Co-Operative Societies Act 1993 (Act 502) & Regulations (As of 25.4.2014)

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Co-operative Societies Act 1993 (Act 502)


&
Regulations
As of 25.4.2014

  An Act to make provisions for the constitution, registration, control and regulation of co-operative societies; to promote the development of co-operative societies in accordance with the co-operative values of honesty, trustworthiness and transparency in order to contribute towards achieving the socioeconomic objectives of the nation and for matters connected therewith.

 

Detailed Contents Of Co-Operative Societies Act 1993 (Act 502)  :

The Co-operative Societies Act 1993 (Act 502) is an act of parliament in Ghana that provides for the formation, registration, regulation, and supervision of co-operative societies. The act is designed to promote the development of co-operative societies as a means of improving the economic and social well-being of the people.

Registration of Co-operative Societies Section 6 of the act provides for the registration of co-operative societies. To be registered, a co-operative society must have at least ten members, and the purpose of the society must be to promote the economic interests of its members. The Registrar of Co-operative Societies is responsible for the registration of co-operative societies.

Management of Co-operative Societies Section 28 of the act provides for the management of co-operative societies. The act requires that co-operative societies be managed democratically, with each member having an equal say in the affairs of the society. The management of the society is the responsibility of a board of directors, who are elected by the members at an annual general meeting.

Audit of Co-operative Societies Section 55 of the act requires co-operative societies to be audited annually by a qualified auditor. The audit is carried out to ensure that the financial statements of the society are accurate and that the society is operating in accordance with the law.

Amalgamation and Dissolution of Co-operative Societies Section 63 of the act provides for the amalgamation of co-operative societies. Two or more co-operative societies may amalgamate if they have similar objectives and if amalgamation will be in the best interests of the members. Section 64 of the act provides for the dissolution of co-operative societies. A co-operative society may be dissolved if it is unable to achieve its objectives or if it is found to be operating illegally.

Regulations The Co-operative Societies Regulations, 2010 (L.I. 1989) provide further guidance on the implementation of the Co-operative Societies Act 1993. The regulations cover a wide range of topics, including the registration of co-operative societies, the election of board members, the conduct of meetings, and the preparation of financial statements.

In summary, the Co-operative Societies Act 1993 and the Co-operative Societies Regulations, 2010 provide a comprehensive legal framework for the formation, registration, regulation, and supervision of co-operative societies in Ghana. The act and regulations are designed to promote the development of co-operative societies as a means of improving the economic and social well-being of the people, and to ensure that co-operative societies operate in accordance with the law.

Co-Operative Societies Act 1993 (Act 502) Contains:

Co-Operative Societies Act 1993 (Act 502)

Co-Operative Societies Regulations 2010

Co-Operative Societies Tribunal Regulations 1998

Co-Operative Societies (Co-Operative Societies Development Trust Fund) Regulations 2010

Co-Operative Societies (Co-Operative Societies Education Trust Fund) Regulations 2010

Co-Operative Societies (Investment) Regulations 2010

Co-Operative Societies (The National Co-Operative Consultative Council) Regulations 2010

Co-Operative Societies (Fees) Regulations 2010
Co-Operative Societies (Compounding of Offences) Regulations 2010
Co-Operative Societies (Subsidiary) Regulations 2010
Co-Operative Societies (Co-Operative Societies Emergency Aid Fund) Regulations 2010

More statutes like Co-Operative Societies Act 1993: Statutes
SKU: 1673509987 ISBN: 9789678922968
 
 

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