OVER 200 cooperative societies have been struck off the register and blocked from transacting business as Government makes the first move in ten years to clean up and stabilise the sector, according to a recent public statement by Labour Minister Dr. Nanda K. Gopaul.

This action was further prompted as many of the societies have not been in compliance or functioning for the past decade, according to the minister.
As stated by Labour Minister Gopaul, government utilised provisions in the Cooperative Societies Act and the Anti-Money Laundering Act to erase those that have failed to hold meetings, audit their accounts submit reports and elect office bearers.
According to reports, cooperative societies were instructed to have their accounts in order and have them audited, at the least, up to the end of 2011, but many had failed to comply as expected.

CANCELLATION
While the names of over two hundred cooperative societies were made public via the print media just recently, the cancellation is expected to commence from May 18, 2014. However, the cancellations could be appealed, according to Minister Gopaul.
Meanwhile, effective from the date of cancellation no individual is authorised to transact any business on behalf of the societies unless ordered to do so by the Chief Cooperative Development Officer via a public notice, according to the Labour Ministry’s Chief Cooperative Development Officer, Carol Valz.
As dictated under the Cooperative Societies Act, now that the societies have been cancelled, if no appeals are lodged and approved, the labour minister can further order the seizure of books and documents and the protection of the assets of the society.