MoE’s Laws and Regulations

This law identifies a cooperative association as being any association set up by natural or legal persons for a specified or unspecified period with the intent of raising the economic and social standard of its members, through cooperative means. Pursuant to the provisions of this law, the name of the association must be indicative of its cooperative capacity, its primary objective and headquarters. No association other than those set up in conformity with the provisions of this law shall be entitled to use the term “cooperative” or derivatives thereof as part of its name. The law further identifies the conditions for establishing cooperative associations, the responsibilities of their founders and underwriters, the details of the management, boards and the election of board members. This is in addition to the means of distributing dividends realised during the fiscal year, control and inspection of the activities of cooperative associations, including their pricing, business, accounts and conformity to the respective statute.