Cooperative Act, 2048 (1992)

Definitions of the terms used in the "Cooperative Act, 2048 (1992)" • "association" or "society" means a cooperative association or society registered pursuant to Section 5. • "member" means a person, association, society or other bodies who have obtained membership by subscribing shares of an association or society ....Read More....

Formation of Association or Society An association or society as follows may be formed with a view to rendering services and facilities for the economic and social development of its members in consonance with the cooperative principle. (a) A preliminary association consisting of at least twenty-five persons as its members ....Read More....

Requirements of Association or society (1) An association or society shall be an autonomous and body corporate with perpetual succession. (2) An association or society shall have a separate seal of its own for all of its ....Read More....

Membership of Association or Society (1) The Nepalese citizens as follows may be members of an association:  (a) Persons who make an application for the registration of the association,  (b) Persons who reside within the jurisdiction of the association, subscribe ....Read More....

Modus Operandi Bye-law (1) An association or society may, subject to this Act and the Rules framed under this Act, make a Bye-law for the operation of its business. The Bye-law so made shall come into force after having been approved by the ....Read More....

General meeting (Introduction) (1) Every association or society shall have its one general meeting. (2) All members of an association shall be members of the general meeting of the association. (3) The general meeting of a society shall consist of such members as mentioned ....Read More....

Board of directors of association or society (1) Every association or society shall have one board of directors. (2) The formation, functions, duties, and powers of the board shall be as provided in the Bye-law of the concerned association or ....Read More....

Accounts committee of association or society (1) The general meeting of every association may elect and form one accounts committee consisting of three members including one coordinator. (2) The accounts committee may perform the internal audit of the association on a regular basis and give suggestions to the  ....Read More....

Expulsion of member of board or dissolution of board of association or society (1) If a majority of the general meeting adopts a proposal submitted to the general meeting by five percent members of the general meeting, setting out the reasons and rationality for expelling any elected member of the board or ....Read More....

Sub-committees of association or society (1) The board may, for the performance of the business of association or society, form sub-committees as provided in the ....Read More....

Appointment of employees and advisers of association or society (1) The board may appoint employees and advisers, as per necessity, for the operation of the association or society, in accordance with the process endorsed by the general ....Read More....

Appointment of Registrar & Delegation of powers by Registrar in association or society (1) The government of Nepal shall appoint one Registrar to register associations or societies and perform such other functions as prescribed, subject to this Act and the Rules framed under ....Read More....

Financial Source and Mobilization in association or society Sale of shares (1) An association or society may collect share capital by selling its shares to those persons who are under its jurisdiction and are eligible to become its members, members and other bodies as prescribed. (2) An association or society may, with the approval of Government of ....Read More....

Unification or Division of association or society (1) In order to merge and unify two or more associations with each other or divide one association or society into two or more associations or societies, a two-thirds majority of the general meeting of the concerned association or society has to make a decision to that effect. Such decision shall also set out the terms and procedures of unification ....Read More....

Information, Records, and Examination of Accounts of association or society To maintain records of decisions Every association or society has to maintain updated records of the meetings of, and activities carried out by, it's general meeting, board, accounts committee and sub-committees. Accounts and other records Every association or society has to maintain records of accounts of all transactions carried on by it and other necessary records as ....Read More....

Exemptions and facilities to association or society (1) Notwithstanding anything contained in the prevailing law, the association or society shall be entitled to the following exemptions and facilities: (a) The association or society shall not be required to have registration pass of any instrument relating to its transaction, other than an instrument relating to immovable ....Read More....

Dissolution of, and Cancellation of Registration of, Association or Society (1) A two-thirds majority of the total number of members of the general meeting of an association or society may decide to liquidate the association or society. (2) On receipt of an application accompanied by the decision as referred to in Sub-section (1), the Registrar or person authorized by him/her may cancel the ....Read More....

Punishment in the case of association or society Imposition of fine for failure to submit information A fine not exceeding One Thousand Five Hundred Rupees shall be imposed, by order of the Registrar, on any association or society which fails to submit a report pursuant to Section 34 or information as referred to in Sub-section (3) of Section 35. Imposition of fine on person carrying on trade by using the word cooperative A fine not exceeding Two Thousand Rupees shall be imposed, by order of the ....Read More....

Miscellaneous provisions of association or society Restriction on the use of word cooperative (or translation thereof) Any person, firm or organization, other than an association or society registered pursuant to this Act shall be entitled to carry on trade or business by adding the word cooperative (or its English translation) ....Read More....