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.
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.