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Federal Decree-Law No.6 of 2022 on Cooperatives.

Country/Territory
United Arab Emirates
Document type
Legislation
Date
2022
Source
FAO, FAOLEX
Subject
General
Keyword
Basic legislation Cooperative/producer organization Business/industry/corporations Capacity building Classification/declassification Data collection/reporting Financing Governance Legal proceedings/administrative proceedings Sustainable development
Geographical area
Middle East, Near East and North Africa, Persian Gulf
Entry into force notes
This Decree-Lawenetrs into force three (3) months after its publication in the Official Gazette.
Abstract

This Decree-Law comprising 32 articles, divided into VII Chapters, aims at (i) enhancing the role of Cooperatives in achieving sustainable development, benefit to their Members, and market balance; (ii) regulating the licensing and operation of the Cooperative sector and its activities in the State; (iii) enhancing the ability of Cooperatives to be self-reliant; (iv) enabling members of society and its different groups to establish Cooperatives; (v) developing non-traditional Cooperative sectors and activities; (vi) enhancing the Governance of Cooperative systems and organization of their work; (vii) achieving the following principles of Cooperatives: voluntary and open membership, Members' supervision, economic participation, awareness, and capacity building, cooperation, attention to community affairs, equal voting power of the Members not related to the number of shares. Article 3 lists the obligations of Cooperatives to achieve the principles of Cooperatives and the objectives of the Decree-Law. Article 5 identifies the following six categories of Cooperatives: (1) Consumer Cooperatives; (2) Production Cooperatives; (3) Employee and professional Cooperatives; (4) Community Cooperatives; (5) Service Cooperatives, including financial, health, educational, and housing Cooperatives; and (6) Digital and platform Cooperatives.

Full text
English/Arabic
Website
www.moec.gov.ae