Maldives > Cooperatives

Maldives - Cooperatives - Law, Act

Co-operatives Societies Act (Act No. 2/2007). -

Adoption: 2007-07-01 | MDV-2007-L-89801

This Act provides for the establishment, registration and operation of Co-operative Societies in the Maldives. The Government shall appoint a government authority as the Registrar of Co-operative Societies. Powers and responsibilities of the Registrar are defined in the text. The Act sets out procedures and requirements for applying for the registration of Co-operative Societies. In addition, it provides for the legal status of Co-operative Societies and for the management of the Society including: meetings; establishment of a Management Committee and its responsibilities; and assets and funds of the Society. The Act further provides for: registration fees; audit accounts of the Society; investigation of the Society's accounts and dissolution of the Society; offences and penalties; etc.