What are the statutory requirements for the registration of cooperative society?
In order for a group to be registered as Cooperative Society, members must satisfy the following conditions;
- A Member must be at least fifteen (15) years of age and above;
- The Board members should be at least eighteen (18)years of age;
- Every member must have a common need with other members of the society;
Does cooperative society pay tax in Nigeria?
Taxes. Cooperative Societies are exempt from payment of company income tax on the profit or income generated from its activities including shares or interest held in other entities.
How much does it cost to register a cooperative society in Nigeria?
Ten Thousand Naira
How much does it cost to register a cooperative? It costs Ten Thousand Naira (N10,000) to register a cooperative in Nigeria. After payment, you get a letter of recognition as a license for three years before you get a certificate of registration as a legal entity.
Who regulates cooperative societies in Nigeria?
In Nigeria Cooperative Societies are regulated by Nigerian Co-Operative Societies Act which is a Federal Law that grants powers to the Governor of each state to establish a Directorate for Cooperatives which will be in charge of registering and regulating cooperatives.
What is the minimum number of members required to form a cooperative society?
10 adult
The consent of at least 10 adult persons is required to form a cooperative society.
Is cooperative society exempted from income tax?
Taxpayers should remember that the co-operative societies do not enjoy complete exemption from taxes. They are entitled to certain specified deductions from the total gross income. The total gross income is determined in the same way as in the case of any other assessee.
Are cooperatives exempt from income tax?
1) Business transactions with members – Business activities engaged in by such cooperatives with its members where said generates revenues shall be exempt from all national internal revenue taxes for which it is liable as enumerated in Section 7 of this Joint Rules and Regulations; b.
Is cooperative society a legal entity?
A cooperative society after registration is recognized as a separate legal entity by law. It acquires an identity quite distinct and independent of its members can purchase, dispose of its assets, can sue, and also can be sued.
What are the rights of the members in a cooperative society?
Member not to exercise rights till due payment made Votes of Members. No member of a co-operative society shall exercise the right of a member unless he has made such payment to the society in respect of membership or has acquired such interest in the society in the society as may be specified in the bye-laws.
What is the maximum limit of members in a cooperative society?
The minimum members required to get a co-operative society registered is 10 and maximum 100 in case of cooperative Credit society and no limit for the remaining.
How many members can a cooperative have?
– A cooperative may be organized and registered by at least fifteen (15) persons for any or all of the following purposes: aisa dc (1) To encourage thrift and savings mobilization among the members: (2) To generate funds and extend credit to the members for productive and provident purposes; (3) To encourage among …
Are co-op banks excluded from the BR Act?
Prescription of qualifications for management: Co-operative banks are excluded from provisions of the BR Act with respect to conditions on employment and qualifications for the Chairman and Board of Directors.
Who regulates the Co-operative banks in India?
States regulate co-operative societies under their respective Co-operative Societies Acts, through the Registrar of Co-operative Societies (RCS). In 1965, certain provisions of the Banking Regulation Act, 1949 (BR Act) were made applicable to co-operative banks.[3] This gave Reserve Bank of India (RBI) some powers to regulate co-operative banks.
Does CBN sell in Choos estate Wumba District FCT Abuja?
The CBN Cooperative society wishes to publish to general public the sales of limited number of shops in the CBN shopping mall in CHOOS Estate Wumba district FCT Abuja.
How much assets should a cooperative bank have in India?
The Act requires a scheduled cooperative bank to maintain assets with a value not exceeding 40% of the its total demand and time liabilities, within India. The Bill omits this provision.