Paper
Bulgaria: Cooperatives Act
An Act to regulate the cooperative sector of Bulgaria
Download
13 pages
This document articulates about the Cooperative Act that passed in the Republic of Bulgaria, with the objective of promoting the growth of cooperatives as instruments of equity, social justice and economic development.
The document is divided into sections and outlines the following:
- General provisions of the Act, such as the definitions, constitution procedure and registration formalities;
- Membership, rights and obligations of entities having a cooperative structure;
- Details about the management boards, its composition and prerogatives;
- Powers of the State Financial Control Authorities to ensure proper functioning of the cooperatives as per its by-laws;
- Procedure for convening the General Body Meetings, the appropriate quorum for such meetings and conditions under which resolutions can be passed;
- Ownership rights, income sources and distribution mechanism for profit and loss incurred by the cooperatives;
- Conditions under which a cooperative can be terminated and closed, the obligations and liabilities to be fulfilled in favor of the creditors under such a situation and disposal mechanism of residue assets;
- Grounds by which the judiciary can exert control over the cooperatives.
The document concludes by stating that all cooperatives were to assure compliance of their Statutes as per the new Act, within nine months of its coming into force.
About this Publication
Published
