Flexible friends From The Economist April 12, 2014 THE rise of China has changed every region.
Act No. 20 on Cooperative Societies
(enacted in 2003)
Act No. 20 on Cooperative Societies of 2003 regulates activities of cooperative societies in Tanzania. This act provides for formation, constitution, registration and operation of cooperative societies.
In Tanzania, all cooperative societies shall be registered, with or without limited liability, according to this law and the related rules. A registered cooperative society is a society which has its objects in the promotion of the economic and social interests of its members by means of common undertaking, based upon mutual aid and which conforms to the cooperative principles or a society which is established for the purpose of facilitating operations of societies.
The act discusses:
- The objects and protection of cooperative societies;
- Appointment of registrar, deputy registrar and assistant registrar;
- Formation and organization of societies;
- Registration of societies;
- Rights and liabilities of members;
- Duties of registered societies;
- Privileges of registered societies;
- Management of registered societies;
- Property and funds of registered funds;
- Creation and registration of societies;
- Inspection of affairs;
- Amalgamation and division;
- Dissolution of societies; and