary shall have the right of appeal to a Special
The duties of the Secrelary mav he shared with certain members of
the Committee, if ,n ai.pro vO by the Committee, or the Committee
may sanctimi the mniplomvifent ot a clerical assistant f, r some of the
stated work and in this (cas the expenses of such assistant shall be
defrnyed from the funds r,f the Soi iety as the Committee may deter-
mine, but such assistant shall nor lie a member of the Society, nor
entitled to borrow a"v to the Funds of the Society.
The Secretary shall giv. secu(itv iri his own personal bond and in
one solvent surety in sucl sum as the Committee of Management
I ... .. . -
Sr- The- AFrie1eihal "O r-Edit Eocieliis Ordinancer, 1918.
No. U of 1913. may decide is rensoirable, for the tunds of the society which will in
the course of business pai-s through his hands.
(a) Loans, when approved by the Committee, shall be granted
to members who are able to obtain either one or two sureties as may
be approved by the Committee or who can give such security as the
Committee may deem sufficient. No member who is in possession of
mon y lent to him by the Society shall be accepted as surety for
another member requiring a loan unless the members of the
Committee are unanimous that it is safe to accept him. The appli-
cation shall be forwarded to the Secretary and considered by the
(b) Members who- desire to obtain a Loan shall fill up a form (see
Foirm lI, Schedule II) stating the amount required, the object for which
it is required, the term for which it is asked, whether it is desired to
repay the Loan by instahnenis, with the security offered.
(c.) If the Committee are satisfied with the trustworthiness of the
applicant, the sufficiency of the security offered, the profitableness by
productiveness or saving which the use of the loan may effect, and
if they have sufficient funds under their control they may sanction
(d.) No Loan shall be granted for a period exceeding one year, or
to any person who is not a registered member of the Society.
(e ) If the Committee decide that the loan cannot be granted from
lack of funds or aught else, or if they think proper to postpone
the cousiderntion of any application, the Secretary shall notify the
applicant to that effect.
(f.) If the Loan is repayable by installments, prompt payment
must be made and no excuse accepted for non-payment.
Any want of faithful conmplinance, shall render the borrower liable
to have his full Loan.immediately recalled. Where sickness or other
siffi, ient cause is duly notified to the Secretary before an instalment
is due, the Committee may extend the time for repayment of an
(.q.) The interest to be i hnrged con LiIans shall in no case exceed
8 % per annum. The interim st shall I,, payable at the time the
Committee determine but in no case later tlan the same date as the
loan is repayable.
(h.) When a loan is sanctioned, the borrower should be notified
to that effect by the Secretary and if the honower does not consent
to take the Loan on the terms offered by the Committee within one
week from the date upon which assent is given, the Committee shall
not Le held bound to complete the Loan. If the borrower consents
to accept the terms offered, then before the amount be advanced the
borrower and his sureties, if any, shall execute a promissory note or a
declaration as to possession of effects free from encumbrance or any
other document which the Committee may consider necessary, and the
borrower shall also enter into an agreement as to the terms of re-
payment (see Form III, Schedule IT.)
(i.) If the Loan be repayable by instalments the borrower shall be
supplied with a card (see Form IV, Schedule II) or book upon or in
which shall be stated the amount and the terms of advance and upon
or in which the instalments when repaid shall be entered and initialled
by the official to whom the money is paid.
(j.) If any member shall be found to have misapplied a loan, the
Committee shall have power to recall the Loan immediately.
(k.) If a Member of the Committee be an applicant for a Loan
he must withdraw from the Meeting of the Committee while such
application is under consideration. No Loan shall be granted to any
Member whose credit is pledged in any other Agricultural Credit
Society in another district.
'Ihe Aprtcuuiral Credit'Sic/ieas Ordianice, I49'. 45
(1.) In the case of Loans being sanctioned for the purchase of No. 9 of 1918:
livestock, such stock must be vaccinated against anthrax.
