Co-Operative Societies Act 2008

4. Co-operative principles

For the purposes of section 3, a society conforms to co-operative principles if-

a.      except in the case of a secondary or tertiary society no member or delegate has more than one vote;

b.     no member or delegate is entitled to vote by proxy;

c.      its business is carried on primarily for the benefit of its members;

d.     its membership is voluntary and available without any artificial restriction or any unlawful basis of discrimination, to any person who can use its services and is willing to accept the responsibility of membership;

e.      the rate of dividends on share capital that it pays does not exceed the rate prescribed in the Regulations;

f.      any surplus or savings arising out of its operation is-

              i.         used to develop its business;

             ii.         used to provide or improve common services to members;

            iii.         used for the payment of dividends on share capital;

            iv.         distributed among members in proportion to their patronage with the society;

             v.         used to educate its members, officers or employees or the general public in the principles and techniques of economic and democratic co-operation; and

            vi.         distributed for non-profit, charitable, benevolent or cultural purposes.

a.      

b.      

c.      

d.      

e.      

f.      

g.     cooperation with other societies is pursued; and

h.      it provides for continuing education.

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