Annual returns, etc

(1) The Board of Directors of every credit union shall– (a) immediately after approving the annual (i) if the credit union is a member of the League, send to the Registrar and the League a copy of the financial statement and the management letter which the auditor may provide, and such other information as the Registrar and the League may require; Credit Unions Act 53 (ii) if the credit union is not a member of the League, send to the Registrar a copy of the and the management letter which the auditor may provide, and such information as the Registrar may require; (b) supply gratuitously to every member, upon request, a copy of the last annual return; (c) furnish the Registrar with monthly returns, monthly performance ratios, and such other returns and such other information as may from time to time be required; (d) provide every return and other document required for the purposes of this Act in such form as the Registrar may prescribe. (2) A copy of the annual audited financial statements and management letter mentioned in sub-section (1) (a) (i) and (ii), shall be submitted to the Registrar within two months of the close of the financial year of a credit union or the League, or such longer period as the Registrar may permit in writing. (3) Any credit union which fails to comply with the requirements stipulated in sub-sections (1) and (2), shall be liable to pay, on being called upon to do so by the Registrar in writing, a sum of two thousand dollars, and where a non- compliance with the said provisions continues, there shall be levied a further penalty of one hundred dollars for each day of non-compliance.