The Society shall have power to borrow capital on the security of
all the ordinary Members, jointly and severally, but whenever such
action is taken, the unanimous decision of all the Members must be
obtained at a Geineral Meeting of the Society, inasmuch as respon-
sibility of repayment descends to each aid every member to the last
and each and every menlmber is liable to be sued for repayment of the
Should the Society however have contracted a loan or loans from the
Governor in Council, it shall not be lawful for the Society to bon ow in
addition from pi ivate sources % it h uit having first obtained the consent
thereto of the Governor in Council. (Vide Section 16 of the Ordinance).
XIII.-RESERVE F.ND AN) EXPENSES OF MANAGEMENT.
A Reserve Fund shall be formed to serve as cover for any loss as
shown by the balance sheet. Such Reserve Fund shall be formed
from shares and enitraince fees and by turning over to it at least ten
per cent of the amnual net profits. The Reserve Fund should be
brought up to the amount of 20 per cent of the total working capital
as shown in the balance sheet but as a minimum to the total amount
of the share and entrance fee capital.
In the event of its being necessary to draw upon the Reserve Fund
it should as soon as possible again be brought up to the above limit.
In no ease hall theA.tesr e Fund be divided and should the Society
be dissolved it shall be devoted to some useful public purpose in the district
or village in which the Soeiety operated, and determined upon by the
meeting at which the dissolution of the Society takes place.
Any sums to the credit of the Reserve Fund shall be placed on
deposit by the Trustees in the Government savings Bank or any Joint
No profit, bonus or dividend of any kind shall be divided among the
If the income derived in any one year from sources other than shares
and entrance fees prove insufficient to meet the expenses of manage-
ment, then the annual general meeting may order a levy on the
members or vote such sum as it may think desirable from the
Reserve Fund to meet such deficiency subject to the above limitation.
XIV.-AccoUNTs AND BOOK-KEErPIG.
(a.' In the books of the Society provisions shall be made for
1. The minutes of alLMeetings.
2. A Register ot Names and addresses of all Members.
3. Particulars of applications for Loans, and dates on which repay-
ments were made.
4. A Cash book in which all amounts received or paid for any pur-'
pose shall be entered.
5. Accounts as required by the Auditors, in which shall be posted
all entries from,the Cash Book.
(b) An annual Financial Return shall be prepared each year show-
ing Receipts and Expenditure for,the preceding year; and a Balance
Sheet drawn up showing the Funds and Effects of the Society and its
liabilities to date.
(c) The books and accounts shall be open to the inspection of any
Member of the Society, at all times of Meeting, or whenthe Regis-
tered Office is open for the transaction of the Society's business.
7he Agricultural Credit Soeietiea Ordinance, 1913.
No. 9 of 1913. XV.-AuDIT oF AccouNTs.
"-" (a) The Committee of M management shall once at least in every year
submit the accounts, together with a general statement of the same,
and all necessary vouchers, books, documents, cash in hand or other
goods belonging to the society for audit, to two or more persons
appointed as auditors by the members at the Annual U(eneral
Meeting each year, and in addition shall give all facilities for inspec-
tion and investigation by a Public Auditor as provided for by section
14 (h) of this Ordinance and shall lay before *,.vr'V ~u. h iiit.nt :t
balance sheet showing the receipts and expenit InI-, funil. ,.ni
since the last ordinary meeting, and of their i.,i, c.iditin. Such
auditors shall have access to all the bookl and on.:..urt if tih
Society, and shall examine every balance sheer and Annual I!turn
of the receipts and expenditure, funds and -ffe(t- -t. the S.-:i.1ty,
and shall verify the same with the .-..i'nti and vn.m lh-r
relating thereto, and shall either sigp. the sun.- rs fin-l i.v th.-ni ii.
be correct, duly vouched, and in accordance with law...r -h Ill .i .inally
report to the meeting of the Society before whbi.h the ;avnf i< Iniil, in
what respects they find it incorrect, uuvouched,. not in a,..-or,.lan, e
(b) A copy of the Annual Balance Sheet of the S,,.:i&tv. duly vcr-
fled by the Auditors, shall be forwarded to the, R-,gitnar .a1 ....in as
possible after the completion of the same.
