The Central Co-operative Fund Regulations 2016 – Corrected by LN 408/2016 – Committee and Funding
Legal Notice 408 of 2016, entitled Correction of Law Orders, 2016, (Central Co-operative Fund Regulations, 2016 – L.N. 344 of 2016) was published on the Government Gazette No. 19691 on the 6th December 2016. Legal Notice 344 of 2016, entitled Central Co-operative Fund Regulations, 2016 was published on the Government Gazette No. 19666 on the 21st October 2016. These Regulations revoked, with immediate effect, the then applicable Central Co-operative Fund Regulations and the Central Co-operative Fund (Provisional Board) Regulations. These corrected regulations have come into force following a consultation process with the two Maltese co-operative federations.
The following are the salient regulations of the new Central Co-operative Fund Regulations, 2016 as amended by L.N. 408 of 2016.
The Central Co-operative Fund Committee
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 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.
The Committee Members’ Eligibility
- 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.
Committee Members’ Removal from Office
- 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.
Committee Meetings
- 6 Committee Members will constitute a quorum;
- Decisions are taken by a simple majority of those present and the Chair has a casting vote.
Committee Secretary
- The Secretary will be appointed by the Minister.
Reporting
- 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
Funding Eligibility
- Co-operative societies will be eligible for funding as long as
- they are in conformity with all the provisions of the Act;
- they 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 audit reports on their financial statements are not seriously modified/qualified in the last 2 financial years
- the society’s payments of the Fund contribution will have been made within 9 months of the year end of the society’s financial statements.
- Recognised organisations will be eligible for funding as long as
- at least 35% of its members are registered primary co-operative societies; or
- its members contribute at least 35% of all the paid-up annual contributions to the Fund;
and - the audit reports on their financial statements are not seriously modified/qualified in the last 2 financial years.
- The Committee
- The Co-operatives Board
- Any person who actively contributes to the promotion and development of the co-operative movement.
Maximum Funding
- Funding shall not exceed 100% of the total annual contribution to the Fund as declared in the latest audited financial statements of the Fund, unless the Minister approves a higher contribution.
Funding Criteria and Allocation
- Eligible Co-operative Societies
- may apply for full funding to finance research and development, training and educational programmes of the co-operative society;
- are not entitled to funding for general administration costs, salaries, wages, honoraria, international membership fees and related personnel expenditure.
- Eligible Recognised Organisations
- may apply for full funding to finance research and development, training and educational programmes relating to the promotion and development of the co-operative movement;
- reimbursement of approved international and local membership fees only;
- capped at €20,000 annually for each eligible recognised organisation;
- reimbursement of up to €70,000 covering administration costs including salaries for each eligible recognised organisation;
- salaries shall be capped at €23,000 annually for each full-time staff member.
- The Committee
- may avail itself of funds to finance research and development, training and educational programmes relating to the promotion and development of the co-operative movement, support services and general administration costs including honoraria of its members’ salaries and wages and to fulfil its functions.
- The Co-operatives Board (Statutory Body)
- full funding to finance initiatives, training and educational programmes relating to the promotion and development of the co-operative movement;
- reimbursement of approved international and local membership fees only capped at €20,000 annually.
- Any person who actively contributes to the promotion and development of the co-operative movement
- may apply for full funding to finance initiatives, training and educational programmes relating to the promotion and development of the co-operative movement.
Returns and Verification of Funding
- All beneficiaries of the Fund will submit annually a detailed account and proof of use of such funds to the Committee;
- All excess funding shall be reimbursed to the Fund;
- The Committee may prescribe rules and establish methods of verification of expenditure;
- The Committee may withhold, suspend or reclaim funds:
- if the verification exercise is obstructed;
- if the beneficiaries misinterpret their funding accounts;
- if the funds are not utilised for the specific purpose they were intended.
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