ARRANGEMENT OF SECTIONS
1 Short title
3 Appointment of Registrar and Assistant Registrars
4 Societies which may be registered
5 Conditions of registration
6 Application for registration
8 Societies to be bodies corporate
9 Evidence of registration
Duties and Privileges of Societies
10 Power of registered society to make rules
11 Amendment of rules
12 Address of society
13 Publication of name
14 Copy of Act, etc to be open to inspection
15 Disposal of produce to or through a registered society
16 Creation of charges in favour of registered societies
17 Charge and set off in respect of shares or interest of member
18 Power of nomination
19 Transfer or payment of value of interest on death of member
20 Deposits by or on behalf of minors
21 Register of members
22 Evidence of documents and of entries in books
23 Qualifications for membership
24 Members not to exercise rights until due payment made
25 Restriction of membership in society
26 Voting rights
27 Liability of infants on contracts
28 No individual to hold more than 20% of share capital
29 Restriction on transfer of share or interest
30 Liability of past member and estate of deceased member for debts of society
Property and Funds of Registered Societies
31 Loans made by registered societies
32 Deposits and loans received by a registered society
33 Restrictions on other transactions with non-members
34 Disposal of dividends and bonus
35 Reserve funds
36 Allocation to education or charity
37 Disposal of surplus moneys
Audit, Inspection and Inquiry
39 Power of Registrar to inspect books, etc of the society
40 Inquiry and inspection
Dissolution of Registered Society
42 Cancellation of registration due to lack of membership
43 Effect of cancellation of registration
44 Appointment of liquidator
45 Powers of a liquidator
46 Power of Registrar to control liquidation
47 Enforcement of order
48 Limitation of the jurisdiction of the civil court
49 Closure of liquidation
50 Settlement of disputes
51 Case stated on question of law
55 Conversion effective upon issue of certificate of registration by Registrar
56 Provision for fines and penalties against members
57 Injunction and specific performances
58 Prohibition of the use of the word "Co-operative"
59 Exemption from income tax and stamp duty
61 Punishment of fraud or misappropriation
64 Agricultural Loan Society
THE CO-OPERATIVE SOCIETIES ACT
[Date of Commencement: 1st October, 1950]
Law 46 of 1957.
6 of 1974,
26 of 1975,
3 of 1992.
This Act may be cited as the Co-operative Societies Act.
In this Act-
"bonus" means a share of the profits of a registered society divided among its members in proportion to the volume of business done with the society by them from which the profits of the society were derived;
"committee" means the governing body of a registered society to whom the management of its affairs is entrusted;
"dividend" means a share of the profits of a registered society divided among its members in proportion to the share capital held by them;
"member" includes a person or registered society joining in the application for the registration of a society and a person or registered society admitted to membership in accordance with the rules;
"officer" includes the chairman, secretary, treasurer, member of committee, or other person empowered under the regulations or rules to give directions in regard to the business of a registered society;
"registered society" means a co-operative society registered under this Act;
"Registrar" means the Registrar of Co-operative Societies appointed under section 3 and includes any person when exercising such powers of the Registrar as may have been conferred upon him under that section;
"regulations" means regulations made under this Act;
"rules" means the registered rules made by a society under this Act.
The Governor-General may appoint a person to be Registrar of Co-operative Societies for Jamaica and may appoint persons to assist such Registrar and may by general or special order published in the Gazette, confer on any such persons all or any of the powers of a Registrar under this Act.
Subject to the provisions of this Act a society may be registered under this Act which-
[46/1957 s 2.]
(a) has as its object the promotion of the economic interests of its members in accordance with cooperative principles and consists of not less than ten members each of whom is qualified under section 23 for membership; or
(b) is established with the object of facilitating the operations of a society described in paragraph (a) and includes among its members at least two registered societies.
(1) The word "co-operative" shall form part of the name of every registered society.
[46/1957 s 3.]
(2) The liability of every registered society which includes one or more registered societies among its members shall be limited.
(3) The word "limited" shall be the last word in the name of every registered society with limited liability.
(4) No society shall be registered under this Act under a name identical with that under which any other existing society is registered or so nearly resembling such name as to be likely to mislead the members or the public as to its identity.
This section of the article is only available for our subscribers. Please click here to subscribe to a subscription plan to view this part of the article.