XVI.-SETTLEMENT OF Dnsri--r.iE.
Any dispute arising between a member or er-',,n ial.minng thr.,ugh
a member, or under the rules, and the Societ'. or '.te C( unumbirt, ,r
any officer thereof, may be bought before a Gen,.al M-c-ting of
members, whose decision shall be final."
XVII.-DissoLurTIO oF THE SOCIEl Y.
The Society may at any time be dissolved by th.e consentt of tiv-.
sixths of the members, testified by their signiatuwre to.i an iuntru'Iient
FORM OF APPLICATION FOR MEMBERSHIP.
_______________________ALTI'lAT. ('n.i SOCIETrY
I, the undersigned, hereby apply to be admitted a member of
the above-named Society, and, if accepted, agr, e to le1 bouinl by and
observe all the Rules and Regulations of the Soc iet y.
Signature of Applicant
Admitted a member of the above-named Societv this
day of 19
khe Agricultural Credit Societies Ordinance, 1913.
No. 9 of 1913.
Foax IL. --
APPLICATION FOR LOAN.
I : being a member
of the Agricultural Credit Society hereby
make application for a loan of subject to the rules of
1. The loan to be repayable on thp_ day of 19
with interest ,t Z or The loan with interest thereon at 2 to
be repayable by instalments of on the day
of ._and the day of
2. The purpose for which I require the loan is_
3. The security I am prepared to .offer is
Cross out the part of t1is8 paragraph inapplicable.
NOTICE APPROVING APPLICATION FOR LOAN,
NOTICE IS HEREBY GIVEx that the Committee of the
_____ AImTCULTURAL CREDIT SOCIETY have
decided tI grant you a Loan of Pounds
shillings and pence upon the
terns and conditions specified in your Application of the day
of_ ___, 19 .
For THE AGRIcULTURAL CREDIT SOCIETY.
1ihe Agricultural Credit Societies Ordinance, 1913.
No. 9 of 1913. FO M III.
AGREEMENT FOR LOAN FOR A TERM.
g~ $rttrtntn made this day of One
thousand nine hundred and Between THE
AGRICULTURAL CREDIT SOCIETY baing a Society
duly registered under the St. Vincent Agricultural Credit
Societies Ordinance 1913 and having its Registered Office
at in the Island of
hereinafter called the Society" of the one part and
"the Borrower" of the other part
WITNESSETH that in consideration of the sum of
pounds this day 1' nt to the Porrower (the receipt whereof is hereby
acknowledged) he the said borrower hereby agrees-
(1) That he will repay the said sum of with interest
at tl.e rate of p.r cent per annum on the day of
next, or Ulhat he will repay the said sum with interest
thereon at 7 by instalments of on the, day of
19 and the day of 19 .
(2) That he will employ the said sum of pounds for
the purpose of and will furnish the Society or its repre-
sentatives with such proof thereof as they may reasonably require.
(3) That he will be Lound by aud observe all the Rules and
Regulations of the Society for the time being in force.
(4) That in the event of the non-performance or non-observance
do all or any of the terms and conditions on the part of the Borrower
herein contained and h(ri by agreed to l e performed and observed
the said sum of pounds shillings
and pence or such part thereof as shall remain
unpaid with interest as aforesaid shall immediately become due
and payable and if not paid upon demand shall be recoverable
from the Borrower as a debt in the Law Courts of the Island
where the office of the Society is situate.
As WITNESS the hands of the parties the day and year first above
Signature of borrower
Witness to signature of borrower
Signature of Secretary at the direction of Committee
Cross out the part of this paragraph inapplicable.
