CO-OPERATIVE SOCIETIES LAW

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LIST OF LAWS OF LAGOS, [ALPHABETICAL]  

CO-OPERATIVES SOCIETIES LAW

ARRANGEMENT OF SECTIONS

Registration of Co-operative Societies

1.       Appointment of director, etc

2.       Seal

3.       Societies which may be registered

4.       Conditions of registration

5.       Application for registration

6.       Registration

7.       Registered societies to be bodies corporate

8.       Evidence of registration

Duties and privileges of Registered societies

9.       Power to make by-laws.

10      Change of name.

11.     Amendment of the by-laws of a registered society.

12.     Address of societies.

13.     Copy of Law, regulations and by-laws to be open to inspection.

14.     Restrictions on loans.

15.     Restrictions on borrowing.

16.     Deposits by minors.

17.     Restrictions on other transactions with non-members.

18.     Debts of members to society

19.     Charge in respect of shares and deposits of members.

20.     Priority of claim of society against crops, cattle, and other property.

21.     Share or interests not liable to attachment.

22.     Investment of funds.

23.     Contract with members to dispose of produce.

24.     Net surplus not to be distributed without approval of director.

25.     Reserve fund, dividends and bonuses.

26.     Power of Director to prescribe with regard to certain matters.

27.     Proof of entries in societies’ books.

28.     Exemption from compulsory registration of instruments relating to shares and debentures of registered society.

29.     Power to exempt from certain duties and fees.

Membership, Rights and Liabilities of Members

30.     Qualification for membership.

31.     Member not to exercise rights until prescribed payment made.

32.     Restriction on interest of member of society

33.     Restriction on membership of more than one society.

34.     Votes of members.

35.     Conduct of elections in registered societies.

36.     Restrictions on transfer of share or interest.

37.     Transfer of interest on death of member.

38.     Liability of past members.

39.     Liability of the estates of deceased members.

40.     Register of members.

41.     Statements of members’ property exempt from disclosure for certain purposes.

Disputes

42.     Settlement of disputes, mediation and enforcement.

Audit, Inspection and Inquiries

43.     Referral of questions of law to High Court.

44.     Splitting of societies.

45.     Amalgamation of societies.

46.     Audit.

47.     Power of director to inspect.

48.     Inquiry by director.

49.     Inspection of books of indebted society.

50.     Costs of inquiry or inspection.

51.     Recovery of costs.

52.     Recovery of sums due to Government.

Dissolution of a Registered Society

53.     Dissolution.

54.     Appointment of caretaker Committee.

55.     Cancellation of registration of society.

56.     Effect of cancellation of registration.

57.     Liquidation after cancellation of registration of society.

58.     Liquidator’s powers.

59.     Power of director to control liquidation.

60.     Appeals from decisions of liquidator and director.

61.     Attendance of witnesses and production of documents.

62.     Enforcement of decisions of liquidator and director.

63.     Closure of liquidation.

Regulations

64.     Power to make regulations.

Miscellaneous

65.     Functions of Apex Co-operative Organisation.

66.     Registered societies deemed to be registered under this Law.

67.     Transitional provisions.

68.     Special provisions for central societies with addresses outside Lagos.

69.     Offences.

70.     Prohibition of the use of the word “co-operative”.

71.     Restriction on the application of Chapters 133, L.F.N. Caps. 18 and 14A.

72.     Repeal.

73.     Interpretation.

74.     Citation.

CO-OPERATIVES SOCIETIES LAW

A LAW TO PROVIDE FOR THE REGISTRATION OF COOPERATTVE SOCIETIES IN LAGOS STATE AND FOR CONNECTED MATTERS

THE LAGOS STATE HOUSE OF ASSEMBLY enacts as follows:

Registration of Co-operative Societies

1. Appointment of Director of Co-operatives

(1) The Commissioner-

(a)     may appoint a person to be the Director of Co-operative Societies (referred to in this Law as “the Director”) in the State and such other persons as are necessary to assist; and

(b)     will by notice in the Lagos State Gazette confer on any such person all or any of the powers of a Director under this Law’

(2) The Director must be appointed from among officers not below grade level 16 in the State Civil Service.

[L.N. 112 of 1964.]

2. Seal

A document duly executed under this seal will be received in evidence and unless the contrary is proved will be deemed as executed’

[L.N. 112 of 1964.]

3. Societies which may be Registered

The Co-operative Societies Audit and Supervision Fees Order is hereby revoked.

LAWS OF LAGOS STATE

LAWS OF THE FEDERAL REPUBLIC OF NIGERIA