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Co-operatives Act

consolidated text (as at 2018, amended since). juris shows the text as it was consolidated; it does not confirm that this is the law in force today.

Later amending instruments held: Anti-Money Laundering and Combatting the Financing of Terrorism (Miscellaneous Provisions) Act 2020, Finance (Miscellaneous Provisions) Act 2020, Finance (Miscellaneous Provisions) Act 2021 (Act No 15 of 2021), Finance Act 2025 (Act No. 18 of 2025), Anti-Money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act 2026 (Act No. 3 of 2026).

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Sections

  1. 1 Short title
  2. 2 Interpretation
  3. PART II: ADMINISTRATION
  4. 3 Registrar of Co-operative Societies
  5. 4 Appointment of inspector
  6. PART III: FORMATION OF SOCIETIES
  7. 5 Membership of primary society
  8. 6 Membership of secondary society
  9. 7 Membership of tertiary society
  10. 8 Minimum share capital
  11. 9 Liability of society
  12. 10 Proposed activities and purposes
  13. 11 Rules of society
  14. 12 Registered office and hours of business
  15. 13 Name of society
  16. PART IV: REGISTRATION OF SOCIETY
  17. 14 Application for registration
  18. 15 Objects of society
  19. 16 Processing of application
  20. 17 Certificate of registration
  21. 18 Effect of registration
  22. 19 Register of societies
  23. 20 Effect of rules
  24. 21 Amendment of rules and change of name
  25. 22 Obligations in relation to resolution
  26. PART V: POWERS, PRIVILEGES AND DUTIES OF SOCIETY
  27. 23 Power to sue
  28. 24 Register of members
  29. 25
  30. 25A Register of beneficial owners inserted by The Anti-money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act
  31. 25A Register of beneficial owners inserted by Act No 3 of 2026
  32. PART V: POWERS, PRIVILEGES AND DUTIES OF SOCIETY
  33. 26 Proof of entries in books of societies
  34. 27 Acts of societies not invalidated
  35. 28 Attachment, charge and set-off
  36. 29 Priority of claims
  37. 30 Privilege on bankruptcy of members
  38. 31 Fiscal exemptions of societies and members
  39. 32 Transfer of shares or interest
  40. PART VI: RIGHTS AND OBLIGATIONS OF MEMBERS
  41. 33 Rights of members
  42. 34 Exercise of rights
  43. 35 Appointment of nominee
  44. 36 Obligations of members
  45. 37 Termination of membership
  46. 38 Expulsion of members
  47. PART VII: ORGANISATION OF SOCIETY
  48. 39 General meetings
  49. 40 First general meeting
  50. PART XIII: ANTI-MONEY LAUNDERING, COMBATTING THE FINANCING OF TERRORISM AND PROLIFERATION
  51. 40 Compliance with the Co-operatives Act, the Financial Intelligence and inserted by The Anti-money Laundering, Combatting the Financing of Terrorism and Countering Proliferation Financing (Miscellaneous Provisions) Act
  52. 40 Compliance with the Co-operatives Act, the Financial inserted by Act No 3 of 2026
  53. PART VII: ORGANISATION OF SOCIETY
  54. 41 Annual general meeting
  55. 42 Special general meeting
  56. 43 Procedure at general meetings
  57. 44 Quorum at general meetings
  58. 45 Voting at general meetings
  59. PART VIII: MANAGEMENT OF SOCIETY
  60. 46 Composition of management
  61. 47 The Board
  62. 48 Qualifications of directors
  63. 49 Election of directors
  64. 50 Government nominees as directors
  65. 51 Non-member as director
  66. 52 Duties of directors
  67. 53 Removal of directors
  68. 54 Meetings of directors
  69. 55 Internal controller
  70. 56 Revocation of internal controller
  71. 57 Anti-money laundering and combating financing of terrorism
  72. 58 Notification to Registrar
  73. 59 Contracting out management of society
  74. 59A Provisions relating to anti-money laundering and combating inserted by Act No 18 of 2016
  75. PART IX: PROPERTY AND FUNDS OF SOCIETY
  76. 60 Funds of societies
  77. 61 Shares
  78. 62 Conditions for membership participation
  79. 63 Reserve Fund
  80. 64 Order of distribution of net surplus
  81. 65 Payment of bonus and dividend
  82. 66 Investment of assets
  83. 67 Restrictions on borrowings and credit
  84. 68 Seizure of property
  85. PART X: ACCOUNTS, RECORDS AND AUDIT
  86. 69 Financial year
  87. 70 Keeping of accounts and records
  88. 71 Bank accounts
  89. 72 Co-operative Audit Unit
  90. 73 Audit
  91. 74 Persons not eligible to act as auditor
  92. 75 Liability of Principal Co-operative Auditor or auditor
  93. PART XI: INQUIRY
  94. 76 Inquiry on a society
  95. 77 Investigation and remedies
  96. 78 Powers of inspectors
  97. 79 Costs of inquiry
  98. 79A Cancellation of lease of State land inserted by Act No 7 of 2020
  99. PART XIA: FUNCTIONS AND POWERS OF REGISTRAR IN RELATION TO CREDIT UNION
  100. 79B Functions and powers of Registrar in relation to credit union inserted by The Finance Act 2025
  101. 79B Functions and powers of Registrar in relation to inserted by 18 THE FINANCE ACT 2025
