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bruneilawsby aturio
In force2015 Revised Edition
Contents

Act

Co-Operative Societies Act

Setting up co-operative societies

Part I

Preliminary

Official textFrom Attorney General's Chambers, unchanged

s 1Citation

This Act may be cited as the Co-operative Societies Act.

Interpretation. [S 61/2012]

s 2In this Act, unless the context otherwise requires —

“Board” has the same meaning as “committee members”;

“bonus” means a share of the profits of a registered society divided among its members in proportion to the share business done with the society by them from which profits of the society were derived;

“bonus shares” means the additional value of the shares as a result of the re-assessment of the society’s property;

“by-laws” means the registered by-laws made by a society in the exercise of any power conferred by this Act, and includes a registered amendment of the by-laws;

“committee members” means the governing body of a registered society, to whom the management of its affairs is entrusted;

“co-operative principles” includes —

(a)

voluntary and open membership;

(b)

member control;

(c)

member economic participations;

(d)

autonomy and independence;

Co-operative Societies 8

(e)

education, training and information;

(f)

co-operation among co-operatives; and

(g)

concern for community;

“delegate” means —

(a)

a representative of the individual members elected at a district meeting of members of a primary society in which the general meeting of members is replaced by a general meeting of delegates; or

(b)

a representative of a registered society which is itself a member of another registered society, the meetings of which such representative has been elected or appointed to attend;

“dividend” means a share of the profits of a registered society divided among its members in proportion to the volume of capital held by them;

“inaugural general meeting” means the general meeting at which persons desirous of forming a co-operative society resolve to form a society, to adopt the by-laws proposed for the society and to apply for the registration of the society;

“member” includes a person or registered society joining in the application for the registration of a society, and a person or registered society admitted to membership after registration in accordance with the by-laws;

“Minister” means Minister responsible for co-operative societies’

matters;

“officer” includes a chairman, secretary, treasurer, member, or other person empowered under the rules or by-laws to give directions in regard to the business of a registered society;

“primary society” means a society registered under section 4;

“registered society” means a co-operative society registered under this Act;

“Registrar” means the Registrar of Co-operative Societies appointed under section 3 and includes any person when exercising such powers of the Registrar as may be conferred upon him under that section;

Co-operative Societies

“rules” means rules made under this Act;

“secondary society” means a society registered under section 4;

“subsidiary” of a registered society means a company incorporated under the Companies Act (Chapter 39);

“tertiary society” means a society registered under section 4.

Part II

Registration

Read on from Part II

Part III

Duties and Privileges of Societies

Read on from Part III

Part IV

Read on from Part IV

Part IV

Part iv a

Part V

Property and Funds of Registered Societies

Read on from Part V

Part VI

Audit, Inspection and Inquiry

Read on from Part VI

Part VII

Read on from Part VII

Part VIII

Surcharge and Attachment

Read on from Part VIII

Part IX

Disputes

Read on from Part IX

Part X

Rules

Read on from Part X

Part XI

General

Read on from Part XI