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Procedures For Establishing A Cooperative Society In Nigeria by Treash(m): 5:13pm On Sep 04, 2019 |
A cooperative society is a voluntary association of individuals, united by the common bond, who have come together to pursue their economic goals for their own benefits. TYPES OF COOPERATIVE SOCIETY IN NIGERIA: There are three major types of cooperative society in Nigeria �Agricultural cooperative society (also known as farmers’ cooperative). �Saving and credit cooperative society (also known as microfinance cooperative) �Multi-purpose cooperative society (General cooperative) CONDITIONS FOR FORMATION OF A COOPERATIVE SOCIETY: �A saving credit cooperation society must have at least twenty (20) members. �An agricultural cooperative society must have nothing less than fifty (50) members. �Other types of cooperative societies must be composed of a minimum of ten (10) members. It should also be noted that for a group to be registered as a cooperative society, members must satisfy the following: �A member must be at least fifteen (15) years of age and above �The board members should be at least eighteen years �Every member must have a common need with other members of society. �Every member must be in an occupation relevant to the primary society �A member must be capable of paying fees and buying shares. PROCEDURE FOR REGISTERING A COOPERATIVE SOCIETY IN LAGOS: �An application for registration shall be made to the Director of Cooperatives at the Ministry of Commerce, Industry and Cooperatives requesting to be registered as a cooperative society. �The officials from the Ministry of Commerce, Industry and Cooperative shall carry out an inspection of the cooperative society’s premises. �The applicant shall pay the prescribed fees. �The minimum required members, depending on the category of the cooperative society must duly sign the application. �A form is issued to the members to fill in their details and return while a name search is made to ascertain the availability. �Upon availability, a stamp bearing the cooperatives name and logo with the other documents shall be submitted for verification and approval. �After verification, if the Director of Cooperatives is satisfied, a letter of recognition is issued. This letter gives the cooperative approval to operate as a cooperative society for three years. �A certificate of Registration with the certified copy of the by-laws governing the cooperative will be issued after three years. REQUIREMENTS FOR REGISTRATION OF COOPERATIVE SOCIETY: �Proposed name of the cooperative society. Proposed address of the cooperative society. �The objective of the cooperative society. �Membership rules. �Four copies of the proposed by-laws of the cooperative society. �Letter of consent from all members of the cooperative society. �Feasibility study on how the cooperative society intends to operate. �Certified copy of the resolution passed at the first meeting of members with the cooperative officer. �Official stamp duty of the cooperative society. Take note that the process of registering a cooperative society differs from state to state, and this should be considered when registering a cooperative society in Nigeria. Barr Adeolu Ayo Aderinto 08068088866 ay4u888@gmail.com Credit: Resolution Law. |
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