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Principles Of A Co-Operative Society

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What is a co-operative society ? A co-operative society is an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly-owned and democratically-controlled enterprise. A co-operative society is another means for forming a legal entity to conduct business besides forming a company. It pools together human resources in the spirit of self and mutual help with the object of providing services and support to members. The Co-operative Principles under which a co-operative society operates and carries out its business are :- Voluntary and open membership. Democratic control, one member one vote. Autonomy and independence. Promoting economic activities. Promoting …show more content…

The Co-operative Societies Ordinance, Cap 33 enshrines the Co-operative Principles and the Director of Agriculture, Fisheries and Conservation is appointed as the Registrar to register and regulate co-operative societies. Other than a registered co-operative society, or unless approved by the Chief Executive, no one shall trade or carry on business under any name or title of which the word 'co-operative' is part. How to form a co-operative society? To set up a preparatory committee, preferably with 5 members, to pool human and other resources together. To convene meetings to discuss the organizational structure of the proposed co-operative society (e.g. name, object, common bond of its members, share and business scope). To draft co-operative by-laws by referring to the model by-laws obtainable from the Registrar and find suitable premises for the society. To recruit members (at least 10 persons, each over 18 in age). A Guide to the Registration of Co-operative …show more content…

How to apply for registration ? To complete and submit an application to the Registrar of Co-operative Societies. To submit 3 copies of the proposed by-laws. Registration is free of charge. How to run a co-operative society ? The following meetings are convened for the formulation of business policies and implementation of strategic plans : General meeting Special general meeting Committee meeting A 5-member committee is entrusted with the duties and responsibilities in the management of the society's affairs. The committee is elected by members annually at the general meeting in a one-member-one-vote manner. Members of the committee are unpaid. Supreme authority is vested in the general meeting with the committee as its executive arm. Accounts, books and records should be properly kept and are subject to audit by persons authorized by the Registrar. Copies of the Co-operative Societies Ordinance and Rules, Cap. 33 are available for sale at the Government Publications Centre. For electronic copies, please go to the BLIS of the Department of Justice. Website : http://www.legislation.gov.hk/eng/home.htm A Guide to the Registration of Credit Unions I.

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