‘An Act to make provisions for the constitution, registration, control, and regulation of co-operative societies; to promote the development of co-operative societies in accordance with the co-operative values of honesty, trustworthiness, and transparency in order, to contribute towards achieving the socio-economic objectives of the nation and for matters connected therewith.
- Under the Act, Koperasi Funds are raised from the following key sources:
- Entrance fees, which shall not be refundable except in cases where an application for membership has been rejected.
- Shares subscribed and paid by members, of which a minimum number prescribed in the by-laws of Koperasi shall not be withdrawable except after termination of membership, while shares subscribed in excess of this minimum contribution may be withdrawable or transferable or both, subject to the provisions of this Act and the regulations and to any limitations laid down in the by-laws of the Koperasi.
- Koperasi has their objective of promoting thrift among their members and creating of a source of credit for their members through regular monthly Subscriptions.
- Koperasi Member’s Subscription is a regular monthly contribution to the Members’ Subscription Capital Account. Members can enjoy a return on their subscription and share capital in active participation in Koperasi activities:
- Subject to financial performance earning a profit, Koperasi’ Board can declare a dividend on Members’ Subscription Capital Account.
- Members can avail of welfare fund benefits like children’s Education Scholarship and Bereavement.