  102. 79C Request for information inserted by The Finance Act 2025
  103. 79C Request for information inserted by 18 THE FINANCE ACT 2025
  104. 79D On-site inspection inserted by The Finance Act 2025
  105. 79D On-site inspection inserted by 18 THE FINANCE ACT 2025
  106. 79E Directions by Registrar inserted by The Finance Act 2025
  107. 79E Directions by Registrar inserted by 18 THE FINANCE ACT 2025
  108. 79F Non-compliance with directions inserted by The Finance Act 2025
  109. 79F Non-compliance with directions inserted by 18 THE FINANCE ACT 2025
  110. 79G Administrative sanction and compounding of offences inserted by The Finance Act 2025
  111. 79G Administrative sanction and compounding of inserted by 18 THE FINANCE ACT 2025
  112. PART XIB: REVIEW PANEL
  113. 79H Application for review inserted by The Finance Act 2025
  114. 79H Application for review inserted by 18 THE FINANCE ACT 2025
  115. 79I Risk-based approach inserted by The Finance Act 2025
  116. 79I Risk-based approach inserted by 18 THE FINANCE ACT 2025
  117. PART XII: DISPUTES AND ARBITRATION
  118. 80 Disputes
  119. 81 Appointment of arbitrator
  120. 82 Procedure for arbitration
  121. 83 Attachment before award
  122. 84 Co-operative Tribunal
  123. 85 Proceedings of Tribunal
  124. 86 Powers of Tribunal
  125. 87 Determination of Tribunal
  126. 88 Appeal
  127. PART XIII: JOINT VENTURE, AMALGAMATION, MERGER AND CONVERSION OF SOCIETIES
  128. 89 Joint venture
  129. 90 Amalgamation
  130. 91 Merger
  131. 92 Conversion into another class of society
  132. PART XIV: DISSOLUTION AND LIQUIDATION OF SOCIETIES
  133. 93 Voluntary dissolution
  134. 94 Power to order dissolution
  135. 95 Appointment of liquidator
  136. 96 Powers of liquidator
  137. 97 Duties of liquidator
  138. 98 Protection of liquidator
  139. 99 Powers of Registrar on liquidation
  140. 100 Disposal of assets on liquidation
  141. 101 Fraud
  142. PART XV: CO-OPERATIVE DEVELOPMENT ADVISORY BOARD
  143. 102 Advisory Board
  144. PART XVI: NATIONAL CO-OPERATIVE COLLEGE
  145. 103 Establishment of College
  146. 104 Objects of National Co-operative College
  147. 105 Functions and powers of College
  148. 106 The Council
  149. 107 Director of College
  150. 108 Appointment of employees
  151. 109 Legal proceedings
  152. 110 Annual report of College
  153. 111 Execution of documents
  154. 112 General Fund
  155. 113 Donations and legacies
  156. 114 Offences for use of name or logo of College
  157. 115 Exemption from duties and charges
  158. PART XVII: MISCELLANEOUS
  159. 116 The Co-operative Development Fund
  160. 117 Report
  161. 118 Directives and guidelines by Registrar
  162. 119 Authorised officers
  163. 120 Service of notices
  164. 121 Execution of orders and awards
  165. 122 Offences
  166. 123 Jurisdiction
  167. 124 Use of computer system
  168. 126 Regulations
  169. 127 Transitional provisions
  170. SECOND SCHEDULE
  171. 1 Name of society
  172. 2 Address of society
  173. 3 Type of society
  174. 4 Objects of society
  175. 5 Minimum number of members
  176. PART II: MEMBERSHIP
  177. 6 Eligibility for membership
  178. 7 Obligation of membership
  179. 8 Rights of member
  180. 9 Fines payable by any member for non-compliance with rules
  181. 10 Withdrawal of member
  182. 11 Termination of membership
  183. 12 Expulsion of member
  184. PART III: SHARES
  185. 13 Types of shares the society can issue
  186. 14 Limit on the number of shares held by any member
  187. 15
  188. PART IV: SOURCES OF FUNDS
  189. 16 Sources over and above those at section 60
  190. PART V: OFFICE BEARERS OF SOCIETY
  191. 17 Office bearers of society
  192. PART VI: DIRECTORS
  193. 18 Number of directors
  194. 19 Election of directors
  195. 20 Rotation of directors
  196. 21 Possibility to co-opt directors
  197. 22 Eligibility to serve as directors
  198. 23 Quorum for Board of directors
  199. 24 Limits on the powers of directors
  200. 25 Subcommittees, if any
  201. PART VII: ORGANS OF CONTROL
  202. 26 Internal controller
  203. 27 Audit of society
  204. PART VIII: FUNCTIONING OF SOCIETY
  205. 28 Investment policy of society
  206. 29 Credit policy, if applicable, of society
  207. 30 Loans or deposits from members
  208. 31 Confidentiality
  209. PART IX: GENERAL MEETINGS
  210. 32
  211. 33 Quorum at general meetings
  212. 34 Voting power of members
  213. PART X: SPECIAL DECISIONS
  214. 35 Amalgamation
  215. 36 Merger
  216. 37 Conversion
  217. PART XI: AMENDMENT OF RULES
  218. 38 Procedure for amendment
  219. PART XII: DISPUTES
  220. 39 Settlement of dispute by arbitration
  221. THIRD SCHEDULE
  222. 1 Fees
  223. 2 Surcharge
  224. FIFTH SCHEDULE
  225. 1 Good co-operative governance
  226. 2 Code of best practices for board of directors
  227. 3 Code of best practices for members
  228. 4 Code of best practices for internal controller