In this article, we’ll consider how to register a cooperative society in Rivers State.
A Cooperative Society is a voluntary association of individuals or legal persons who come together to advance their socio-economic goals. Through a cooperative society, members can access a wide variety of benefits such as access to cash, loans, networking, skill development, access to lands free from land grabbers, etc. Members are equally introduced to mutually beneficial schemes and activities to reduce poverty and increase their growth collectively and individually.
COOPERATIVE SOCIETIES IN NIGERIA
In Nigeria, cooperative societies are governed and regulated by the Nigerian Cooperative Societies Act 2004. The Act governs the establishment and operation of cooperative societies in Nigeria. Upon registration under the Act, the cooperative society becomes a body corporate or a legal personality with perpetual succession; capable of suing and being sued. Applications for the registration of cooperative societies are filed with the Federal Director appointed by the President or the State Director of Cooperatives appointed by the State Governor of a State. There are three major types of cooperative societies in Nigeria. They are as follows:
1. Industrial Society: it comprises a minimum of 6 persons and is economically viable
2. Primary Societies: It consists of at least 10 persons and is formed at the grassroots level.
3. Secondary Societies: They have at least five registered societies as members. They facilitate the operations of primary societies. A Federal Apex Society comprises at least 5 registered State Apex societies.
WHAT IS THE PROCEDURE FOR REGISTERING COOPERATIVE SOCIETIES IN NIGERIA?
In practice, cooperative societies are registered at the State level, and while the procedures may vary in some cases, below is a summary of the procedure for registering a cooperative
a. An application for registration signed by, in the case of a primary society, at least 10 individuals qualified for membership in the society. In the case of a secondary society, by a duly authorized member of each of the registered society that is a member. Where all the members are not registered, the application for registration shall be signed by ten other members, and where they are less than 10, by all the members.
b. The application must be submitted alongside such number of copies of the proposed bye-laws of the society
c. A registration fee or such other sum as prescribed by the Minister or Commissioner shall be paid to the Director.
d. If the Director is satisfied that the society has complied with the requirements of the Act concerning registration and that its proposed bylaws are not contrary to the Act, He shall register the society and its bylaws.
IS RIVER STATE ANY DIFFERENT?
In River State, to register a cooperative society you must first ascertain the type of cooperative society you wish to register. The common types of cooperative societies registrable in Rivers State are:
i. Thrift and Credit Cooperatives
ii. Housing Cooperatives
iii. Multi-purpose cooperative society
HOW TO REGISTER A COOPERATIVE SOCIETY IN RIVERS STATE
Registering a cooperative often involves several steps and requires compliance with the relevant laws and regulations. The steps include:
a. Choosing a cooperative society type: Choose the type, name, and address of the proposed society. These details are necessary for filling of the prescribed application form.
b. Decide on a name for the cooperative
c. Membership formation: There is a legal minimum of members for every cooperative society. It all depends on the type of cooperative society.
d. Personal details of executive members of the cooperative such as the President, Secretary, and Treasurer.
e. Passport photograph of the President, Secretary and the Treasurer
f. Draft a Constitution and Bye-laws: it is a legal requirement for cooperative societies to have bye-laws governing their internal affairs as such the bye-laws must not be contrary to the extant law and other relevant laws governing cooperative societies. The bye-laws and constitution should outline the objectives, membership criteria, meeting days, decision-making process, dispute resolution process, rights of members, dissolution of cessation of the cooperative society and other incidental matters.
g. An application is submitted to the Director or the Department of Cooperative Services using the prescribed form
h. The constitution and bye-laws and other relevant documents must be attached to the application.
i. Payment of prescribed charges
j. The Cooperative Service Department will review your documents for compliance with the Nigerian Cooperative Societies Act 2004 and may request further particulars or information if not satisfied.
k. The Director shall issue the cooperative society with a certificate of registration upon being satisfied that the requirements have been met in accordance with the law.
CAN A COOPERATIVE SOCIETY BE REGISTERED WITH THE CORPORATE AFFAIRS COMMISSION (CAC)?
No, a cooperative society cannot be registered with the Corporate Affairs Commission. Co-operative societies are legal entities that are governed by the Co-operative Society Laws of various States, and the Co-operative Society Act. They are also administered by a separate agency other than the Corporate Affairs Commission.
CONCLUSION
Cooperative societies are made of individuals with a common interest who jointly advance their economic and social goals. To further guarantee unsuspecting members of its operations and to fully enjoy the benefits of a cooperative society, it must be duly registered and recognized by the law. That way, it becomes a corporate personality in law with its full rights and privileges guaranteed under the law. If you need professional assistance with registering your cooperative society in Rivers State, you may contact us HERE or through the Whatsapp icon on this page, and we’ll respond to you.
