The object of the Organisation is to promote the economic interests of its members and more specifically:
To create funds in order to grant loans for benevolent or necessary purposes at a reasonable rate of interest and on easy repayment terms.
To accept deposits from members and non members and to secure loans for the needs of the members.
To encourage a spirit of saving, mutual help and mutual assistance among its members.
To acquire, by purchase, lease or donation, the necessary immovable or movable property for the attainment of the objects of the Organisation.
To establish Funds in accordance with the provisions of section 41(1) of the Law, to participate in the Protection of Deposits Scheme, in accordance with section 53(xxviii) of the Law and to participate in other Funds or Schemes in the interest of the members, within the framework of cooperation among cooperative societies.
To register the Organisation as member of any Cooperative Society and to buy shares from it by a decision of the Committee and with the approval of the Commissioner for Cooperative Societies and Cooperative Development.
To invest funds for the purchase of shares or other securities from Public Corporations or from any Companies which provide any kind of financing, investment, management, stock exchange and commercial facilities or other services, by a decision of the Committee and with the approval of the Commissioner for Cooperative Societies and Cooperative Development.
To provide guarantees to the Cooperative Central Bank Ltd for the cashing of cheques which are issued by customers/members of the Organisation.
To provide guarantees to members and depositors by a decision of the Committee. These guarantees shall be secured either by mortgage or by blocking the deposits of those concerned and may in no case be smaller than the amount of the guarantees. Regarding each guarantee the member or the depositor shall pay to the Organisation fees commensurate to the amount and the period of the guarantee, and their level shall be decided by the Committee.
Provided that the level of the guarantees which shall be given to members for loans with mortgage as security shall not exceed the credit limit for the time being (article 7 (b) of these Regulations)
Provided further that regarding guarantees for loans with mortgage as security over the credit limit or regarding guarantees to non members, the prior approval of the Commissioner for Cooperative Societies and Cooperative Development shall be obtained.
To insure the members or employees of the Organisation against death, accidents or any other risk in accordance with a decision of the Committee. For this purpose the Organisation shall enter into a contract with the Pancyprian Cooperative Insurance Services Society Ltd or with any Insurance Company.
The Organisation may act as go-between in insurance matters regarding various types of insurance which are provided by Insurance Companies with which the Organisation shall enter into a contract
To promote the business activity of women in Cyprus and generally to raise their standard of living.
To engage in any financing or other relevant activity contributing to the promotion of the interests of the members and the achievement of the objects of the Organisation.
To cooperate with various agencies in Cyprus and abroad in order to attract funds and services, to make use of various European Union programs and to engage in any kind of financial, cultural and social activities for the promotion of the objects of the Organisation.