The Regulations for the Agricultural Loan Societies and Approved Organizations were promulgated in the Lower House yesterday (October 5), by Agriculture Minister, Audley Shaw.

They come years after the Act was passed in 2017, as part of efforts to modernise the agricultural sector, to meet the nations demand of food security.

It allows for entities such as the People‘s Cooperative Bank to be under the oversight of the Registrar of Cooperative Societies.

Mr. Shaw explained that the act also allows for streamlining of some entities such as the Agricultural Credit Board into the Department of Cooperatives Societies, which fall under his other ministry – Industry and Commerce.

He said the regulations include a requirement to submit annual reports.

They also include a requirement for safe keeping of money.