Other Registries
Co-Operative Society
A Co-operative Society is a collective entity established by a group of individuals with the core aim of advancing the economic interests of its members. Unlike an Incorporated Society, where individual benefits are restricted, a Co-operative Society distributes its profits among its members based on their contributions to the cooperative’s business activities. This distinctive characteristic sets apart the Cooperative model, allowing members to directly benefit from the organization’s success. Incorporated Societies, on the other hand, are prohibited from generating individual financial gains for their members, emphasizing a focus on collective endeavors rather than individual profit-sharing.
Incorporated Socities
An Incorporated Society is a legally recognized entity formed by individuals sharing a common interest, such as sports, social, cultural, or activist groups, under the provisions of the Incorporated Societies Ordinance 1952, as amended by the Incorporated Societies Amendment Act 2012. Key features of an Incorporated Society include a minimum membership requirement of 15 individuals, the establishment of a Constitution defining the society’s purpose and objectives, and the obligation to annually file audited financial statements with the Registrar of Incorporated Societies. This legal framework ensures transparency, accountability, and regulatory compliance for such organizations.
Charitable Trust
Entities seeking registration as a Charitable Trust must adhere to the regulations outlined in the Charitable Trust Act 1965. According to the Act, a Charitable Trust must primarily serve charitable purposes, as defined in Section 2, which encompasses objectives that align with Samoa’s legal framework for charity. This definition includes religious or educational purposes, regardless of their charitable status under Samoan law. Crucially, to qualify as charitable, the trust or institution must demonstrate its dedication to benefiting the public. Compliance with these criteria is essential for obtaining registration under the Charitable Trust Act.
Personal Properties and Securities
The Personal Property Securities Act (Tulafono Faamalumaluga e Faamau ai Meatotino Tau le Tagata Lava Ia 2013)(‘PPSA’) which was passed in 2013, paves the way for easier access to credit. The PPSA will allow easier use of personal/movable property – i.e. property other than land, like a car or livestock – as collateral for loans. This is intended to stimulate the economy.
Credit Unions
A credit union is a member-oriented financial institution operating on a non-profit basis, providing services such as deposit accounts and low-interest loans to its members. The objectives of a credit union, as outlined in section 16 of the Credit Unions Ordinance 1960, are to encourage thrift among members, accept their savings as shares or deposits, and exclusively offer loans to members for provident or productive purposes. This framework emphasizes the cooperative nature of credit unions, prioritizing member welfare and community development over profit generation.
