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Law “On cooperatives.”

Country/Territory
Mongolia
Document type
Legislation
Date
2021 (2022)
Source
FAO, FAOLEX
Subject
General
Keyword
Cooperative/producer organization Non-governmental entity Contract/agreement Registration
Geographical area
Asia, Asia and the Pacific, Eastern Asia, Landlocked Developing Nations
Entry into force notes
This Law enters into force from the date of its official publication.
Abstract

The objective of this Law is to regulate relations regarding the creation of a cooperative, membership, management, organization, assets, control, and termination of operations. It shall be applicable to all cooperatives except for those performing savings and credit operations. The cooperative shall adhere to the following principles in its activities: (a) to have voluntary membership without discrimination based on race, ethnicity, language, race, age, gender, social origin, status, wealth, occupation, religion, opinion, or education; (b) to be independent entity; (c) to have democratic management, collective control, transparency and openness of cooperative members; (d) to ensure equal economic participation of cooperative members and fair distribution; (e) to provide cooperative members and employees with training and information aimed at supporting cooperative development; (f) to support interaction between cooperatives; and (g) to respect the common interests of cooperative members. The founders of the cooperative shall enter into an agreement on the establishment of the cooperative, and the purpose of the cooperative, the amount of capital to be contributed by the founders, rights, duties, and responsibilities shall be included in the agreement. The founders of the cooperative shall enter into an agreement on the establishment of the cooperative, and the purpose of the cooperative, the amount of capital to be contributed by the founders, rights, duties, and responsibilities shall be included in the agreement. The founding agreement shall be terminated upon registration of the cooperative in the state register. The founder of the cooperative shall be registered in the State Register within 30 days of the decision on the establishment of the cooperative. The association of cooperatives is a non-governmental organization serving its members.

Full text
Mongolian
Website
legalinfo.mn

References - Legislation

Repeals

Cooperative Law (1998).

Legislation | Mongolia | 1998

Keyword: Basic legislation, Cooperative/producer organization, Agricultural commodities, Offences/penalties, Registration, Non-governmental entity

Source: FAO, FAOLEX