Recommendations on changes to the Maltese Legislation effecting Co-operative Societies – 2014

Recommendations on changes to the Maltese Legislation effecting Co-operative Societies – 2014

The Council of the Malta Co-operative Federation has submitted its recommendations to the committee coordinating the consultation process for the changes to the Co-operative Societies Act, Cap 442.

The Federation’s document, dated 24th March 2014, is entitled “Recommendations on changes to the Maltese Legislation effecting Co-operative Societies 2014“.  The various proposals  in this comprehensive document are the result of mature and thorough discussion, research and ideas put forward by the Federation’s member societies, their representatives, the Council members, co-operators, and friends of the Federation.

Malta Co-operative Federation - Recommendations on changes to the Maltese Legislation effecting Co-operative Societies 2014

The main proposals raised in this document cover:

  • Fair funding, and the removal of discrimination and inequitable treatment between Co-operative Federations
  • The reduction of the minimum number of co-operative society members to three
  • Co-operative membership eligibility criteria
  • Good governance issues within the committees of management of co-operative societies
  • The elimination of restrictions for the facilitation of investment opportunities
  • Financial reporting.

The Federation has within the document tackled new concepts currently absent from the Act, mainly:

  • Converting the Co-operatives Board to an Authority
  • The facilitation of converting commercial partnerships into co-operatives and vice versa
  • Re-domiciliation of co-operative societies
  • Social audits
  • Credit unions
  • Social co-operative enterprises.

Other proposals to changes in other legislation covered in the document include:

  • Banking Act
  • Small Business Act
  • Income Tax Act.

 

1 Comment

  1. Emanuel Grech
    October 2, 2015 at 11:02 am

    I would like to congratulate the Malta Co-operative Federation for its efforts made in obtaining a first cash grant for co-operative societies, rather than the usual tax credits for which co-operative societies in Malta cannot benefit from, as explained in the Federation's 2014 document (specifically No. 14.3). The cash grant scheme announced by Government is Business START. I recommend this webpage as it concisely indicates which start-up enterprises are eligible for this scheme and enlists the government-preferred target sectors/activities in a few words. Read more: http://yesitmatters.com/bstart-cash-grant-measure/ Eligible potential and start-up co-ops should not lose the opportunity and benefit from this scheme.

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