The Central Co-operative Fund

The Committee will consist of 11 voting Members who will be appointed for a period of 3 years as follows:

• 6 independent Members appointed by the Minister;
• 3 Members appointed from amongst members of eligible and registered co-operative societies by majority vote; and
• 2 Members appointed from amongst members of eligible recognised organisations.

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Eligibility to vote for the 3 Committee Members from amongst members of eligible and registered co-operative societies

• All primary co-operative societies may vote to appoint such Committee Members as long as:
  • the co-operative society is not in arrears in its Fund contribution;
  • the payments of the Fund contribution are made within 9 months of the year end of the society’s financial statements;
  • the co-operative society is in conformity with all the provisions of the Act;
  • the co-operative society will have declared a surplus of at least €15,000 annually and paid up a minimum contribution of €750 annually to the Fund in at least 2 out of the last 3 years as declared in their audited financial statements (reviewable upwards every 3 years);
  • the co-operative society’s audit reports on their financial statements are not seriously modified/qualified in the last 2 financial years.

• All Members will be persons of integrity and of good moral conduct;
• All Members will have extensive knowledge in co-operative matters, financial management, legal, regulatory and accountancy;
• The 6 Members appointed by the Minister will not:
  • be involved, directly or indirectly, in any activity or function of the Committee that can give rise to any conflict of interest; or
  • be involved, directly or indirectly, in any activity or function of the Committee that can prejudice the work undertaken by the Committee; or
  • offer or be engaged in any other kind of service to any co-operative registered with the Board, or to founding members in the process of setting up a cooperative, or any recognised organisation, or the Co-operatives Board.
• The 3 Members appointed from amongst members of eligible and registered co-operative societies and the 2 Members appointed from amongst members of eligible recognised organisations will declare under oath that they:
  • are not subject to any criminal proceedings, and
  • have not been convicted of a serious criminal crime, and
  • have not been interdicted for any period, and
  • will not have been declared bankrupt or insolvent.
• No member of a co-operative society may be a Committee Member if his/her co-operative society is in arrears in its Fund contribution.

• A Committee Member appointed by the Minister may be removed by the Minister if such Member is;
  • in the opinion of the Minister, guilty of serious misconduct in the performance of his/her duties; or
  • incapable of carrying out his/her duties; or
  • in breach of any of the provisions of these regulations.
• Committee Members appointed from amongst members of eligible and registered co-operative societies and Committee Members appointed from amongst members of eligible recognised organisations may be removed by a simple majority of the Committee Members if such Member is:
  • in the opinion of the Committee, guilty of serious misconduct in the performance of his/her duties; or
  • incapable of carrying out his/her duties; or
  • in breach of any of the provisions of these regulations.

The functions of the Central Co-operative Fund Committee shall be:

• to administer the Central Co-operative Fund;
• to employ necessary personnel to fulfil its functions;
• to finance programmes, including education and training relating to the promotion and development of the co-operative movement for members of and personnel engaged by co-operatives and other persons who may actively contribute to the promotion of the co-operative movement;
• to commission studies and research on particular areas of co-operative activity or any individual co-operative society in Malta;
• to finance co-operative educational material with a view to promoting co-operative ideals and practices;
• to  support and intensify the participation of the Maltes co-operative  movement in relevant organisations, activities and projects on an international level;
• to collect, recover and institute proceedings for the payment of sums to the Central Co-operative Fund, in terms of article 91(6) of the Act;
• to compile and approve the annual financial statements of the Fund;
• to appoint the auditor of the Fund;
• to receive and consider the auditor’s report on the accounts and workings of the Fund;
• to  provide assistance to co-operative societies in connection with access and the raising of finance;
• to investigate any matters concerning the operations of the Fund;
• to perform any other function that the Minister may assign.

• 6 Committee Members will constitute a quorum;
• Decisions are taken by a simple majority of those present and the Chair has a casting vote;
• The Committee will meet at least once a month.

• The Committee will exercise a high degree of diligence in administering the funds and will assure adequate liquidity of the Fund;
• At least twice a year the Committee will report to the Minister and the Co-operatives Board on the utilisation of the funds;
• Within 3 months from the end of each calendar year the Committee will prepare a complete report of its activities and operations together with the Fund’s audited financial statements;
• The complete report will be made available to the public;
• There will no longer be a Central Co-operatives Fund Annual General Meeting.

Funding will be available to a number of entities and persons:

• Co-operative societies 
• Recognised organisations 
• The Committee
• The Co-operatives Board
• Any person who actively contributes to the promotion and development of the co-operative movement.

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