Registration

(1) When an application for registration of a credit union is made, the Registrar shall be satisfied that the application is made in accordance with the requirements of this Act and for these purposes shall make such inquiries and obtain such information as he thinks fit. In conducting such enquiries, the Registrar shall consider as a minimum the background, experience and integrity of the applicants, their police records, financial resources and history, and the adequacy of the proposed management of the credit union. (2) The Registrar shall, when satisfied that the application is made in accordance with this Act, within three months of receipt of the application and subject to section 8, register the credit union and its by-laws and issue that credit union with a certificate of registration in the prescribed form. (3) A certificate of registration issued by the Registrar in f any credit union shall be conclusive evidence that all the requirements of this Act in respect of registration and of matters precedent and incidental thereto have been complied with and that the credit union is duly registered under this Act. (4) The name under which a credit union is registered under this Act– (a) shall be published in the Gazette; and (b) shall be noted in the Register. (5) The names of all credit unions that are deemed to have been registered under this Act shall be entered in the Register. (6) Every credit union shall, upon issuance of a certificate of registration, pay to the Registrar a registration fee in accordance with the following scale, based on the size of its assets18 Credit Unions Act Assets size Registration fee Not exceeding $20, 000,000. No fee From $20,000,001 to $1000,000,000 $1,000.00 Exceeding $1000,000,000 $5,000.00 (7) A renewal fee of like amount shall be paid to the Registrar not later than the first working day of April of each succeeding year.