Cooperatives Act of 1993. Country/Territory Marshall Islands Document type Legislation Date 1993 (2012) Source FAO, FAOLEX Original source Marshall Islands Revised Code 2012. Long titleAn Act to provide for the formation of cooperative associations and related purposes. Subject Agricultural & rural development Keyword Agricultural development Cooperative/producer organization Contract/agreement Basic legislation Geographical area Micronesia, Oceania, South Pacific Abstract The purpose of this Chapter is to promote, foster, and encourage the intelligent and orderly marketing of certain products through the formation of cooperative associations to eliminate speculation and waste in the production and marketing of certain products; to make the distribution of cooperative products between producer and consumer as direct as can be efficiently done; and to stabilize the marketing of cooperative products. Five or more persons, a majority of whom are residents of the Republic engaged in the production of cooperative products, may form a cooperative association, with or without shares of stock, under the provisions of this Chapter. The Chapter specifies the compulsory content of Articles of Association in par. 714. Each cooperative association shall within thirty (30) days after its incorporation, adopt for its government and management, a code of bylaws, not inconsistent with this Chapter. The affairs of the cooperative association shall be managed by a Board of Directors. The by-laws may provide for an executive committee and may allot to such committee all the functions and powers of the board of directors, subject to the general direction and control of the Board. Par. 742 specifies criteria for eligibility as a member of a Cooperative. A cooperative association may engage in any activity in connection with the marketing, selling, preserving, harvesting, drying, processing, manufacturing, canning, packing, grading, storing, handling, or utilization of any cooperative products produced or delivered to it by its members; or the manufacturing or marketing of the by-products thereof: or any activity in connection with the purchase, hiring, or use by its members of supplies, machinery, or equipment, or in the financing of any such activities (par. 754). Par. 765 and following provide for binding marketing contracts between the Cooperative and its members. Full text English Website www.paclii.org