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البلاد
Cooperative groups have one year to adapt
The Council of Ministers has approved the new Cooperative Societies System to replace the Cooperative Associations System, with the aim of regulating the operation of cooperatives from their establishment to dissolution. The system stipulates that a cooperative is an independent association of members sharing in meeting their economic, social, and cultural needs. The minimum number of founding members is set at 12, with few exceptions allowing for five members. It provides a comprehensive framework for ownership, management, and governance. The system grants the Ministry of Human Resources and Social Development the authority to coordinate with government agencies to support cooperatives through facilitations and subsidies, along with a defined mechanism for doing so. Existing cooperatives are required to amend their statuses within 12 months, and the ministry will review support for the sector after five years to determine the ongoing need for assistance.
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