Cap. 447 Art. 11Recognition of interbranch associations.

(1) Interbranch associations which are recognised by the

Director in accordance with the provisions of regulations made under article 19 shall have a distinct legal personality from that of their members.

(2) The Director shall, in accordance with regulations made under article 19 -

(a) decide whether to grant recognition to an interbranch association, within three months of the lodging of an application together with all relevant supporting documents, as specified in the said regulations;

(b) carry out checks at regular intervals to ensure that interbranch associations meet the terms and conditions for recognition;

(c) withdraw recognition if -

(i) the terms and conditions for recognition specified in regulations referred to in this article are no longer met; or

(ii) the interbranch association contravenes or fails to comply with any other regulation prescribed under this Act;

(d) notify the Minister, within two months, of any decision to grant, refuse or withdraw recognition.

(3) Without prejudice to any other action competent to the Director under this or any other law, failure by an interbranch association to function in accordance with the provisions of this Act or of any regulations made thereunder, shall render the officers of the interbranch association liable to such administrative penalties and fines as may be prescribed.