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Co-operatives Act, 2005 (Act No. 14 of 2005)

Chapter 2 : Registration, Constitution, Powers of Co-operative and Registered Office and Record Keeping by Co-operative

Part 2 : Constitution and powers of co-operative

15A. Categories of primary co-operatives

 

(1) The Minister must prescribe the monetary threshold for the annual revenue or projected annual revenue for each of the following categories of primary co-operatives:
(a) A category A primary co-operative which is a small primary co-operative;
(b) a category B primary co-operative which is a small to medium primary co-operative; and
(c) a category C primary co-operative which is a medium to large co-operative.

 

(2) Category A, B and C primary co-operatives are primary co-operatives that are excluded from legislation applicable to deposit-taking financial co-operatives and co-operative banks.

 

(3) For purposes of this section—
(a) "projected annual revenue" means a reasonable estimate of the gross value of the economic benefits that are likely to be received by a newly registered co-operative as a result of its ordinary activities during its first financial year; and
(b) "annual revenue" means the gross value of the economic benefits actually received by a co-operative as a result of its ordinary activities in a financial year.

 

[Section 15A inserted by section 14 of Notice No. 558, GG 36729, dated 5 August 2013]

 

 


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