The Government of Malta launches proposed amendments to the Central Co-operative Fund regulations
The Steering Committee responsible for the Co-operatives Legal Reform has launched a consultation document highlighting the main changes that are being proposed by Government to the current Central Co-operative Fund Regulations (S.L. 442.03).
A consultation process for the revamping of the Co-operative Societies Act, Cap. 442 has been officially underway since 2010. Following Malta’s General Elections in 2013, Government commenced a new reform process to revise all Maltese co-operative legislation. It is expected that the consultation on the new Central Co-operative Fund regulations will come into effect in the second quarter of 2015. The co-operative movement is expecting, later on this year, a further consultation document that would address changes to the Co-operative Societies Act, Cap 442.
The Central Co-operative Fund reform covers in the main:
* The Administration of the Fund
* Governance structures
* Utilisation of the Funds.
The Malta Co-operative Federation in a communication on its website has announced that it shall be receiving comments and proposals on this consultation document by not later than the 4th May 2015.
All co-operative societies registered in Malta contribute 5% of their annual surplus to this Fund. The audited financial statements of the Fund for the year ended 30th September 2013 reported a total contribution of €308,639 from all registered co-operative societies for this period. The Fund earned a further €78,463 from its investments. The net asset value of the Fund as at 30th September 2013 stood at 3.4 million Euros.
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