Name and Objects

Name and Objects

Rule 2. Name

  1. The name of the credit union shall be Savvi Credit Union Limited (hereinafter referred to as the ‘Credit Union’).
    As soon as practicable, the credit union shall cause its registered name to be painted or affixed, and to be kept painted or affixed, in a conspicuous position and in letters easily legible, on the outside of its registered office and every other office or place in which the business of the credit union is carried on, and shall have that name engraved in legible characters on its seal and set out in legible characters:

    • in all notices, advertisements and other official publications of the credit union;
    • in all business letters of the credit union;
    • in all bills of exchange, promissory notes, endorsements, cheques, orders for money or goods and other instruments purporting to be signed by or on behalf of the credit union; and
    • in all bills, invoices, receipts and letters of credit of the credit union.
  2. The credit union shall not use any name or title other than its registered name.
  3. The credit union which is a sub-office of a registered credit union may cause its name, along with the registered name of the credit union, to be painted or affixed, and to be kept painted or affixed, in a conspicuous position and in letters easily iegible, on the outside of its office.

 

Rule 3. Change of registered name

  1. A credit union may not change its name except in accordance with the Act and this rule.
  2. A credit union may change its name:
    • by a resolution for the purpose passed at a general meeting of the credit union after the giving of such notice as is required by the rules of the credit union for a resolution to amend the rules; and
    • with the prior approval in writing of the Bank.

 

Rule 4. Use of seal

  1. The credit union shall have its name engraved in legible characters on a seal which shall be kept in such custody as the board of directors may appoint.
  2. The seal of the credit union shall be used only under the authority of a resolution of the board of directors, and shall be attested by the signatures of two directors of the credit union and the countersignature of the secretary for the time being.

 

Rule 5. Objects

  1. The objects for which the credit union is formed are:
    • the promotion of thrift among its members by the accumulation of their savings;
    • the creation of sources of credit for the mutual benefit of its members at a fair and reasonable rate of interest;
    • the use and control of members’ savings for their mutual benefit;
    • the training and education of its members in the wise use of money;
    • the education of its members in their economic, social and cultural well-being as members of the community;
    • the improvement of the well-being and spirit of the members’ community; and
    • the provision of the following additional service(s) by the Credit Union to the members subject to the prior approval of the Registrar of Credit Unions and any other permissions or licences that may be required by law: Member Personal Current Account Service
    • subject to section 48 of the Act, the provision to its members of such additional services as are for their mutual benefit.
  2. Pursuant to these objects, the credit union may:
    • acquire property of any description permitted by or under the Act; and
    • do anything expedient for accomplishing, or conducive to or consequential upon, the objects for which the credit union is formed.

 

Rule 6. Operating principles

The credit union shall conduct its affairs within the framework of the Operating Principles as set out in the preface hereto and in accordance with these rules.

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