From Associated Press By MARCY GORDON, AP Business Writer October 21, 2014 WASHINGTON (AP) —...
Cooperatives Act No. 8 of 1992
(amended through 2000)
The Cooperatives Act No. 8 of 1992 (amended through 2000) provides regulations on the formation and operation of cooperative associations and societies in Nepal. These institutions are required to be licensed by the Nepal Rastra Bank in order to acquire savings and mobilize deposits.
This act includes the following sections:
- Chapter 1 Preliminary: defines language within the act;
- Chapter 2 Formation of Association or Society: addresses liability, registration and formation;
- Chapter 3 Membership of Association or Society: explains the membership requirements and termination of membership;
- Chapter 4 Modus Operandi: describes the governance powers of the association or society, the execution of bylaws, the role of the board of directors and other related matters;
- Chapter 5 Registrar: includes the appointment of a registrar and the delegation of powers;
- Chapter 6 Financial Source and Mobilization: addresses saving, financial transactions, sale of shares, issuance of debentures, and other related matters;
- Chapter 7 Unification or Division;
- Chapter 8 Information, Records, and Examination of Accounts: includes powers to inquire, examination of accounts, powers to make inspections, and maintenance of records;
- Chapter 9 Concessions and Facilities to Association or Society;
- Chapter 10 Dissolution and Cancellation of Registration of Association or Society;
- Chapter 11 Punishment: addresses the imposition of fines; and
- Chapter 12 Miscellaneous: states that the Government of Nepal may frame necessary rules to implement the objectives of this act.