The undersigned of- and
of bind himself as surety for the above
the Agricultural Credit Societies Ordinance, 1913. 49
named debt not only for interest but as joint and several debtors No. 9 of 1913.
of the Agricultural Credit Focitty until the complete .
redemption of the same, also for any period of extension and
expressly declare that E renounce any plea by which he
S their ait
may void his liability.
Seen and noted for payment according to
Committee of Management this day of
the decision of the
LOAN REPAYMENT CARD.
Zg iniltural Crtbit Mairitg.
LOAN REPAYMENT CARD.
Name of Borrower............................
Amount ......... Date granted............
Term of Loan................... : ............
How to be repaid.......................
Data when to be completed...........
Date. Amount. Secretary's Initials.
Amnount. Secretary's Init.als.
OBJECTS OF THE SOCIETY.
To assist Members by loans of
money at a moderate rate of interest
and to raise money for this purpose
on the combined security of all the
Members of the Society.
CONDITIONS OF BORROW-
That the borrowers shall be persons
of good character.
That they shall live in the area
in which the Society operates.
That they shall apply the money
borrowed for a specific purpose sanc-
tioned by the Committee.
That they shall give such security
as the Committee may consider neces-
That they shall be bound by the
Rules and Regulations of the Society.
The Agricultural Credit Societies Ord imnce, 1913.
N1o. 9 of 1913. SCHEDULE III.
Agreement for repayment of loan made to a Society.
W HEREAS for the purpose of assisting an Agricultural Crelit
Society in the Colony of St. Vincent known as the
Agricultural Credit Society which Soiety has be n duly registered
under the provisions of The Agricultural Credit Soaieties Ordinannc,
1913", (hereinafter called the lender), his
agreed to advance the sum of to the Trustees
and Members of the Society by way of lotn upxo the joint and
several liability of the said Trustees and Members.
Now this agreement witnesseth that in consideration of a loan of
made to of
and of the Trustees of
the said Society, the receipt of which the said Trustees do hereby
acknowledge the sail and
as such Trustees acting oa b half of themselves and all the Members
of the said Society do hereby jointly and severally agree that they
-will on the day of 19 repay to
the lender the said sum of with interest
thereon at per centum per annum.
Signed on behalf of the Agricultaral Cralit
ARTICLES OF ASSOCIATION OF THE AGRICULTURAL
CREDIT SOCIETY REGISTERED UNDER THE AGRICULTURAL CREDIT
SOCIETIES ORDINANCE 1913, ON THE DAY OF 19 .
WE the undersigned agree to become members of the
Agricultural Credit Society and by virtue of our signatures hereto
appended we agree to be bound and to abide by all rules thit have
been made, or that may in the future be passed by the Governor in
Council, for the government of Agricultural Credit Societies registered
under the Agricultural Credit Societies Ordinance 1913 or under any
Ordinance amending the same.
We further hereby acknowledge our joint individual unlimited
liability for all loans contracted on behalf of the Society by the
The Agricultural Credit Societies Ordinance, 1913.
Trustees with the consent of a general meoling of the Society and No. 9 of 1913.
also for all deposits that may be made in accordance with the rules
referred to above.
Witness to Signature.
Date of sign-
Signature of Member.
NoTE.-(1) Each member must sign two copies of this document.
(2) One copy to be lodged with the Registrar and one copy in the
offices of the Society.
(3) Any new member joining must sign both copies.
(4) A copy of the rules must be attached to each copy of the articles
Fassed the Legislative Council tie 10th day of June, 1913.
S. C. CONNELL,
Acting Clerk of Councils.
This Ordinauic, was returned to the Council bq the Governor for
amendment under Standing Order No. 27 A and was recommitted and
passed the 29th' day of fultl, 1913.
S. C. CONNELL,
Acting Clerk of Councils.
Published in the Government Gazette this 21st day of August, 1913.
V. F. DRAYTON,
Clerk of Councils.
PRINTED BY THE GOVElRNMIENT PRINTER AT THE GOVERNMENT PRINTING OFFICE,
KINGSTOWN, ST. VINCENT.