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The Authority was established as a body corporate in 2010, pursuant to the provisions of the Sacco Societies Act with the primary purpose of streamlining the regulation of SACCOs and Co-operatives in the country under the supervision of the Commissioner of Co-operative Development, an office under the Ministry of Agriculture, Livestock, Fisheries and Co-operatives.
The act renamed industrial and provident societies as co-operative or community benefit societies. The act effectively implemented the renaming provisions first enacted in the Co-operative and Community Benefit Societies and Credit Unions Act 2010 and coincided with a number of other changes foreshadowed by the 2010 act, such as the application of the Company Directors Disqualification Act ...
Co-operatives are typically registered under either the Companies Act 2006 or the Co-operative and Community Benefit Societies Act 2014 (IPS), though other legal forms are available. A number of model rules have been devised to enable cooperatives to register under both acts; for workers' cooperatives, these rules restrict membership to those ...
The first legislation basis for industrial and provident societies arose in the Industrial and Provident Societies Partnership Act 1852 (15 & 16 Vict. c. 31).. The legislation was subsequently amended and consolidated by the Industrial and Provident Societies Act 1862 (25 & 26 Vict. c. 87), the Industrial and Provident Societies Act 1876 (39 & 40 Vict. c. 45) and most recently the Industrial ...
The Act provides that: Industrial and Provident Societies will be either a Co-operative Society or a Community Benefit Society or a Pre-2010 Act Society. Like companies, organisations registered as societies under the Industrial and Provident Societies Act 1965 will be subject to the Company Directors Disqualification Act 1986. Board or ...
The second of the Rochdale Principles states that co-operative societies must have democratic member control. According to the ICA's Statement on the Co-operative Identity, "Co-operatives are democratic organizations controlled by their members, who actively participate in setting their policies and making decisions.
The International Cooperative Alliance (ICA) is a non-governmental cooperative organization founded in 1895 to unite, represent and serve cooperatives worldwide.The ICA is the custodian of the internationally recognised definition, values and principles of a cooperative in the ICA Statement on the Cooperative Identity.
They are regulated by the Reserve Bank of India under the Banking Regulation Act, 1949 and Banking Laws (Application to Cooperative Societies) Act, 1965. [13] Anyonya Sahakari Mandali , established in 1889 in the province of Baroda , is the earliest known cooperative credit union in India.