29. Establishment of divineguma community based banking societies

There shall be established for the purposes of this Act, divineguma community based banking societies comprising of all divineguma community based banks within the area of authority of each divineguma regional organization, in order to establish a viable micro-financial banking network at regional level.

The Minister shall prescribe the registration procedure of such banking society and any other matter in relation to such procedure.

Every such banking society shall by the name assigned to it be a body corporate and shall have perpetual succession and a common seal and may sue and be sued in that name.

It shall be the duty of every such banking society to comply with such regulations as may be made by the