Co-operative Credit Union Regulations, 2015 (L.I. 2225)
Regulation 21: Borrowing by Co-operative Credit Union
(1) A Co-operative Credit Union may borrow money but may only do so in accordance with a resolution passed by a two-thirds majority of the directors of the Co-operative Credit Union.
(2) A Co-operative Credit Union shall not borrow in excess of forty percent of the assets of that Co-operative Credit Union.
(3) A Co-operative Credit Union shall not grant a security interest in its property except with the prior written approval of the Co-operative Credit Unions Association to which it is a member.
(4) Subregulation (3) does not apply to the grant of a security interest in the property of a Co-operative Credit Union to a Co-operative Credit Unions Association.
(5) A Co-operative Credit Union that contravenes subregulation (1) or (2) commits an offence and is liable on summary conviction to a fine of not less than one thousand penalty units and not more than two thousand-five hundred penalty units.
Subject : Co-operative credit unions
Procedure to Follow
Not Avaiable
Responsible Institution
28th February Road, Finance Drv, Accra
- Email: info@mofep.gov.gh
- Website: www.mofep.gov.gh
- GPS: GA-144-2024
- Telephone: +233 302 747 197
Relevant Forms to Download
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Online System
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Fees/ charges
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