The Cooperative society according to the Nigeria Law on Cooperation is considered a legal entity, has its seperate bank account, balance sheet, stamp etc. The Office of the Federal Directorate of Cooperatives formerly under the Ministry of Agriculture but was moved to the Ministry of Labour and Productivity in is in charge of Cooperatives in Nigeria.
Cooperative Societies are governed by the Nigerian Cooperative Societies Act which provide for the registration of Cooperative Societies.
Eligibility Different Societies have different requirements as listed below: An agricultural Society must have no less than fifty 50 members; A saving and credit Cooperative Society must have at least 20 members; People with specialized skills must have at least ten 10 members; Other types of Cooperative Societies must have at least ten 10 members.
In order for a group to be registered as Cooperative Society, members must satisfy the following conditions; A Member must be at least fifteen 15 years of age and above; The Board members should be at least eighteen 18 years of age; Every member must have a common need with other members of the society; Every member must be in an occupation relevant to the primary Society; A member must be capable of paying fees and buying shares.
Required Information for Registration A Society intending to be registered should have the following; Proposed name of the Society Proposed location Purposes, to which funds may be applied, may be held, disposed of or invested. Membership rules terms of admission, entrance fees, etc By-Laws of the Society Documents for Registration The following documents are to be filed during registration A certified copy of the Resolution passed at the first meeting of the group with the Province Cooperative Officer PCO.
Feasibility study report on how the Society operates. Four copies of proposed by-laws of the Society. Letter of intent to join the society from prospective members. Procedure for Registration 1.
Make an application for registration to the Director of Cooperatives and payment of registration fee to register a Cooperative Society; 2. The application shall be signed and in the case of - A primary society, by at least 10 individuals qualified for membership of the Society, A secondary Society which has a registered Society as member, by a duly authorized member on behalf of every such registered Society, and where all members of the Society are not registered Societies, by 10 other members and when they are less than 10 members, by all the members.
The submitted documents shall be assessed; 4. After assessment, if the Director is satisfied, a letter of recognition will be issued which will enable the group to operate as a Cooperative Society for 3 years; 5. After 3 years, a Certificate of Registration will be issued, with a Certified Copy of the by-laws.
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Specialist advice should be sought about your specific circumstances.According to cooperative economist Charles Gide, the aim of a cooperative wholesale society is to arrange "bulk purchases, and, if possible, organise production." The best historical example of this was the English CWS and the Scottish CWS, which were the forerunners to the modern Co-operative Group.
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Apr 04, · A Cooperative Society is a voluntary association of individuals, united by common bond, who have come together to pursue their economic goals for their own benefits. Cooperative Societies are governed by the Nigerian Cooperative Societies Act which provide for the registration of Cooperative Societies.
The business plan would specify whether the business is practical, expenses analysis, yield, and revenue. The community facilitator can also help you draft the business plan because they have been long in the system and can juggle the numbers and statistics for you.
Foretis Multipurpose Cooperative Society Limited, Abuja, Nigeria. likes. A Microfinance Institution with the sole aim of empowering the active poor. A plan helps you state the objectives, rules and regulations, benefits, registration fee, penalty on contribution defaulting, how the money will circle round every member and lots more that is important in running a cooperative society.