NIGERIAN CO-OPERATIVE SOCIETIES ACT

DOWNLOAD OF A COPY OF THIS LAW IS AVAILABLE [N2,000 (PDF)] CLICK HERE FOR ONLINE PAYMENT AND DOWNLOAD. PDF COMPENDIUMS OF ALL THE LAWS OF NIGERIA, LAGOS AND OTHER STATES ARE ALSO AVAILABLE. EMAIL: lawnigeria@gmail.com or info@lawnigeria or Text/WhatsApp +23407067102097

–

LAWS OF THE FEDERATION OF NIGERIA

NIGERIAN CO-OPERATIVE SOCIETIES ACT

–

ARRANGEMENT OF SECTIONS

PART I -Registration of Co-operative Societies

1. Appointment of Federal Directors of Co-operatives, etc.
2. Societies which may be registered.
3. Conditions of registration.
4. Application for registration.
5. Registration.
6. Effect of registration.
7. Evidence of registration.
8. Register of members.
9. Merit of entry in books of the society.
10. Address of society.

PART II – Duties and privileges of registered societies

11. Power of society to make bye-laws.
12. Amendment of bye-laws of a registered society.
13. Copy of Act, regulations and bye-laws to be kept open for inspection.
14. Contract with members.
15. Creation of charges in favour of a registered society.
16. Charge and set-off in respect of shares of members.
17. Shares or interest not liable to attachment or sale.
18. Transfer of interest on death of a member.
19. Deposit by or on behalf of a minor.
20. Exemption from certain duties, fees and tax.
21. Exemption from compulsory registration of certain instruments.
22. Qualification for membership of a primary society.

PART III – Rights and liabilities of members

23. Members not to exercise rights till due payment made.
24. Restriction of membership.
25. Votes of members.
26. Members of the Co-operative Federation.
27. Restriction on interest of members of society.
28. Restriction on transfer of shares or interest.
29. Liability of past member and estate of deceased member for the debt of the society.

PART IV – Property and funds of registered societies

30. Restriction on loan.
31. Power to borrow money.
32. Transactions with non-members.
33. Investment of funds.
34. Disposal of profit.
35. Misapplication of the property of a society.

PART V – Audit, inspection and inquiry

36. Audit.
37. Inquiry and inspection.

PART VI – Cancellation of registration, etc.

38. Cancellation of registration of a society due to lack of membership.
39. Effect of cancellation of registration.
40. Appointment of liquidator after cancellation of registration of a society.
41. Attendance of witnesses and production of documents.
42. Power of Director to control liquidation.
43. Enforcement of order.
44. Disposal of funds of liquidation.
45. Notice of closing of liquidation to be published in the Gazette.

PART VII – Surcharge and attachment

46. Power of Director to surcharge.
47. Attachment of property.
48. Appeal to Minister or Commissioner.

PART VIII – Disputes

49. Settlement of disputes.
50. Case to be stated on question of law.

PART IX – Division and amalgamation

51. Division of society.
52. Amalgamation of societies.

PART X – Miscellaneous

53. Recovery of sums due to Government.
54. Prohibition of the use of the word “Co-operatives”.
55. Restriction on the application of certain enactments.
56. Power to make regulations.
57. Interpretation.
58. Short title.

–

NIGERIAN CO-OPERATIVE SOCIETIES ACT

An Act to provide for the registration and operation of co-operative societies throughout the Federation and for related purposes.

–

PART I – Registration of Co-operative Societies

1. Appointment of Federal Director of Co-operatives, etc.

(1)    The President may—

(a)    appoint a person to be a Federal Director of Co-operatives;

(b)    appoint persons to assist him; and

(c)    by notice in the Gazette confer all or any of the powers of a Director

under this Act on any such person.

(2)    The Governor of a State may appoint a person to be the Director of Co-operatives in the State and may appoint persons to assist him, and shall by notice in the State Gazette, confer on any such person all or any of the powers of a Director under this Act.

2. Societies which may be registered

(1)    A society may be registered as a co-operative society under this Act if—

(a)    it is a limited liability society; and

(b)    has as its objects the promotion of the socio-economic interests of its members in accordance with co-operative principles, and established for the purpose of facilitating the operation of those principles.

(2)    A society may be registered under this Act as an industrial society or as a primary or secondary society.

(3)    A person appointed as a Director of Co-operatives under subsection (1) or (2) of section 1 of this Act, shall have a seal of such device as may be approved by the President, in the case of a Federal Director and by the State Governor, in the case of a State Director of Co-operatives and the impression of such seal shall be judicially not

ALPHABETICAL INDEX TO THE LAWS OF NIGERIA (UPDATED TO 2018)