law: Co-Operative Societies Act 2008 
  34.
  
  Deposits
  1.      Subject to this
  
  regulation the terms and conditions for the receipt of deposits by a registered
  
  society shall be set out in the by- the society.
  2.      No credit union shall
  
  establish and operate, without the approval of the Registrar, deposit account
  
  that permit funds in the account to be withdrawn or transferred by the
  
  depositor by means of—
  a.     
  
    a
  
  cheque;
  b.    
  
    another
  
  bill of exchange; or
  c.     
  
    any
  
  other negotiable instrument, that allows the holder of the negotiable
  
  instrument to have payment on demand made to him from funds in the deposit.
  1.      
  2.      
  3.      No credit union
  
  shall, without the approval of the Registrar, accept funds on deposit for a
  
  term that is stipulated in any agreement between the credit union and the
  
  depositor to be longer than 5 years.
  4.      Where a credit union
  
  accepts deposits for a term that is stipulated in an agreement between the
  
  credit union and a depositor, the credit union shall provide a receipt to the
  
  depositor showing—
  a.     
  
    the
  
  terms and conditions pursuant to which the funds are deposited by the depositor
  
  and accepted by the credit union;
  b.    
  
    the
  
  date on which the deposit matures;
  c.     
  
    the
  
  rate of interest to be paid by the credit union on the funds deposited;
  d.    
  
    the
  
  date or dates when interest is to be paid by the credit union; and
  e.     
  
    any
  
  conditions that the Board has stipulated for withdrawal of funds by the
  
  depositor prior to the date the deposit matures.
  1.      
  2.      
  3.      
  4.      
  5.      Where a person has
  
  deposited funds in an account with the credit union, the person is entitled to
  
  receive and the credit union shall provide a statement showing the transaction
  
  conducted by the person involving the person’s account, the balance of funds in
  
  the account and any other information that the credit union considers
  
  important.
  6.      The Board may, in
  
  consultation with the Registrar, determine the form in which the statements
  
  required pursuant to paragraph (5) are given.