Section 2: Interpretation

2. Interpretation In this Act— “Advisory Board” means the Co-operative Development Advisory Board set up under section 102; “annual general meeting” means the general meeting held once in every financial year where members exercise most of their rights; “application” means an application for registration under section 14; “arbitrator” means a person appointed as such by the Registrar under section 81; “audit” means an audit under section 73; “auditor” means a person licensed to practise as an auditor under the Financial Reporting Act; “audit report” means a report referred to under section 73; “Board” means the Board of Directors referred to in section 47; “bonus” means a portion of the surplus referred to in section 65; “bonus share” means a share issued by a society from its Reserve Fund under section 63; “class” means a class of society specified in the first column of the Fourth Schedule; C49 – 3 [Issue 9] Co-Operatives Act “College” means the National Co-operative College established under section 103; “Co-operative Principles” includes— (a) voluntary and open membership; (b) democratic member control; (c) member economic participation; (d) autonomy and independence; (e) education, training and information; (f) cooperation among co-operatives; and (g) concern for community; “credit union” means a society the objects of which are to promote thrift among, and provide credit to, its members; “determination” means a decision of, or an order made by, the Registrar, an arbitrator or liquidator, on an issue he is empowered to decide under this Act; “dispute” means a dispute referred to the Registrar under section 80; “dividend” means a portion of the net surplus of a society divided among its members in proportion to the paid up shares held by them; “dormant member” means a member of a society who does not transact any business with the society for more than 2 years; “dormant society” means a society which has ceased its operation for more than 2 years; “employee” means a person employed by a society; “first general meeting” means the first meeting of members held after the registration of a society; “Fund” means the Co-operative Development Fund established under the Finance and Audit Act and set up under section 116; “inspector” means a person qualified to be appointed as inspector under section 4; “internal controller” means an internal controller appointed under section 55; “liability”, in relation to a member, means liability of a person for the debts of a society of which he is a member and which he will be called upon to contribute in case of liquidation of the society; “liquidator” means a person appointed as such under section 95; “Mauritius Standards Bureau” has the same meaning as in the Mauritius Standards Bureau Act; [Issue 9] C49 – 4 Revised Laws of Mauritius “member” means a person who holds a share in a society; “Minister” means the Minister to whom responsibility for the subject of co-operatives is assigned; “multi-purpose society” means a society the objects of which include the activities of not less than 2 classes of society; “net surplus” means the excess of income over expenditure of a society at the end of a financial year after provision has been made for statutory reserves; “nominee” means a person appointed as such under section 35; “officer”, in relation to a society— (a) means a person empowered to give directions in regard to the business of the society; and (b) includes the President, Secretary, Treasurer, di means a society the objects of which include the activities of not less than 2 classes of society; “net surplus” means the excess of income over expenditure of a society at the end of a financial year after provision has been made for statutory reserves; “nominee” means a person appointed as such under section 35; “officer”, in relation to a society— (a) means a person empowered to give directions in regard to the business of the society; and (b) includes the President, Secretary, Treasurer, director or manager of a registered society and any other office bearer appointed according to the rules of the society; “past member” means a person whose membership has been terminated by withdrawal, transfer of his shares or expulsion; “primary society” means a society which satisfies the conditions specified in section 5; “Principal Co-operative Auditor” means the Principal Co-operative Auditor referred to in section 72; “Registrar” means the Registrar of Co-operative Societies referred to in section 3; “Reserve Fund” means the fund referred to in section 63; “rules” means the rules of a society; “school society” means a society, the membership of which is restricted to the pupils and staff of a school; “secondary society” means a society which satisfies the conditions specified in section 6; “society” means a co-operative society registered under this Act; “special general meeting” means a general meeting convened under section 42; “special reserve fund” means a fund maintained pursuant to section 63 (3); “supervising officer” means the supervising officer of the Ministry; “surplus” means the excess income earned by a society in a financial year in respect of the business carried out by the society; C49 – 5 [Issue 9] Co-Operatives Act “tertiary society” means a society which satisfies the conditions specified in section 7; “Tribunal” means the Co-operative Tribunal referred to in section 84. PART II – ADMINISTRATION