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Hridayaram Thani in TOUGHtalk

Expressing discontent over slow progress in getting approved the new Cooperative Bill that is currently under discussion at the Legislature Parliament, stakeholders have urged swift passage of the bill.They have also urged lawmakers not to remove stern provisions proposed in the bill against those involved in misappropriation of general public’s money.The Cooperative Bill, which was tabled at the Parliament some three and a half months ago, includes stringent laws such as barring a person from taking membership of more than one cooperative of similar nature, and prohibiting a board director from becoming a staff member of another cooperative.Similarly, more than one member of the same family cannot become a candidate or be elected as board director of a cooperative. The bill has also envisioned granting authority to the Ministry of Cooperatives and Poverty (MoCPA) to declare any cooperative “troubled” after its monitoring and inspection.If cooperatives work against the interest of members, do not have the capacity to pay their liabilities, fail to return deposits, and are heading towards insolvency, the government at the recommendation of the registrar of the Department of Cooperative can declare such cooperatives “crisis-ridden”, according to the bill.



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