From CFO By Vincent Ryan September 23, 2014 In July, small business and middle market lender...
Co-operative Societies Act
(enacted in 1991)
The Co-operative Societies Act of 1991 addresses the registration and regulation of cooperative societies in Uganda, including savings and credit cooperative organizations (SACCOs).
This act is divided into the following sections:
- Part I Interpretation: defines language in the act;
- Part II Registration: addresses how societies can register, which societies can register, the conditions of registration, and other matters related to registration;
- Part III Rights and Liabilities of Members: discusses the rights and liabilities of members and how to qualify for membership;
- Part IV Duties of Registered Societies: addresses qualifications of auditors, the preparation of financial statements, the voluntary amalgamation of societies, the transfer of assets and liabilities to another society, and the voluntary division of a society;
- Part V Duties of the Board and Privileges of Registered Societies: covers topics such as bylaws, contracts, and imposition of fines upon members;
- Part VI Property and Funds of Registered Societies: includes provisions on borrowing and investment of funds;
- Part VII Supervision and Inspection of Affairs: discusses topics such as the inspection of books of an indebted registered society;
- Part VIII Dissolution of a Registered Society: explains the dissolution process and liquidation;
- Part IX Surcharge and Attachment: describes the powers of the registrar to surcharge officers and an appeal to the Minister;
- Part X Settlement of Disputes: touches upon the settlement of disputes, protection of an arbitrator, and appeal to the court from the decision of the board; and
- Part XI General: addresses the remuneration of officers, regulations, application of other laws, and offences and penalties.