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Cooperative Societies Act No. 12 of 2012.

Country/Territory
Saint Vincent and the Grenadines
Document type
Legislation
Date
2012
Source
FAO, FAOLEX
Long title
An Act to make new provision with respect to the registration, supervision, governance, operation and management of cooperative societies including credit unions, the members of which have a common bond of philosophy and socio-economic objectives, and for incidental and related purposes.
Subject
Agricultural & rural development, General
Keyword
Legal proceedings/administrative proceedings Basic legislation Business/industry/corporations Community management Enforcement/compliance Consumer protection Cooperative/producer organization Credit Dispute settlement Equity Governance Inspection Tax/levy Liability/compensation Non-governmental entity Offences/penalties Procedural matters Registration Social protection Special fund Court/tribunal
Geographical area
Americas, Caribbean, Latin America and the Caribbean, Small Island Developing States
Entry into force notes
This Act comes into force on a day fixed by the Governor-General by Proclamation in the Official Gazette.
Abstract

This Act lays down rules for the fair, transparent and legal cooperatives that contribute to the social and economic development of its community. To this end, this Act sets forth provisions on the registration and certification of cooperative societies; duties and authorities of the Registrar; terms and conditions of membership to the cooperative societies and meeting procedures; structure, duties and authorities of the Board of Directors for the management of the cooperative societies; duties of the Credit Committee and the Supervisory and Compliance Committee; finance management of cooperative societies; business of cooperative societies; property and funds of cooperative societies; financial disclosure and audit; reconstruction of cooperative societies; dissolution of cooperative societies by members or court; examinations and investigation of the records and practices of cooperative societies; dispute settlement; administration, registration and duties of the specialized cooperative societies; and offences and penalties. In this Act, specialized cooperative societies are indicated as credit unions, consumers’ cooperative societies, housing cooperative societies, and industrial cooperative societies. The Minister may exempt cooperative societies from liability to customs duties, value added tax, excise taxes, environmental levy and customs service charge, by Order published in the Official Gazette. Furthermore, cooperative societies may establish development fund, pension fund, and may contribute to charitable activities, community and cultural improvement.

Full text
English
Website
www.ilo.org