This Bill seeks to amend the New Building Society Act, Cap 36:21, to provide for the licensing and supervision of the Society, by the Bank of Guyana primarily under the Financial Institutions Act 1995, the Bank of Guyana Act 1998 and any other law.
The Bill seeks to amend the New Building Society Act, Cap 36:21, to bring it into conformity with the Financial Institutions Act 1995.
Clause 2 seeks to amend section 2 to include in the interpretation section the definitions of certain terms, to modify the definition of investing share so that only fully paid up shares shall be considered as investing shares and to delete the definition of purchase-tenancy contracts because this type of contract is prohibited under the Financial Institutions Act 1995.
Clause 3 seeks to amend section 3 to limit the power of the Society to acquire, hold and lease land and other property