Co-operative Societies (Amendment) Bill
Explore the details of bill number 10/2024.
Summary
- The Co-operative Societies (Amendment) Bill 2024 aims to amend the Co-operative Societies Act 1979, enabling societies to pay dividends and honoraria from reserves upon approval by the Registrar of Co-operative Societies.
- Key changes include defining "reserves," streamlining procedures for financial statements, and removing certain approval requirements for investments and capital raising.
- The Bill introduces new provisions for the allocation and distribution of reserves, ensuring oversight by the Registrar before any proposals are presented to the annual general meeting.
- Additional amendments address technical adjustments in the registration process and the eligibility for payment of bonus certificates or shares in specific circumstances such as death or bankruptcy.
Summary written by AI (edit)
Timeline
The bill is formally presented in Parliament for consideration.
7 months ago
The bill's title and key objectives are read out, but no debate occurs at this stage.
7 months ago
Members of Parliament debate the bill's general principles and overall merits.
5 months ago
The bill is examined in detail by a select committee, which may suggest amendments.
5 months ago
Members of Parliament debate the final version of the bill, including any amendments made.
5 months ago
The bill is voted on by the Members of Parliament and, if it receives the required majority, it becomes law. Do note that an exact vote may not be counted; the 'ayes' can simply be louder than the 'noes'.
5 months ago
The bill is passed and becomes law.
5 months ago