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Name: Cooperatives Act 1981.
Country: South Africa
Subject(s): Cooperatives
Type of legislation: Law, Act
Adopted on: 1981-10-06
Entry into force:
Published on: Government Gazette, 1981-10-28 (INFORM)
ISN: ZAF-1981-L-11419
Bibliography: Government Gazette, 1981-10-28 (INFORM)
Abstract/Citation: This Act applies to cooperative societies and cooperative companies. Appoints a Registrar and a General Director, who may perform registrar functions and review his decision. Incorporates three kind of cooperatives: agricultural cooperatives, special farmer's cooperatives, trading cooperatives. Regulates the registration of the statutes as well as the incorporation of cooperatives, subjected to the Minister approval. Provides for the contents of a statute and enumerates the circumstances under which cooperatives shall be dissolved. Establishes the powers of cooperatives and sets up restrictions relating to granting of financial assistance and to borrowing of money. Other provisions cover membership, capital and application of surplus, management of cooperatives, auditing, conversions and amalgamation, and winding up of cooperatives. Offences against this Act are criminally sanctioned. This Act repeals the Cooperative Societies Act No. 29 of 1939, the Cooperative Societies Amendment Act No. 44 of 1960, the Cooperative Societies Amendment Act No. 56 of 1963, the Cooperative Societies Amendment Act No. 65 of 1964, the Cooperative Societies Amendment Act No. 44 of 1975, the Cooperative Societies Amendment Act No. 69 of 1979.
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