From American Banker By Eric Fishcer October 28, 2014 Board members at smaller banks often...
Decree on Implementing the PARMEC Law
(enacted in 1993)
The Decree on Implementing the PARMEC Law of 1993 (Projet de Décret d’Application de la Loi Portant Réglementation des Institutions Mutualistes ou Coopératives d’Épargne et de Crédit) is intended to clarify the rules on implementing the PARMEC law for mutual or cooperative savings and credit institutions.
The law addresses the following topics:
- capital and establishment;
- recognition and approval;
- the structure of the institution;
- exceptions to membership scheme;
- rules and standards of management; and
- financial bodies.
DISCLAIMER: Due to the fact that an official English translation was unavailable for this decree, information for this summary has been taken from secondary sources and unofficial translations and not from review of the actual legal text.