Co-Operative Societies Act 2008

2. Interpretation

1.      In this Act, unless the context requires—

“articles” means the Articles of Association of a society;

“board” means the Board of Directors of a society;

“bonus” means a share of the profits of a registered society divided among its members in proportion to the volume of business done with the society by them from which the profits of the society were derived;

“by-law s” means the registered by-laws made of a society;

“co-operative” or “co-operative society” means a body corporate registered under this Act which consists of a group of persons, with a commitment to joint action on the basis of democracy and self-help in order to secure a service or economic arrangement that is both socially desirable and beneficial to such persons;

“Court” means the High Court of Justice;

“Credit Union” means a registered society the objects of which include the promotion of thrift and the creation of a source of credit for its members for provident and production purposes;

“director”, means a member of the Board elected in accordance with section 69;

“dividend” means a share of the profits of a registered society divided among its members in proportion to the share capital held by them;

“member” includes a person or registered society joining in the application for the registration of a society, and a person or registered society admitted to membership after registration in accordance with this Act and the by-laws;

“minor” means an individual under the age of 16 years;

“national league” or “National Council” means the apex body established under section 214;

“officer” includes a director, secretary, treasurer, or other person empowered under the Regulations of by-laws to give directions in relation to the business of a registered society;

“registered society” or “society” means a co-operative society registered under this Act;

“Registrar” means Registrar of Co-operatives.