• Latest
GARFIN Preparing to Dissolve More Than 100 Friendly Societies

GARFIN Preparing to Dissolve More Than 100 Friendly Societies

7 years ago
Claims of coronavirus at SGU designed to create fear and panic

Covid-19 update: Grenada Dashboard 19 April

16 hours ago
New health centre in Gouyave

New health centre in Gouyave

16 hours ago
Tanteen Road Closes At Noon

Road Closure: Hermitage Public Road

16 hours ago
Grenada Bar Association — Supporting Our Youth

High Court dismissed claim filed by Garden Group shareholder

17 hours ago
SGU and Government of Grenada establish diagnostic testing facilities

Prime Minister welcomes planned return of SGU students in August

18 hours ago
Higher Gas Prices for March 2014

Higher gas prices for April 2021

18 hours ago
Conference: Caribbean Children and Caregivers

Speaking Up: April is Child Abuse Awareness Month

20 hours ago
UWI Political Science lecturer encourages a ‘Yes’ vote to Bill #6

Towards a politics for sustainability

20 hours ago
Plan, Prepare, Perform – United States supports St Vincent volcano response

Plan, Prepare, Perform – United States supports St Vincent volcano response

22 hours ago
RFP: Corporate Communications Officer

Volcanic ash advisory

1 day ago
Aspire To A Locavore Lifestyle

Price increase for meat products predicted

3 days ago
Grenada will not attend first OECS Parliament session

OECS and African Union partner to overcome vaccine challenges!

3 days ago
NOW Grenada

Main Header Ad 468x60

booked.net
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us
No Result
View All Result
NOW Grenada
No Result
View All Result

Article Header

GARFIN Preparing to Dissolve More Than 100 Friendly Societies

This story was posted 7 years ago
7 January 2014
in Business
2 min. read
Share

Despite not receiving one expression of interest following a notice printed in the Government Gazette will regards to the status of more than 100 friendly societies, the  Grenada Authority for the Regulation of Financial Institutions will be placing more notices in local newspapers before the minister is ask to dissolve these societies.

Denis Felix, Manager of Non bank Credit Institutions and Money services Supervision Department at GARFIN said that these Friendly Societies continue to be on the book of the registrar and most of them are apparently defunct.

“We are cleaning up the books and we want to make sure that they are no longer in existence, as they appear to be not functioning based on the records. Once we have all reasons to believe that these societies are no longer actively functioning, we will make the necessary submission to Cabinet for their dissolution,” he said.

According to the notice some of the friendly societies were registered in the early 1900s. “It was period in our time when people will make these monthly or weekly small contributions to save for themselves for different purposes. The contribution could have been as low as ten cents but over time that will mean much to them,” he explained.

Research has shown that some of these societies not only acted similar to current credit unions to bring financial and other benefits to members but some of them invested in properties and lands. Though these societies are not operational there can be assets in their names.

“So all of that will have to cleared up before us at GARFIN makes the recommendation to dissolve a friendly society,” Felix said.

According to the legislation which established GARFIN, the number of entities which are subject to the supervision of regulatory body are those establish in accordance with the Insurance Act; Cooperative Societies Act; International Companies Act; Building Societies Act; Friendly Society Act; Money Services Business Act; Grenada Development Bank; Offshore Banking Act; International Betting Act; International Insurance Act and the Company Management Act.

by Linda Straker

NOW Grenada is not responsible for the opinions, statements or media content presented by contributors. In case of abuse, click here to report.

Tags: assetgarfininstitutionlandlegislationlinda strakermoneysociety
Next Post
First CEO of the Grenada Tourism Authority Appointed

First CEO of the Grenada Tourism Authority Appointed

Comment on story Cancel reply

Please enter your valid email address.
Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Home Sidebar NP 300x250

© NOW Grenada. All Rights Reserved. Published by Aqua Design Inc. | Terms of Use | Privacy Policy

No Result
View All Result
  • Front Page
  • Categories
    • General News
      • All
      • Agriculture & Fisheries
      • Arts & Culture
      • Business
      • Education
      • Environment
      • Health
      • History
      • Lifestyle
      • Law
      • Politics
      • Technology
      • Travel & Tourism
      • Weather
      • Youth
    • Sports
      • All
      • Athletics
      • Cricket
      • Football
      • Watersports
    • Community
      • All
      • Tribute
    • Crime
    • Features
      • All
      • Today in History
    • Opinion/Commentary
    • Press Releases
      • All
      • Advertisements
      • Notices
  • Video
  • Notices & Vacancies
  • Advertise
  • Contact Us

Copyright NOW Grenada

We are using cookies to give you the best experience on our website.

You can find out more about which cookies we are using or switch them off in settings. Visit our Privacy Policy | Terms of Use.

NOW Grenada
Powered by  GDPR Cookie Compliance
Privacy Overview

This website uses cookies so that we can provide you with the best user experience possible. Cookie information is stored in your browser and performs functions such as recognising you when you return to our website and helping our team to understand which sections of the website you find most interesting and useful. Visit our Privacy Policy | Terms of Use.

Strictly Necessary Cookies

Strictly Necessary Cookie should be enabled at all times so that we can save your preferences for cookie settings.

If you disable this cookie, we will not be able to save your preferences. This means that every time you visit this website you will need to enable or disable cookies again.