Chapter 442

In short

This law, called the Co-operative Societies Act, establishes the rules for creating, registering, and overseeing co-operative societies. It also sets up a governing body, the Co-operatives Board, to manage these societies.

What it regulates

• The constitution, registration, and control of co-operative societies.
• The functions, powers, and composition of the Co-operatives Board.
• The establishment and operation of an office for the Co-operatives Board.
• The financial reporting and auditing requirements for the Board.

Who it concerns

• Co-operative societies, including primary, secondary, and tertiary societies.
• The Co-operatives Board and its members, officers, and employees.

Key points

• The Co-operatives Board is responsible for registering, monitoring, and supervising co-operative societies and ensuring compliance with this Act.
• The Board must support and assist in the establishment of co-operative societies and provide information on co-operative principles.
• The Board consists of a Chairman and not less than two and not more than six other members, appointed by the Minister for a period of two to five years.
• Members of the Board, including the Chairman, and staff must treat information on societies as confidential; violations can result in a fine not exceeding 4,658.75 euro.